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Started By
Message
Posted on 6/8/23 at 1:12 pm to LSUFanHouston
quote:
I don't know if we can make it 6-7 years.
quote:
e. Cost of living such as insurance are skyrocketing. My youngest has 6 more years until she graduates high school and we are trying to hold out.
Why wait? Common sense says move immediately. Your daughter is 2 years from even going to HS. What the frick are you waiting for?? Move. Move now. It’s your duty as a decent father.
ETA: Don’t ever buy real estate unless it’s ZONE X.
This post was edited on 6/8/23 at 1:15 pm
Posted on 6/8/23 at 1:18 pm to tadman
What area are you located in now?
Posted on 6/8/23 at 1:46 pm to LegendInMyMind
Zero impact from a SF perspective. That is a separate company in CA and the political climate in CA forced their hand.
Posted on 6/8/23 at 2:40 pm to LegendInMyMind
quote:
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.
No impact on other states. It's not just homes. Alot of companies are not insuring autos in Cali as well. Insurance companies are reporting record underwriting loss every quarter and as mentioned previously the cost for reinsure has increased significantly which is why we are continuing to rates increasing. California government is not approving rate increases so the companies are not taking on much new risk. Those that are, are requiring polices to be paid in full and UW guidlines are super strict. Renewals are also being required full pay. The covid effect is hitting hard as there is a labor shortage so labor prices have gone up to try and attract workers. Repairs are taking longer because vehicles have more parts to replace than years ago. Electrical components are expense require special techs and equipment to repair/replace. Longer repair times mean more storage and/or rental fees.
On the homeowners side a lot of the same can be said about labor and material shortages and companies are trying to price you out if your policy because they just don't want the exposure unless you really want to pay for it.
Posted on 6/8/23 at 2:51 pm to SloaneRanger
I know a retired employee from there, and I wouldn't hesitate to trust him with my life.
Posted on 6/8/23 at 3:03 pm to DarkDrifter
quote:
That isn't it at all.. most of the insane rates we're seeing is solely based on Re-insurance these companies still writing are having to buy. one of my companies I represent when they re-upped their reinsurance was stuck with about 90 cents on the dollar of premium taken in just in re-insurance... Hard to run a company on 10% of what you're taking in..
You're missing the point.
If reinsurance companies have set their premiums so high that it's costing one of your companies 90% of their retained net premiums then there's a total disconnect between their premium allocations for catastrophes and for general run of the mill insurance claims. I do however suspect that the 90% premium represented the reinstatement premiums after having blown through their limits (possibly multiple times) rather than their initial reinsurance premium cost.
And the problem is most definitely exacerbated by primary carriers not given a rat's arse about limits once the aggregate of all claims have put them into their reinsurance kicking in, after all at that point it's no longer their money their doling out to homeowners. Until of course they near their maximum reinsurance limits when they start playing hardball again.
ETA. The problem quite frankly in this state is that we have idiots in the DoI who aren't requiring companies writing high risk coastal properties to have sufficient limits in the way of reinsurance relative to their financial status and the volume of business they write. The reserves and paid-up capital of numerous of those primary carriers is just a pittance when put into perspective of the total risk exposure they have.
This post was edited on 6/8/23 at 3:09 pm
Posted on 6/8/23 at 3:59 pm to Jcorye1
quote:
Get mad at your neighbors and fellow Louisianians for constantly replacing roofs
Fraudulent claims is a big part of the problem, and those people are scum.
In Florida we have serious problems with the rise in the cost of insurances. People I know who have been in their houses more than 10 years are saying that they can’t afford their home anymore now that the insurances has almost doubled their mortgage.
In Monroe County we are on the brink where you might not be able to insure some homes. Once you can’t get insurance it’s very hard to sell the home. Many homes will be bought by second home owners in cash and they won’t insure the home.
Posted on 6/8/23 at 5:21 pm to Cymry Teigr
quote:
You're missing the point.
Nope I'm really not...
quote:
If reinsurance companies have set their premiums so high that it's costing one of your companies 90% of their retained net premiums then there's a total disconnect between their premium allocations for catastrophes and for general run of the mill insurance claims.
