re: When does property insurance in SELA become untenable?

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Why are the taxpayers on the hook? The government is not responsible for repairing private property. That’s how we got in this mess to begin with.

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Don’t think you will have anyone in this board arguing. People without insurance made a conscious effort to not have insurance. If you can’t afford to insure your property, you can’t afford your property.

With that said, you also know the politicians can’t afford to take that hard stance and let people suffer for their own decisions. As a result, FEMA gets to step in every time there’s an event that causes massive damage; which then has people start thinking why pay expensive insurance bills if the feds will just come in and take care of me

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Why are the taxpayers on the hook? The government is not responsible for repairing private property. That’s how we got in this mess to begin with.

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Unless they disband FEMA, then taxpayers will always be paying for those who didn't prepare

I was paying $4400 with Southern Fidelity, my agent is telling me that the cheapest he is seeing is $8000.

I have had zero claims in 10 years since building the house.

A lot of people who are getting dropped right now are going to need to bite the bullet for now, then try to reshop it after hurricane season when hopefully there’s more options

Is the northshore seeing homeowners insurance increases as much as nola? I feel like there’s quite a bit of difference there with risk

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I know there are major issues in Florida as well, with some local/regional carriers going insolvent.

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It’s not just a matter of local or regional carriers going insolvent.

The big players who will even quote are really just farming the coastal homeowners policies out to preferred local or regional plans because they won’t write policies in those zip codes themselves.

If all the local plans leave it will basically be the state plans as the only option for homeowners.

At what point can insurers decide to not cover wind damage to roofs or perhaps require an additional policy for wind/hail coverage? I think we can all agree that a large portion of claims are for total roof replacements. The Garcia roofing companies of the state are profiting $200/square on the backs of insurance companies to replace a roof every 10 to 15 years. If you could perhaps isolate that risk, more companies would likely take risk.

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At what point can insurers decide to not cover wind damage to roofs

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You can't just exclude coverage on one part of a structure, but not the rest.

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or perhaps require an additional policy for wind/hail coverage?

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Some companies have been doing that since 2006. The homeowner policy excludes all wind/hail damage and you have to buy a separate wind/hail only policy through LA Citizens.

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I think we can all agree that a large portion of claims are for total roof replacements. The Garcia roofing companies of the state are profiting $200/square on the backs of insurance companies to replace a roof every 10 to 15 years. If you could perhaps isolate that risk, more companies would likely take risk.

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I think at some point, you may see more carriers opting to only cover wind/hail damage to roofs at actual cash value. That would be a significant exposure reduction for the insurer and it de-incentivizes people with older roofs from putting off replacing the roof because they're waiting to see if a storm will come through and rip a few shingles off so their insurance company ends up paying for a roof instead of the homeowner coming 100% out of pocket.

I went from $7900 last year, renewal this spring at $9400, policy canceled, $13,900 at the new company. LA Citizens was $11k for no wind/hail coverage. X Flood zone and flood coverage is still <$1k.

No claims since Katrina. That claim was fairly minimal.

Needless to say, the for sale sign is going up soon.

flood yes ... wind/hail/homeowners/commercial wind/hail/storm no