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Started By
Message
re: Homeowner’s Insurance is collapsing in LA - UPC gone, Cajun now gone - rates up 40%
Posted on 3/22/23 at 11:27 am to lsupride87
Posted on 3/22/23 at 11:27 am to lsupride87
quote:
My homeowners in creases recently in Mandeville. I have made zero claims.
2021-3,000
2022-4700-56% increase
2023 -7,500-59% increase
So a 150% increase over two years
What's the dwelling coverage amount?
1
Posted on 3/22/23 at 11:29 am to TDsngumbo
quote:
and we make too many unnecessary claims. This is way worse of a problem with homeowners insurance than suing. Louisiana residents, for some reason, have this massive mindset of “I pay for insurance, I should claim this $5,000 claim” but get all bent out of shape when their rate goes up or they get cancelled at the next renewal. Homeowners insurance is not meant to be a home maintenance program. Use it for major losses instead.
Roofing companies rove about after every thunderstorm to find “hail damage”. Homeowners never think they should ever replace their own roofs at the end of their expected life. They just need a storm to roll through so they can try to get their insurance to replace their 20 yr old roof.
Posted on 3/22/23 at 11:29 am to Arkapigdiesel
quote:425k
What's the dwelling coverage amount?
Posted on 3/22/23 at 11:29 am to theunknownknight
Louisiana is a fricking DUMP
Posted on 3/22/23 at 11:31 am to TDsngumbo
quote:
but property insurance just isn’t a profitable business in Louisiana anymore.
Yeah I get all that, but insurance companies are pulling out of other states too. Seems it’s not just a Louisiana thing.
Posted on 3/22/23 at 11:33 am to theunknownknight
Homeowners insurance is becoming a tremendous nightmare for me in Florida. I am going to have to get my roof done again!! They want it with in 5 years now where I live to even talk to you. Prices are out of control. Was really hoping the governor would be able to act this legislature to get something passed that will ease the pain.
Posted on 3/22/23 at 11:34 am to stout
quote:
Murder. The term you are looking for is murder, Afreaux.
Keep whining about all that red-state crime and high taxes to jail everyone while you are at it...
Shithole state run like a shithole and shithole residents crying things are turning into a greater shithole that no one wants to live in...
Posted on 3/22/23 at 11:34 am to lsupride87
quote:
What's the dwelling coverage amount?
quote:
425k
Holy shite.
Naturally, we don't have to deal with the same type of weather events, flooding, etc. that y'all have to deal with in Louisiana.
With that said, my HO premium for 450K worth of dwelling coverage with 1 mill liability coverage is $1500 yearly. I absolutely can't imagine paying those type of premiums y'all have to pay.
How can a retired person afford to stay in Louisiana when paying those type of premiums? I don't know what y'all's property taxes is like, but I assume it's probably not cheap.
Posted on 3/22/23 at 11:36 am to Arkapigdiesel
quote:
I don't know what y'all's property taxes is like, but I assume it's probably not cheap.
Property taxes are extremely low in LA.
Posted on 3/22/23 at 11:38 am to El Segundo Guy
Sorry you're poor. The whole "whining because I live in Louisiana, but I can't wait to get out" schpeel is way old. Ya'll just please GTFO already. Don't wait for braxton to graduate High School with his friends, Don't wait for grandma to pass, Don't wait for interest rates to drop... Just GEAUX!! Then you can be miserable and bitch and moan about wherever it is you end up gracing with your presence. Cause dollars to donuts that's exactly what will happen.
Posted on 3/22/23 at 11:38 am to tigerinthebueche
buddy of mine went to work for Goosehead, I gave him a look at my insurances. Home and Auto. I live in Houston and we currently have State Farm
he said my State Farm rates were good, he really couldnt beat them which I couldnt believe.
He said State Farm is one of the very few Insurance companies still committed to the Gulf Coast region, most of the other providers have either stopped covering the region or have really jacked up their rates to be non-competitive. In Houston we have the same issues with un-insured motorists, floods and Hurricanes. So it is not just a Louisiana thing
he said my State Farm rates were good, he really couldnt beat them which I couldnt believe.
He said State Farm is one of the very few Insurance companies still committed to the Gulf Coast region, most of the other providers have either stopped covering the region or have really jacked up their rates to be non-competitive. In Houston we have the same issues with un-insured motorists, floods and Hurricanes. So it is not just a Louisiana thing
Posted on 3/22/23 at 11:39 am to MikeBRLA
quote:
Property taxes are extremely low in LA.
Gotcha. I pay $3500 yearly in property taxes, which burns my arse.
Posted on 3/22/23 at 11:39 am to MikeBRLA
quote:
Property taxes are extremely low in LA.
Homestead exemption FTMFW
Posted on 3/22/23 at 11:43 am to Arkapigdiesel
quote:Thats pretty low. Mine was $3,900 here in Mandeville
Gotcha. I pay $3500 yearly in property taxes, which burns my arse.
Posted on 3/22/23 at 11:54 am to theunknownknight
I assume more people are going to self insure with these prices.
Posted on 3/22/23 at 11:55 am to sledgehammer
Can’t self insure with a mortgage though
Posted on 3/22/23 at 12:02 pm to lsupride87
I have an ACV policy because when we bought the house the insurers wanted me to have 1 mil in coverage to rebuild. It would’ve been 10k.
Posted on 3/22/23 at 12:11 pm to TDsngumbo
quote:
I should claim this $5,000 claim” but get all bent out of shape when their rate goes up or they get cancelled at the next renewal.
So at what point do you decide that it is not worth spending 5-10 thousand on insurance a year and you get nothing in return when you do have an event that you need it and they drop you for making a claim or the company goes out of business.
Posted on 3/22/23 at 12:17 pm to supatigah
quote:
Houston we have the same issues with un-insured motorists, floods and Hurricanes
Houston has been lucky to dodge wind damage with hurricanes since Ike in 2008.
Posted on 3/22/23 at 12:27 pm to TDsngumbo
Build stronger. Retrofit buildings and require new construction to be more robust. Insurance companies package product and blending high risk with lower risk is needed. Looks at Baldwin and Mobile Counties with the FORTFIED program - it's stabilized their entire insurance market with stronger requirements for retrofits and new construction.
Also make sure the appraisal of the buildings reflect the insurability. Some homes are not worth what they used to be and the appraisal/mortgage underwriting/property tax assessments need to reflect this.
Also make sure the appraisal of the buildings reflect the insurability. Some homes are not worth what they used to be and the appraisal/mortgage underwriting/property tax assessments need to reflect this.
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