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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 3/30/23 at 9:24 am to belowmebama
Posted on 3/30/23 at 9:24 am to belowmebama
quote:ouch
cost still doubled
quote:
wasn’t a complete kick to the groin.
sure seams like it to me
Posted on 3/30/23 at 9:59 am to Antib551
You are correct - "grandfathered" was a poor choice of words - hence the quotes
Staying in limits the annual increases, tho our NFIP has gone up over 50% in 2-3yrs
Staying in limits the annual increases, tho our NFIP has gone up over 50% in 2-3yrs
Posted on 3/30/23 at 10:50 am to theunknownknight
I've always heard that insurance rates go up once you get south of I-10, or into a coastal parish. Is that true that insurance companies use hard lines for quotes like the interstate or parish lines? Or is it just based on risk at that specific area? Example: Two neighboring homes - one in Vermilion parish and the other in Lafayette parish - would there be a higher quote for the home in Vermilion, or would they be basically the same because the risk is actually the same in reality. Just wondering.
Posted on 3/30/23 at 11:06 am to TigersnJeeps
Interestingly, i just got my statement from the insurance company showing more detail on how my NFIP premium was determined.
$250k Building
$150k contents
Premium $2261
Community rating discount - ($516)
Full risk premium - $1745
Annual Increase Cap Discount - ($1146)
Fees and surcharges - $180
Final Premium to pay - $779
so the cap on increase saved us over $1100 dollars
Can't wait till June for my homeowners insurance bill.
This is FL Panhandle roughly 700' from the sound (ICW) in Flood Zone 'X'
$250k Building
$150k contents
Premium $2261
Community rating discount - ($516)
Full risk premium - $1745
Annual Increase Cap Discount - ($1146)
Fees and surcharges - $180
Final Premium to pay - $779
so the cap on increase saved us over $1100 dollars
Can't wait till June for my homeowners insurance bill.
This is FL Panhandle roughly 700' from the sound (ICW) in Flood Zone 'X'
Posted on 3/30/23 at 11:52 am to theunknownknight
The major carriers don’t want to have to cover hurricane or major storm damage and are behind all this shite to try to force the government to do it like they do flood now because they make out like bandits.
They said this during Katrina. They hate covering anything that might end up being a freaking claim, and hate actually having to timely investigate and pay claims. They prefer to starve out people, use crooked engineers etc just like they did in Katrina. It’s a cartel. We need the feds to pass real legislation with teeth to stop all the ducking fraud they commit or put a bunch of the mfers in actual jail and not just pay mfer fines which are about half of what the pos stole. Or convince the ducking Arabs to put a few trillion into insurance industry to fight the Jews that control the industry now. (I tried this years ago but the wrong Saudi prince took control)
As long as little bullshite states like Louisiana try to regulate and control trillion dollar insurance cartel this is going to happen. The only state that can do it now California…maybe.
The insurance companies own all the state insurance commissions, most of the governors, all the federal judges, most all the legislators, most of the state supreme courts, Congress obviously, so please tell me what the ducking hell do you want to give them to fix this issue? Just suspend the GD constitution and legally declare them and defense contractors to be in control of everything.
Hint: They don’t want that bro, they already are in complete control and the illusion of a democracy serves them better.
You will just take your rate increases like a little bitch like the rest of us, and pray they don’t come and take your children too bitch. And you are doing it right be a good little sheeple bitch and Blame the state, just like they want you too. Maybe they will eat you last.
They said this during Katrina. They hate covering anything that might end up being a freaking claim, and hate actually having to timely investigate and pay claims. They prefer to starve out people, use crooked engineers etc just like they did in Katrina. It’s a cartel. We need the feds to pass real legislation with teeth to stop all the ducking fraud they commit or put a bunch of the mfers in actual jail and not just pay mfer fines which are about half of what the pos stole. Or convince the ducking Arabs to put a few trillion into insurance industry to fight the Jews that control the industry now. (I tried this years ago but the wrong Saudi prince took control)
As long as little bullshite states like Louisiana try to regulate and control trillion dollar insurance cartel this is going to happen. The only state that can do it now California…maybe.
The insurance companies own all the state insurance commissions, most of the governors, all the federal judges, most all the legislators, most of the state supreme courts, Congress obviously, so please tell me what the ducking hell do you want to give them to fix this issue? Just suspend the GD constitution and legally declare them and defense contractors to be in control of everything.
Hint: They don’t want that bro, they already are in complete control and the illusion of a democracy serves them better.
You will just take your rate increases like a little bitch like the rest of us, and pray they don’t come and take your children too bitch. And you are doing it right be a good little sheeple bitch and Blame the state, just like they want you too. Maybe they will eat you last.
