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re: When does our state bribe to insurance companies kick in?
Posted on 6/8/23 at 10:51 am to LSUFanHouston
Posted on 6/8/23 at 10:51 am to LSUFanHouston
survive? who tf is gonna starve?
0
Posted on 6/8/23 at 10:52 am to LSUFanHouston
But muh property taxes
Posted on 6/8/23 at 10:52 am to LSUFanHouston
quote:
2) Go to 5% and 5% deductibles, premium 5,800 a year.
You want to pay 5% of the value of your home if you have something other than a hurricane (like a pipe burst and ruin your cabinets and floors)? That’s basically self insuring at that point.
You prob need to shop policies and/or change agents. Having a % for named storms and wind/hail is Ok, but you shouldn’t have that for other perils.
This post was edited on 6/8/23 at 10:56 am
Posted on 6/8/23 at 10:54 am to LSUFanHouston
my insurance somehow dropped this year by $300. same coverage.
Posted on 6/8/23 at 10:57 am to BigBinBR
quote:
You want to pay 5% of the value of your home if you have something other than a hurricane (like a pipe burst and ruin your cabinets and floors)? That’s basically self insuring at that point.
Not particularly. I feel like in a hurricane situation, FEMA is always an option, nut not in a pipe burst, random storm situation.
quote:
You prob need to shop policies and/or change agents. Having a % for named storms and wind/hail is Ok, but you shouldn’t have that for other perils.
I shopped it last year and Dover Bay was the best option of the few available. I'm shopping it again now...
Posted on 6/8/23 at 11:03 am to Simon Gruber
quote:
Try Cajun underwriters insurance. They are writing policies with decent rates.
The issue is if they can survive a major storm.
Rates were too low for too long and companies couldn't deal with major storms. All of these "decent rate" new companies are risking the same fate.
Posted on 6/8/23 at 11:05 am to LSUFanHouston
You live in south Louisiana, where not only has the area experienced tremendous loss over the last two decades, but you’re in a state where crooked politics isn’t a welcome environment to do business.
Also, I’m curious why you think living inside the levy matters at all when it comes to Homeowners? flood, sure.
Also, I’m curious why you think living inside the levy matters at all when it comes to Homeowners? flood, sure.
Posted on 6/8/23 at 11:16 am to LSUFanHouston
Yep. I'm in Metry and mine tripled.
Posted on 6/8/23 at 11:17 am to DCtiger1
quote:
Also, I’m curious why you think living inside the levy matters at all when it comes to Homeowners? flood, sure.
A levee isn't going to stop wind, but the areas inside the levee system here tend to be more inland than the areas outside the system, and being more inland should help with the wind.
Posted on 6/8/23 at 11:20 am to SlowFlowPro
quote:
The issue is if they can survive a major storm.
Rates were too low for too long and companies couldn't deal with major storms. All of these "decent rate" new companies are risking the same fate.
If they fail, LIGA steps in and handles it. And I saved myself $X dollars for Y years in premium.
Everyone knows the risks, but this is what happens when rates rise so sharply and quickly.
I know that mentality is not good for the long term but at this point most people can't afford to worry about the long term.
Posted on 6/8/23 at 11:43 am to LSUFanHouston
quote:
and being more inland should help with the wind.
I’m 61 miles inland from the point where Ida made landfall and got hit by the eye. I had 110mph winds at my house for an hour and 70mph winds for two hours.
Posted on 6/8/23 at 11:49 am to LSUFanHouston
One of the things people have overlooked on these insurance company bankruptcies is that many of those companies were just making shitty business decisions.
For example, a family member of mine has a house worth at least $2.5m and his premium was a little over $10k annual and had a $1000 ALL perils (including named storms) deductible. This was in very far South La. It would’ve taken them 250 years of premiums to recoup a total loss on the property at that premium. The company went under and, after seeing that, they went bankrupt because they just suck at being an insurance company rather than the actual storms.
For example, a family member of mine has a house worth at least $2.5m and his premium was a little over $10k annual and had a $1000 ALL perils (including named storms) deductible. This was in very far South La. It would’ve taken them 250 years of premiums to recoup a total loss on the property at that premium. The company went under and, after seeing that, they went bankrupt because they just suck at being an insurance company rather than the actual storms.
Posted on 6/8/23 at 11:53 am to LSUFanHouston
Except this simply isn’t the case. See south GA and the Marianna area north of I-10 from Hurricane Michael.
Posted on 6/8/23 at 12:39 pm to LSUFanHouston
The $40m bribe was nothing more than a photo opt....
Most companies got like $3m.
That's what, like 10 customers' exposure?
Most companies got like $3m.
That's what, like 10 customers' exposure?
Posted on 6/8/23 at 12:44 pm to LSUFanHouston
quote:
If they fail, LIGA steps in and handles it. And I saved myself $X dollars for Y years in premium.
And you don't think they'd issue another call for monies from the other insurance companies if it failed? That'll increase everyone again.
It's a shitty situation, I agree with that, but I'm not sure given the society, location, and all around hatred of insurance companies it's going to get fixed anytime soon. You have a lawsuit happy, jury unfriendly, and people making large claims every storm situation. Louisiana isn't fixing the first two problems, and the third is finally biting everyone in the arse.
This post was edited on 6/8/23 at 12:52 pm
Posted on 6/8/23 at 12:50 pm to LSUFanHouston
quote:
Renewal, they gave me two options:
Ahhh, yes, the “we don’t want your business” price
Posted on 6/8/23 at 12:54 pm to LSUFanHouston
quote:
LIGA steps in and handles it
You've never dealt with a claim against a company in receivership, have you?
Posted on 6/8/23 at 12:58 pm to LSUFanHouston
Living in a state with a cat 4/5 hurricane strike every 2 years has consequences
Posted on 6/8/23 at 12:58 pm to jrobic4
quote:
You've never dealt with a claim against a company in receivership, have you?
I will give LIGA this, they bust their asses to help people out as much as they can.
Posted on 6/8/23 at 1:01 pm to LSUFanHouston
I don't know how it impacts other states, but I recently saw where both Stare Farm and Allstate have announced they will no longer insure new homes, condos, or businesses in the state of California.
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