You obviously not a clue as to how the re-insurers actually operate apparently. There is no governing board that they have to adhere to rate wise.. The pretty much name their price. The re-insurance market was a good market for investment return for a long time due to catastrophic events not being at the frequency they were the past few years.. It stopped being an avenue for hedge funds to get a good rate of return on their investment and the pulled it out and place it somewhere safer... So that effectively left the re-insurers footing the bill with little to no investment from outside money.. How doe combat taking on more risk?? Well you up your price.. and Since they aren't regulated on rate adjustments they can crank up the premium ...
quote:
he problem quite frankly in this state is that we have idiots in the DoI
No arguments there.. Letting every fly by night company come into the state and undercut premiums of solid carriers by the rate they did certainly didn't help.. What can be done about that in the future, who knows...
This post was edited on 6/8/23 at 5:26 pm
Posted on 6/8/23 at 5:23 pm to PUB
quote:
What area are you located in now?
Coastal alabama. Very nice people, very clean place. Cannot believe the governmental f***ups I put up with every day. The repaving project for example. The insurance rates were like a second car payment. Entergy sucked. SWB was awful. Basic functions were tenuous or erratic like a third world country. That shouldn't happen in the US.
I realize neither Entergy nor insurance are directly governemnt-related, but somehow the power company and insurance in most places don't suck nearly as bad, there's got to be some correlation.
Posted on 6/8/23 at 5:50 pm to tadman
Interesting. Definitely better than NOLA but about 1.5 miles off beach and homeowner renewal jumped over 100%
Posted on 6/8/23 at 6:39 pm to tadman
quote:
Bro, you have no idea how bad it is until you move out. My car insurance and home insurance are a small fraction of what they were in Louisiana. We're still on the gulf coast, albeit higher ground. I loved my time in NOLA but our savings by moving out were incredible. Also nobody has been shot nor carjacked in my neighborhood since I moved out. Less than 10 murders in my entire large county. That's a bad weekend in NOLA.
No joke. We moved and are paying like 25% what we were before.
Posted on 6/8/23 at 6:47 pm to LSUFanHouston
quote:The “bribe” was around $5M per company that applied for the program.
I'm looking to see if the bribe our state is giving will help.
$5M is only 250 claims @ $20k average. Several carriers were into the hundreds of millions in payouts just for Ida. That “bribe” is a small drop in the bucket
Posted on 6/8/23 at 7:17 pm to LSUFanHouston
I have a rental building and the policy renewal was 2100 for 200k coverage(half the value). I get a notice a week later that the hurricane deductible increased to 3%. A month later I get a letter stating an increase in premium of 1800. So I’m paying 4k for 200k coverage. So I’m out of pocket 10k if a hurricane hits and does sons damages which I have to fight the insurance company for the claim. I said frick it today and canceled the policy.
This post was edited on 6/8/23 at 7:18 pm
Posted on 6/8/23 at 7:28 pm to LSUFanHouston
quote:
St Bernard Parish
quote:
I don't live on the water or on the coast.
Buddy, have I got some news for you
Posted on 6/8/23 at 7:31 pm to LSUFanHouston
You can thank the trial lawyers for this.
Posted on 6/8/23 at 7:37 pm to Zephyrius
Good thing our governor is a trial lawyer.
Posted on 6/8/23 at 8:18 pm to DarkDrifter
quote:
You obviously not a clue as to how the re-insurers actually operate apparently. There is no governing board that they have to adhere to rate wise.
Considering I’ve been going to the Rendez-Vous de Septembre in Monte Carlo and to the Baden Baden Reinsurance Meeting for many more years than you’ve probably been alive, have actively set up more captive insurance companies with reinsurance treaties than you probably even know exist, and probably handle more facultative reinsurance contracts on a weekly basis than you see new business, so forgive me if I disagree with your myopic views.
So let me reiterate again, if one of your carriers has a reinsurance expense that approaches an alleged 90% of their net retained premiums, then either there is something absolutely wrong with their rating structure, they have an abysmal loss record, are financially inept, or your underwriter is simply misstating facts to you.
Posted on 6/8/23 at 8:34 pm to Supermoto Tiger
quote:
ETA: Don’t ever buy real estate unless it’s ZONE X.
That doesn’t matter much anymore either. I had a client buy a property last yr that was in an X zone and the quote came back @ $1800/yr.
Posted on 6/8/23 at 8:41 pm to Cymry Teigr
quote:
Considering I’ve been going to the Rendez-Vous de Septembre in Monte Carlo and to the Baden Baden Reinsurance Meeting
It’s the frickin Catalina Wine Mixer…
But like for insurance
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