Posted on 3/30/23 at 11:54 am to Domeskeller
quote:
Got a trial lawyer in the governor’s mansion. Too bad his term doesn’t expire for another nine months.
We sold our strip mall five months ago. Bought land around Brookhaven Mississippi. Waiting another six months to get our capital gains exemption to sell our house. Then it's bye bye Lose-e-anna. My family settled here in the 1750's so my root run deep. I understand no place is perfect but this state is phucked up.
Posted on 3/30/23 at 12:12 pm to TutHillTiger
quote:
Or convince the ducking Arabs to put a few trillion into insurance industry to fight the Jews that control the industry now.
Posted on 3/30/23 at 2:29 pm to SloaneRanger
quote:
I think the only way to make it work is to have very large deductible or co-insurance requirements for named storms. It would mean having homeowners bear a big part of the risk in that situation, but at least it might get us down to manageable premiums for other risks.
I don't disagree and I think you are probably 100% correct. I imagine insurance premiums would drop significantly if insurance companies could do a 60/40 or maybe even 70/30 coninsurance like a lot of healthcare does.
However, when a hurricane blows up another levee and your house sits in 24 ft of water for 2 weeks and is totaled and has to be rebuilt for 500K...what happens when the 70% you get back won't even cover your mortgage much less do anything toward getting you in a new house.
Then people are going to be looking right back to Papa Government for a handout....I don't think that is the right way to go either.
Posted on 3/30/23 at 2:45 pm to LSU316
insurers have been a scam for a long time
now that they actually have to pay claims they don't want to and they make you jump through all these hoops to get your claim approved
so all the money you've been collecting from policyholders for decades is not to be used to protect their own customers
now that they actually have to pay claims they don't want to and they make you jump through all these hoops to get your claim approved
so all the money you've been collecting from policyholders for decades is not to be used to protect their own customers
Posted on 3/30/23 at 2:57 pm to nicholastiger
It's a hedge game right...you hedge your bets that all the people that you cover will keep you profitable even considering what claims you do pay out....in South Louisiana that hedge game has turned real bad for 3+ years now and it seems the insurance companies are betting that over time it stays that way....so they are cutting bait since they don't see profits in the area.
I mean I'd probably do the same if I had a nationwide business and was losing my arse in one area.
I mean I'd probably do the same if I had a nationwide business and was losing my arse in one area.
Posted on 3/30/23 at 3:04 pm to deathvalleygrassmmmm
quote:
gonna guess Harahan, gonna be Orchid, at 12-15k a year or citizens at 8+k a year!
I’m with Sure at about $3450/year. Less than the $3600 I guessed.
Posted on 3/30/23 at 3:43 pm 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
On $450k limit with no claims??
I have a $950k limit on my house in FL and am 1.5 miles from the water. $4200 premium.
Posted on 3/30/23 at 3:54 pm to BigGreenTiger
this fella's is exactly why insurance is a recession proof industry
Posted on 3/30/23 at 4:25 pm to Grad92
Is it true that in Louisiana, homeowners insurance cost more if you are near open water. I live one block from the lake in Metairie and my insurance guy said that my insurance cost more because I live so close to the lake. Is this true or is he giving me the green weinie?
Posted on 3/30/23 at 7:00 pm to Tiger Prawn
quote:
the rumor is Cajun, who just started last year, is already trying to pull out.
Closed for new business in Orleans, Jefferson and St Tammany. Still writing in every other parish as far as I know
Cajun quoted me last month.
Posted on 3/30/23 at 7:03 pm to DevilDagNS
Yea my agent followed up with me - Cajun decided to stay but seems to want to get out of LA soon.
Posted on 3/30/23 at 8:10 pm to LSU316
quote:
However, when a hurricane blows up another levee and your house sits in 24 ft of water for 2 weeks and is totaled and has to be rebuilt for 500K...what happens when the 70% you get back won't even cover your mortgage much less do anything toward getting you in a new house.
Would that be a flood insurance scenario anyway?
Posted on 3/30/23 at 8:36 pm to theunknownknight
Blame the insurance companies all you want but they aren’t charities.
There’s a reason they are cutting and running. Property claims mixed with nuclear jury verdicts and a state that babies billboard lawyers is a recipe for disaster for insurance companies. They will stay and break even on property if the auto/GL/WC/umbrella etc are profitable, but when everything is not profitable they can either charge unreasonable prices no one can pay or cut losses and pull out of the market completely.
There’s a reason they are cutting and running. Property claims mixed with nuclear jury verdicts and a state that babies billboard lawyers is a recipe for disaster for insurance companies. They will stay and break even on property if the auto/GL/WC/umbrella etc are profitable, but when everything is not profitable they can either charge unreasonable prices no one can pay or cut losses and pull out of the market completely.
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