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Started By
Message
re: When does property insurance in SELA become untenable?
Posted on 6/22/22 at 10:02 am to tide06
Posted on 6/22/22 at 10:02 am to tide06
quote:
When people look at the premium increases they also need to consider the price to rebuild.
only matters if their coverage a is going up. and when coverage a goes up, so does your wind deductibles... on the hook for more.
1
Posted on 6/22/22 at 10:11 am to j1897
quote:you have it backwards. Once all the insurance companies pull out, as we are seeing, the taxpayers will be footing much larger portions of the rebuild as homeowners stop carrying insurance
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 10:13 am to jimmy the leg
quote:
My current flood ins is 878.00.
I am off a bayou 6' above flood elevation and im getting 1,000 now. last year $400
Posted on 6/22/22 at 10:45 am to j1897
quote:
Hopefully sooner than later, the taxpayers of america shouldn't be rebuilding your homes every time there's a hurricane.
but we can send 40 billion dollars in a flash to Ukraine for lord knows what the frick for...
Posted on 6/22/22 at 11:48 am to Brightside Bengal
2020- $1200
2021- That company declared I now lived in a half million dollar home. Switched agencies, went up to $2200
2022- Received cancellation warning from Southern Fidelity yesterday effective 7/15. Best quote I've seen is $3700
Told the wife we'll be commuting from Mississippi soon if not moving somewhere else all together.
2021- That company declared I now lived in a half million dollar home. Switched agencies, went up to $2200
2022- Received cancellation warning from Southern Fidelity yesterday effective 7/15. Best quote I've seen is $3700
Told the wife we'll be commuting from Mississippi soon if not moving somewhere else all together.
Posted on 6/22/22 at 12:34 pm to bubba102105
Time to pack up and leave. State is 100% a cesspool of incompetence, corruption and filth not worth the expense or hassle any longer. Negatives explode higher every single year while the positives erode deeper and deeper.
Posted on 6/22/22 at 12:37 pm to Brightside Bengal
unfortunately we are there ... so I think the most likely culprit along with rising mortgage rates and a slowing economy is SERIOUS pressure on housing prices
this is of course sans some draconian nightmare like the government taking over homeowners / wind policies just like flood insurance etc.
this is of course sans some draconian nightmare like the government taking over homeowners / wind policies just like flood insurance etc.
Posted on 6/22/22 at 12:38 pm to Slickback
quote:
Citizens is about to get overloaded
reason #1000 why the state should be taking this "surplus" and putting away for rainy day fund rather than trying to figure out how to spend needless pork all over the place
seriously
we will need this money
Posted on 6/22/22 at 12:47 pm to PUB
quote:
4k is low right now. Getting $6k quotes with $45,000 hurricane deductibles right now.
I'm at $5600/year. 2% hurricane deductible. But our new (to us) house is about 20 miles north of I-10.
It gets much worse closer to the coast.
This post was edited on 6/22/22 at 12:57 pm
Posted on 6/22/22 at 1:32 pm to Brightside Bengal
Several brokers I have spoken with have all said we will need at least two consecutive hurricane seasons with no major events before companies will come back.
Meanwhile gulf temps are at 2005 levels.
I love loving here, warts and all, and my youngest has 7 more years of school. They are both very involved kids, all of their life is here, etc.
I really think it’s going to be hard for us to stay here once they go to college especially if they go out of state.
Just too many hits.
Meanwhile gulf temps are at 2005 levels.
I love loving here, warts and all, and my youngest has 7 more years of school. They are both very involved kids, all of their life is here, etc.
I really think it’s going to be hard for us to stay here once they go to college especially if they go out of state.
Just too many hits.
Posted on 6/22/22 at 1:39 pm to Weekend Warrior79
Posted on 6/22/22 at 1:54 pm to Slickback
The issue is that Louisiana was hit by 2 Cat 4 hurricanes, during the worst time in history to get hit. Lumber prices were through the roof, and that only exacerbated it.
Posted on 6/22/22 at 2:06 pm to BadatBourre
quote:Plus a Cat 2 and a Cat 3
2 Cat 4 hurricanes
Posted on 6/22/22 at 2:18 pm to j1897
This thread is about homeowners insurance, not flood insurance.
Posted on 6/22/22 at 2:27 pm to PUB
I’m in Baton Rouge. I had UPC and was dropped in March. I got a few quotes. The best I found was liberty mutual. Last year with UPC is was paying $1650. This year with liberty mutual I am paying $1982. That’s $550k coverage, $500k liability, $5k medical, $210k personal Property, 1% ded and 2% hurricane ded. House is about 10 years old.
Posted on 6/22/22 at 3:10 pm to LSUEEAlum
Baton Rouge and most of the northern portion of the state still has several viable options. Anywhere south of Ascension has very limited options and very high premiums.
Posted on 6/22/22 at 3:49 pm to LSUEEAlum
quote:
I’m in Baton Rouge. I had UPC and was dropped in March. I got a few quotes. The best I found was liberty mutual. Last year with UPC is was paying $1650. This year with liberty mutual I am paying $1982. That’s $550k coverage, $500k liability, $5k medical, $210k personal Property, 1% ded and 2% hurricane ded. House is about 10 years old.
This is NOLA and St Tammany giving you their thoughts about your options. Posted on 6/22/22 at 3:53 pm to LSUEEAlum
Not bad at all.
Liberty shut down all new policies when we spoke to them last week claiming
Decline: Coastal Catastrophe Property
Liberty shut down all new policies when we spoke to them last week claiming
Decline: Coastal Catastrophe Property
Posted on 6/22/22 at 5:19 pm to Chad504boy
quote:
only matters if their coverage a is going up. and when coverage a goes up, so does your wind deductibles... on the hook for more.
If you don’t adjust coverages based on your replacement value you end up like the people down in Mexico Beach a couple years ago where half the town had to move because they couldn’t afford to rebuild.
Codes and values change you better update your insurance. A lot of blue collar people who thought they were gonna retire at the beach are now sitting in a retirement community inland wondering what the hell happened.
Posted on 6/22/22 at 6:06 pm to Brightside Bengal
If another CAT 4 hits us this year, your going to see every independent insurance company leave this state. Only the big National boys will remain.
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