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re: Homeowner’s Insurance is collapsing in LA - UPC gone, Cajun now gone - rates up 40%
Posted on 3/22/23 at 10:52 am to theunknownknight
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 10:57 am to TDsngumbo
quote:
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.
And the storms aren’t the only cause. We sue too much, and we make too many unnecessary claims.
I don’t know what the answer is, but generally speaking when lawmakers get involved, no one wins except the lawmakers.
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 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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