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Started By
Message
re: 42,000 Louisiana homeowners dropped by insurance company Friday
Posted on 7/16/22 at 11:22 am to MsState of mind
Posted on 7/16/22 at 11:22 am to MsState of mind
Also this is not confined to Louisiana or the Gulf Coast. It is everywhere. All the companies reinsurance (insurance the insurance companies buy) is up 50% and there is less of it to go around. State wind policies customers are up in TX, LA, FL, SC, and NC. Fire policies on the west coast are like wind policies in the gulf. CA is seeing 300% increases in high fire hazard zones if they can get bay at all. Even states with better building codes like AL and MS seeing huge increases. Hell AR and CO are seeing 20% increases and they are low risk as far as hurricanes
1
Posted on 7/16/22 at 12:42 pm to GetBackToWork
One would think that with the power of his office, he could be doing something with the governor and legislatures to pass some legislation that would help our outrageous automobile insurance.
We have some of the highest car insurance rates in the nation with 33 percent above the national average.
We are a pretty rural state. Makes no sense.
We have some of the highest car insurance rates in the nation with 33 percent above the national average.
We are a pretty rural state. Makes no sense.
Posted on 7/16/22 at 12:42 pm to Midget Death Squad
quote:
Wrong! You can not get a mortgage without purchasing home insurance. You can not maintain a mortgage without maintaining home insurance. The moment you are forced to purchase something is where capitalism ends.
Posted on 7/16/22 at 12:43 pm to Turf Taint
Crooked contractors, PAs, insurance attys… and insurance commissioner raping carriers
Posted on 7/16/22 at 12:46 pm to GRTiger
quote:
Is there a law mandating insurance?
Not that I’ve ever seen
Posted on 7/16/22 at 12:51 pm to TaderSalad
quote:
In way over his head
Like that charlatan Tim Temple would be any better
Posted on 7/16/22 at 1:04 pm to danilo
quote:Doesn’t sound like too good of an expert. Southern Fidelity policies canclled as of Friday. The ONLY 60 day extension is the state-run plan with LA Citizens will allow people who were dropped by Maison, Southern Fidelity or Lighthouse to have a Citizens policy backdated to their old policy’s cancellation date. That only applies to Citizens applications processed within 60 days of the old policy’s cancellation.
"Our commissioner of Insurance negotiated an extension of the cancellation to mid-September, so again we've extended the coverage so you have more time to find a new policy," said Ron Camarota, an insurance expert. "If you can't find a new policy in that time, the policy can be rewritten with Citizens Insurance.
Posted on 7/16/22 at 1:09 pm to GRTiger
quote:There is no law mandating homeowners or flood insurance.
Is there a law mandating insurance?
But if you want someone to lend you money for a mortgage or home equity loan, then the bank is going to require the house be insured because they’re protecting their interest. But once you pay off the loan, nobody is forcing you to insure your property anymore.
Posted on 7/16/22 at 1:16 pm to Tiger Prawn
quote:
But if you want someone to lend you money for a mortgage or home equity loan, then the bank is going to require the house be insured because they’re protecting their interest. But once you pay off the loan, nobody is forcing you to insure your property anymore.
This still isn't the fault of capitalism though. Just mortgage a home somewhere else.
Posted on 7/16/22 at 1:17 pm to Turf Taint
quote:
Capitalism’s edge
A lender wanting you to insure the property they're lending you money for isn't a hardship on you.
If you want to purchase a house in an area that is uninsurable, that still isn't a hardship on you.
Posted on 7/16/22 at 1:30 pm to BowDownToLSU
Around mid June we got a notice from our homeowners carrier (UPC) that as of August 1 they would no longer be covering our house. We worked with our agent (independent agency) and went with Allstate.
We are in cenla and not in the coastal area but I guess that doesn't matter to the insurance companies.
I was told by a friend that is also having to find a new insurer that State Farm (or Progressive..don't remember which) would not write him because he has more than 5 trees on his property even though none are close enough to the house to hit it if blown over.
Frick insurance companies and frick the politicians that have been in the insurance companies pocket for years.
We are in cenla and not in the coastal area but I guess that doesn't matter to the insurance companies.
