Home Insurance Board - Got my renewal today

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Not a lot of people can cut a 15 to 25k check

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You are right. There are going to be a lot of houses that can't get repaired due to the crazy deductible cost

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You are right. There are going to be a lot of houses that can't get repaired due to the crazy deductible cost

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Either that or you will see a lot more homeowners seek a total loss claim to say that the entire house needs to be torn down even for minor damage.


One idea that may help would be to covert the National Flood Insurance Program into an all perils National Disaster Fund that would cover all nationally declared natural disasters. Insurance carriers would be required to write policies nationwide with some risk ratings determined by the Federal Government. Participation would be required to receive FEMA assistance. The Federal Government would provide reinsurance to the companies if claims go over a certain threshold.

This would create some stability in the market and essentially making Homeowners policies mainly a Fire/Theft/Accident Policy. Perils would be priced differently in the insurance quote but would be managed by the individual companies.

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Welcome to 2023

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And 2022

And to some extent, 2021

It's the cumulative impact.

With this renewal I'm about at 3 times premium that I had in 2021. And a named storm deductible going from 1% to 5%.

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My home is currently insured for 40% more than I think I could get for it on the market

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But you understand that's not what it's insured for, right? Real estate value and replacement value are two completely different things.

Now I'm not defending the insurance rates, shoot mine went from 2450 year to 3559. I get it.

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But you understand that's not what it's insured for, right? Real estate value and replacement value are two completely different things.

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Yes, I understand the difference. I’m just pointing out the growing issue for some in LA.

My premium is $6,177 for $348k in replacement value with only 40% contents coverage and a 5% named storm deductible.

It’s absurd.

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One idea that may help would be to covert the National Flood Insurance Program into an all perils National Disaster Fund that would cover all nationally declared natural disasters. Insurance carriers would be required to write policies nationwide with some risk ratings determined by the Federal Government. Participation would be required to receive FEMA assistance. The Federal Government would provide reinsurance to the companies if claims go over a certain threshold.

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So your idea is to take an issue that is largely created due to policies enforced by the federal government and solve that issue by allowing the same federal government to “manage” the solution to the problem they created?

Ours increased from $2,500 annually to $4,700 annually. And they upped our home value by nearly 35% to an amount over 50k above any wildly optimistic appraisal.

We ended up playing the bundle game and also "negotiated" actual home value to insure. End result is we got the effective increase down to $3,300. Our named storm deductible remained at a flat rate of $2,500.

I've used the same local insurance agency for many years. They used to be able to shop around rates when increased happen. But at this point your current home insurance company is pretty much your only option. New policies are hard to come by as most of you already know. But at least the local agency worked hard for us to help out as best as possible. Ended up with better overall auto insurance and recreational vehicle insurance too.

Get ready for alot of house fires if a hurricane strikes.