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Started By
Message
When does property insurance in SELA become untenable?
Posted on 6/22/22 at 2:04 am
Posted on 6/22/22 at 2:04 am
There are several different threads about homeowners insurers leaving the southeastern Louisiana market. But is there now a tipping point on the horizon to where the private market won’t actually be willing to take new business? It just feels like at the pace we are going, something has to give.
15
Posted on 6/22/22 at 3:16 am to Brightside Bengal
It is here.
Posted on 6/22/22 at 5:20 am to Brightside Bengal
Been talking to friends that way and don’t see how most of the people can afford insurance…. Rates doubling? Insane to pay 4k a year in homeowners.
Posted on 6/22/22 at 6:26 am to Brightside Bengal
If the rising interest rates do work and drive the cost of building materials down I would think that this may provide some relief to the insurance companies having to pay out claims.
That being said….. SE Louisiana is not only sinking but the marsh loss has been accelerating in my humble opinion.
That being said….. SE Louisiana is not only sinking but the marsh loss has been accelerating in my humble opinion.
Posted on 6/22/22 at 6:28 am to Brightside Bengal
UPC non renewing policies too
Posted on 6/22/22 at 6:44 am to Lsut81
4k is low right now. Getting $6k quotes with $45,000 hurricane deductibles right now.
Posted on 6/22/22 at 6:54 am to Brightside Bengal
Louisiana is the worlds largest fema camp
Think about it, people start complaining about Louisiana and say they’re moving to Texas and then you never see them again
Pretty sure the guards just take them out
Think about it, people start complaining about Louisiana and say they’re moving to Texas and then you never see them again
Pretty sure the guards just take them out
Posted on 6/22/22 at 6:54 am to Brightside Bengal
It is that way in the NOLA metro area now. Citizens is the only viable option aside from a few E&S carriers. Any company that starts writing will oversaturate immediately.
Donelon loved to pump his chest when all these small takeout companies with no financial backings were coming in and cherry picking business, but now with them all tucking their tails, Citizens is about to get overloaded.
Donelon loved to pump his chest when all these small takeout companies with no financial backings were coming in and cherry picking business, but now with them all tucking their tails, Citizens is about to get overloaded.
Posted on 6/22/22 at 6:55 am to Lsut81
quote:
Rates doubling? Insane to pay 4k a year in homeowners.
That’s a best case scenario for some markets.
Posted on 6/22/22 at 6:57 am to Brightside Bengal
A major storm or 2 over the next couple years and it's going to be real bad.
Posted on 6/22/22 at 7:17 am to Lsut81
quote:
Insane to pay 4k a year in homeowners.
i have friends down in larose. homeowners was around 1800. after hurricane? 9k! i told them sell house and move. F that.
Insurance companies love collecting their money UNTIL they have to pay out. crooks.
Posted on 6/22/22 at 7:21 am to Fat Bastard
It’s not greed. These companies are going insolvent. Bankrupt. The opposite. They didn’t take in enough premium to cover their claims. Now they have to charge a rate adequate to the level of risk and people are realizing that it’s expensive as hell in south Louisiana.
With the bigger, National companies, other states are subsidizing the risk in Louisiana. Or the northern part of the state diversifies the risk of hurricanes. Reinsurance is going up with the catastrophes across the country and poor market performance. It’s an all around bad situation and it’ll take several years of no storms before companies begin considering writing in Louisiana again.
With the bigger, National companies, other states are subsidizing the risk in Louisiana. Or the northern part of the state diversifies the risk of hurricanes. Reinsurance is going up with the catastrophes across the country and poor market performance. It’s an all around bad situation and it’ll take several years of no storms before companies begin considering writing in Louisiana again.
This post was edited on 6/22/22 at 7:24 am
Posted on 6/22/22 at 7:31 am to Brightside Bengal
I’m in flood zone A.
My current flood ins is 878.00.
However, I’m built up 4 ft above flood stage with an elevation certificate.
It is my understanding that none of that matters now. I’m honestly quite concerned. FML.
My current flood ins is 878.00.
However, I’m built up 4 ft above flood stage with an elevation certificate.
It is my understanding that none of that matters now. I’m honestly quite concerned. FML.
Posted on 6/22/22 at 7:32 am to SlowFlowPro
I don't remember how much the rates increased but a lot of insurers pulled out of the state after Katrina and Rita too, including many of the major ones. I remember we had to use a company we'd never heard of in 2006.
Posted on 6/22/22 at 7:33 am to Brightside Bengal
If you haven't done so already, sell your house to the next sucker and gtfo Louisiana. It isn't going to get better.
Posted on 6/22/22 at 7:56 am to JohnnyKilroy
I hope all of y’all leave Louisiana to go live in dsld neighborhoods in grapevine
One day I’ll buy the whole state at the sheriff sale
One day I’ll buy the whole state at the sheriff sale
Posted on 6/22/22 at 8:07 am to Brightside Bengal
Hopefully sooner than later, the taxpayers of america shouldn't be rebuilding your homes every time there's a hurricane.
Posted on 6/22/22 at 9:39 am to Slickback
quote:
It’s not greed. These companies are going insolvent. Bankrupt. The opposite. They didn’t take in enough premium to cover their claims. Now they have to charge a rate adequate to the level of risk and people are realizing that it’s expensive as hell in south Louisiana.
It is greed when you see the executive bonuses, the new offices that are remodeled every few years, the bloated payroll...
Posted on 6/22/22 at 9:40 am to j1897
quote:
Hopefully sooner than later, the taxpayers of america shouldn't be rebuilding your homes every time there's a hurricane.
Ironically, by property insurance getting to the point of it being untenable, you will have more and more people relying on the tax payers of america
Posted on 6/22/22 at 9:54 am to Weekend Warrior79
When people look at the premium increases they also need to consider the price to rebuild.
Your house is probably worth 2x what it was 5-10 years ago so even absent the issues in the insurance underwriting space this was going to be a problem.
Add in the inflation and supply chain issues along with a couple major hits from LA to Orange Beach, AL and this is a perfect storm situation for insurance.
Your house is probably worth 2x what it was 5-10 years ago so even absent the issues in the insurance underwriting space this was going to be a problem.
Add in the inflation and supply chain issues along with a couple major hits from LA to Orange Beach, AL and this is a perfect storm situation for insurance.
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