I was told by a friend that is also having to find a new insurer that State Farm (or Progressive..don't remember which) would not write him because he has more than 5 trees on his property even though none are close enough to the house to hit it if blown over.
Frick insurance companies and frick the politicians that have been in the insurance companies pocket for years.
Posted on 7/16/22 at 2:09 pm to Jake88
quote:
What is the problem with them getting insured by larger companies like State Farm instead of these little ones?
State Farm has too many homeowners who depend on State Farm to make good decisions with the homeowners money.
Posted on 7/16/22 at 2:53 pm to Dandaman
Mandeville real estate is now classified a “Catastrophe Coastal Property”
Freak being 10-12’ ABOVE sea level
Freak being 10-12’ ABOVE sea level
Posted on 7/16/22 at 3:50 pm to derp
quote:
Crooked contractors, PAs, insurance attys… and insurance commissioner raping carriers
This is the problem in a nutshell.
Posted on 7/16/22 at 3:54 pm to BowDownToLSU
quote:
Lighthouse and Maison have until August 28.
August 29 scares the shite out of them.
Ida
Katrina
Posted on 7/16/22 at 6:15 pm to Midget Death Squad
quote:
Wrong! You can not get a mortgage without purchasing home insurance. You can not maintain a mortgage without maintaining home insurance. The moment you are forced to purchase something is where capitalism ends.
quote:
Midget Death Squad
You cannot get a loan without the person loaning you money setting terms of repayment. If it is not to your liking, then don’t get the mortgage. The lender is requiring insurance against only its interest in your transaction, which is represented by your home.
But if you pay for your home in cash, you absolutely do not need to buy homeowners insurance.
It is absolutely a tenant of capitalism where I can set the terms or conditions of loaning you money. You’re completely wrong.
Posted on 7/16/22 at 7:04 pm to BowDownToLSU
frick Ukraine. Rebuild Louisiana.
Posted on 7/16/22 at 7:19 pm to danilo
I find it disingenuous by some to say just abandon SELA. When the area was settled there was a lot more coast to buffer the impacts of hurricanes. In the last 20 years the coast as disappeared with stunning speed. Now areas that were once relatively safe are more at risk. How do you greater New Orleans region to simply abandon their properties. It would have been different if this area had been developed with the current risk. The answer is it would not have been developed. After Katrina there was an opportunity to buyout people and let them move. The Feds spent the money on a new levee system. Between FEMA 2.0, energy costs, insurance costs the area will wither and many good people will be ruined. Texas is just a Cat 5 to Houston from being in the same boat BTW.
Posted on 7/16/22 at 7:27 pm to MsState of mind
Good points. Especially the wind and wildfire items. Need to consider that some increases like AR & CO could be primarily based on RCV. Home construction is very expensive now and at least 20% more expensive than 2 or 3 years ago.
Posted on 7/16/22 at 7:37 pm to BowDownToLSU
I think it’s interesting how the influx of “ambulance chaser” roofing companies are not mentioned in the discussion. Follow the money trail. When Moscona is joining a roofing company that should tell you all about the economics behind it.
Don’t get me wrong, solid roofing companies and services are needed. I don’t blame the capitalism as well, but know that the money is coming from somewhere. It’s been the insurance companies primarily footing the bill and now they’re getting out of LA because they’re not interested in the economics of homeowners insurance in LA.
If anyone wants to start a business, install and certify FORTIFIED roofs. That industry should take off soon. Fairhope and Baldwin Co in Alabama are the case study. They require FORTIFIED roofs and have stabilized their homeowners insurance in the process.
Don’t get me wrong, solid roofing companies and services are needed. I don’t blame the capitalism as well, but know that the money is coming from somewhere. It’s been the insurance companies primarily footing the bill and now they’re getting out of LA because they’re not interested in the economics of homeowners insurance in LA.
If anyone wants to start a business, install and certify FORTIFIED roofs. That industry should take off soon. Fairhope and Baldwin Co in Alabama are the case study. They require FORTIFIED roofs and have stabilized their homeowners insurance in the process.
This post was edited on 7/16/22 at 7:39 pm
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