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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 10:57 am to TDsngumbo
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.
2
Posted on 3/22/23 at 11:00 am to ibldprplgld
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.
Posted on 3/22/23 at 12:50 pm to ibldprplgld
Louisiana is a direct action state, meaning the insurer can be sued directly and bypassing the insured. It hurts us who are legitimate and don’t go around suing everyone. We need reform.
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