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Started By
Message
re: Louisiana Legislature repeals law blocking homeowner’s insurance cancellations
Posted on 5/1/24 at 4:13 pm to TDTOM
Posted on 5/1/24 at 4:13 pm to TDTOM
quote:
Now that a few others have chimed in it must definitely be a good thing based on who is pissed.
I'm not pissed. I was able to obtain insurance (had it since I purchased my home) prior to the repeal of the 3-year rule. My home is insured and my deductible is reasonable.
The people who are convinced that repealing this rule opens insurance companies for business to write policies for them that they couldn't obtain previously don't get that they couldn't obtain insurance not because of consumer protections (the 3-year rule), but because their property is likely low-lying or near the coast ( in a state ripe for hurricane exposure), increasing the risk to any insurer that would likely carry them. Insurance companies are in the business of making profits and lowering their risk exposure.
Don't be surprised if you have an influx of companies start writing policies after hurricane season ends and starts cancelling them right before it begins the following year.
This post was edited on 5/1/24 at 4:16 pm
4
Posted on 5/1/24 at 4:14 pm to CreoleTigerEsq
quote:
My home is insured and my deductible is reasonable.
What the frick do you keep yapping about
Posted on 5/1/24 at 4:19 pm to CreoleTigerEsq
quote:
Don't be surprised if you have an influx of companies start writing policies after hurricane season ends and starts cancelling them right before it begins the following year.
Doesn't seem like a very sustainable business model, unless you assume every homeowner would be subject to a gag order over telling their friends and neighbors about such practice.
This post was edited on 5/1/24 at 4:20 pm
Posted on 5/1/24 at 4:33 pm to CreoleTigerEsq
quote:
Don't be surprised if you have an influx of companies start writing policies after hurricane season ends and starts cancelling them right before it begins the following year.
The 3 year rule only protected policyholders AFTER they had been with a company for over 3 years. 3 year rule did absolutely nothing to protect them for the first 3 years.
Posted on 5/8/24 at 2:53 pm to CreoleTigerEsq
quote:
surprised if you have an influx of companies start writing policies after hurricane season ends and starts cancelling them right before it begins the following year.
That’s not how it works, my god people are so stupid
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