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Started By
Message
Louisiana Legislature repeals law blocking homeowner’s insurance cancellations
Posted on 5/1/24 at 3:30 pm
Posted on 5/1/24 at 3:30 pm
quote:
Bill gets rid of state’s ‘3-year rule’
The Louisiana Legislature repealed a decades-old law Monday that prevents homeowner insurance policy cancellations.
House Bill 611, sponsored by Rep. Gabe Firment, R-Pollock, received final passage in the Legislature and is now headed to the desk of Gov. Jeff Landry, who is expected to sign it.
The bill repeals Louisiana’s unique three-year rule, which prohibits insurance companies from raising deductibles and canceling or not renewing homeowner policies in effect for more than three years.
Once Firment’s bill is enacted into law, insurance companies will be allowed to cancel up to 5% of their policies each year as long as the covered properties aren’t all in one parish. But the 5% mark is not a hard cap because companies can cancel as many policies as they want with approval from the state insurance commissioner.
LINK /
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Posted on 5/1/24 at 3:34 pm to 4cubbies
Just like CONgress - NO. ALL of them need to be replaced.
Posted on 5/1/24 at 3:40 pm to 4cubbies
Who does this law help? It sounds like it helps insurance companies more than the people of Louisiana.
Posted on 5/1/24 at 3:42 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
I currently can't get homeowners insurance from ANY private provider, despite never making a claim in 18 years.
The thought is, this may open up the market to insurers willing to offer me something.
What's your plan (or one you've seen) that you think might help me get private insurance otherwise?
Posted on 5/1/24 at 3:42 pm to 4cubbies
quote:The reasoning behind this bill is meant to help people by attracting new insurance companies to the state.
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Insurance companies don't like the 3 year rule and LA is in dire need of companies willing to write homeowners insurance in the state. Supposedly there are companies looking to expand into Louisiana but were holding back on doing so due to the 3 year rule. LA is the only state that had such a rule, so it made LA less attractive than neighboring states for insurers looking to expand along the gulf coast.
That's the argument for getting rid of the 3 year rule. Now time will tell if it actually produces any results on attracting new insurance companies to start writing here.
Posted on 5/1/24 at 3:42 pm to CoachChappy
Is the idea that this keeps the companies from just bailing on the state completely?
Posted on 5/1/24 at 3:43 pm to CoachChappy
This doesn’t make sense. What is the catch? Are they hoping this will bring more companies in?
This post was edited on 5/1/24 at 3:45 pm
Posted on 5/1/24 at 3:43 pm to Y.A. Tittle
quote:
What's your plan
Her plan is to complain more.
This post was edited on 5/1/24 at 3:53 pm
Posted on 5/1/24 at 3:45 pm to 4cubbies
Jeff says ask not to see how your meal is made, just trust the crooks…I mean cooks.
Dude is quickly becoming Huey Long 2.0, except a bigger pos
Dude is quickly becoming Huey Long 2.0, except a bigger pos
Posted on 5/1/24 at 3:45 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
actually not a bad bill chub.
Posted on 5/1/24 at 3:47 pm to Y.A. Tittle
Damn Tittle, why is your house considered such a high risk?
Posted on 5/1/24 at 3:49 pm to Tiger Prawn
quote:
The reasoning behind this bill is meant to help people by attracting new insurance companies to the state.
its bullshite.
companies will be cancelling the frick out of books of business. nothing about this helps or will draw competing carriers.
Posted on 5/1/24 at 3:50 pm to LSUbest
quote:
Damn Tittle, why is your house considered such a high risk?
It's OLD, even though it was completely unscathed in Katrina and every storm since.
Posted on 5/1/24 at 3:52 pm to Y.A. Tittle
Damn, that sucks.
I didn't realize age was that big of a factor.
I didn't realize age was that big of a factor.
Posted on 5/1/24 at 3:52 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
What does this even mean? Insurance companies are private businesses. Louisiana needs insurance companies to do business here. Insurance companies do not need to do business in Louisiana. At the end of the day, this is the incontrovertible truth. Legislate accordingly. Competition will solve most of the problems. Right now, there is no competition because the state is a shite hole run by plaintiff attorneys.
Posted on 5/1/24 at 3:53 pm to Y.A. Tittle
quote:
I currently can't get homeowners insurance from ANY private provider, despite never making a claim in 18 years.
this isn't going to be your fix bro. this will only put many of thousands of policies back to the street looking for replacement policies. Progressive is literally licking their chops at the volume of Notice of non renewals s they are about to send out.
This post was edited on 5/1/24 at 3:54 pm
Posted on 5/1/24 at 3:53 pm to LSUbest
If it upsets the OP then it probably is a good thing.
Posted on 5/1/24 at 3:56 pm to 4cubbies
How they voted
House
https://legiscan.com/LA/rollcall/HB611/id/1416698
Senate
https://legiscan.com/LA/rollcall/HB611/id/1433971
House
https://legiscan.com/LA/rollcall/HB611/id/1416698
Senate
https://legiscan.com/LA/rollcall/HB611/id/1433971
Posted on 5/1/24 at 3:57 pm to TDTOM
Oh you're right....I didn't notice.
Posted on 5/1/24 at 3:59 pm to Chad504boy
quote:
its bullshite.
Nah, it's not. Companies tend to do more in a state where there are less restrictions.
quote:
companies will be cancelling the frick out of books of business. nothing about this helps or will draw competing carriers.
Both of those comments are assumptions.
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