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Message
Homeowner’s Insurance is collapsing in LA - UPC gone, Cajun now gone - rates up 40%
Posted on 3/22/23 at 10:40 am
Posted on 3/22/23 at 10:40 am
Businesses are leaving left and right leaving those remaining able to increase rates 40%+ overnight
It’s becoming a crisis and no one in power seems to care or ever talks about it
This state sucks so badly
It’s becoming a crisis and no one in power seems to care or ever talks about it
This state sucks so badly
40
Posted on 3/22/23 at 10:43 am to theunknownknight
But the food and culture!
Posted on 3/22/23 at 10:44 am to theunknownknight
Get. Out. Now.
Posted on 3/22/23 at 10:48 am to theunknownknight
It isn't the only cause by any means, but it doesn't help that the state is controlled by the trial lawyers. Look at it from the insurers' perspective: Why would any company want to write business in Louisiana?
Posted on 3/22/23 at 10:50 am to theunknownknight
Brah, it's worth it. To be able to tailgate 7 weekends a year in BR and yell Tiger Bait is worth being impoverished.
Posted on 3/22/23 at 10:52 am to theunknownknight
quote:
It’s becoming a crisis and no one in power seems to care or ever talks about it
It’s been a crisis for a couple years now but what would your solution be? Seriously, other than forcing insurers to absorb massive losses without recuperating them, there is no solution. Free market. Sure there are some regulations they must follow but property insurance just isn’t a profitable business in Louisiana anymore.
Posted on 3/22/23 at 10:55 am to theunknownknight
Insurance is a massive problem for LA residents. If they can’t get something together to help you’ll see LA residents leave the state even more than they are now. Maybe that’s the goal for those running the show. Who knows.
USAA saved my arse this year. Without USAA, my insurance was going up by roughly 250%. Yes, that’s not a typo. Our cost still doubled but at least it wasn’t a complete kick to the groin.
USAA saved my arse this year. Without USAA, my insurance was going up by roughly 250%. Yes, that’s not a typo. Our cost still doubled but at least it wasn’t a complete kick to the groin.
Posted on 3/22/23 at 10:55 am to theunknownknight
quote:
Because of the large premium increases charged by private firms, Louisiana Insurance Commissioner Jim Donelon had no choice but to approve a 63% average statewide increase for Citizens' 2023 premiums. Those increases vary significantly by parish, depending on the private market rates in each parish.
my homeowners premium went up almost 50% and I shopped around. never had a claim or anything.
Posted on 3/22/23 at 11:01 am to theunknownknight
But legislators need a 300% pay raise to $60,000/yr cause they’re doing such a great job!!
Posted on 3/22/23 at 11:11 am to theunknownknight
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.
Posted on 3/22/23 at 11:12 am to theunknownknight
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
2021-3,000
2022-4700-56% increase
2023 -7,500-59% increase
So a 150% increase over two years
This post was edited on 3/22/23 at 11:14 am
Posted on 3/22/23 at 11:13 am to theunknownknight
quote:
It’s becoming a crisis and no one in power seems to care or ever talks about it
Well, Louisiana has to focus on the important things first, like making sure they collect your data before you visit Pornhub and making sure unfit mothers keep all their pregnancies.
Posted on 3/22/23 at 11:16 am to theunknownknight
Recent renewal with Dover Bay was a 120% increase. Said F you and went with Kin. We'll see.....
Posted on 3/22/23 at 11:29 am to theunknownknight
Louisiana is a fricking DUMP
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 11:54 am to theunknownknight
I assume more people are going to self insure with these prices.
Posted on 3/22/23 at 12:41 pm to theunknownknight
Are we having fun yet
Posted on 3/22/23 at 12:41 pm to theunknownknight
I had UPC. My agent is looking for a replacement with a week to go.
Posted on 3/22/23 at 12:44 pm to theunknownknight
I’m shopping ours now. It’s going up almost $300/mo.
Posted on 3/22/23 at 12:51 pm to theunknownknight
Oddly enough the current Insurance commissioner just dropped out of the race for the first time in 100 years. Nothing left for him to milk.
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