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Started By
Message
re: 42,000 Louisiana homeowners dropped by insurance company Friday
Posted on 7/16/22 at 8:47 pm to Joehat
Posted on 7/16/22 at 8:47 pm to Joehat
The banks are going to take a bath on houses if they keep the requirements
If you have a $2000.00 house note that jumps to $3000.00 overnight you have the option of still getting a monthly payments on the loan or no payments at all. Which one would you take if you were the mortgage company?? The value of the home is shite if the insurance has made it unaffordable for potential homebuyers to purchase. The homeowner walks both homeowner and bank take a loss.
If you have a $2000.00 house note that jumps to $3000.00 overnight you have the option of still getting a monthly payments on the loan or no payments at all. Which one would you take if you were the mortgage company?? The value of the home is shite if the insurance has made it unaffordable for potential homebuyers to purchase. The homeowner walks both homeowner and bank take a loss.
1
Posted on 7/16/22 at 9:09 pm to WhiteMandingo
The lender is requiring insurance because most of these loans are backed by Fannie Freddie FHA VA RD
Posted on 7/16/22 at 9:25 pm to Midget Death Squad
No one is forcing you to get a mortgage, dude. You are borrowing hundreds of thousands of dollars.
It’s ridiculous to think that banks shouldn’t force borrowers to purchase and maintain insurance.
It’s ridiculous to think that banks shouldn’t force borrowers to purchase and maintain insurance.
Posted on 7/16/22 at 9:39 pm to Turf Taint
quote:Sure. No regulation in the insurance at all. Just a capitalistic free for all. Hard to believe there isn't some state agency to regulate it. I guess one can only dream, of a day there is some state agency to oversee and regulate insurance companies. Then they'll operate for free and just give money away. Like magic ATMs.
Capitalism’s edge
Posted on 7/16/22 at 10:04 pm to ellesssuuu
I completely understand the requirements, I'm just saying that are going to have to wave it or eat a shite ton of homes that are now unaffordable because of said requirement. I would take the chance on getting paid monthly on a loan vs the chance that the home is destroyed in a storm/ fire.
Posted on 7/27/22 at 8:11 am to LStU
Moscona is a hack con man, he was born PWT he will die PWT.
Posted on 7/27/22 at 8:23 am to WaWaWeeWa
quote:
You can’t say they are being greedy when they are essentially saying they don’t want the business.
While I agree with you I wonder when they determined it was a bad risk to insure these customers...if it was last December and they waited until right before hurricane season hits that is kind of greedy
Posted on 7/27/22 at 8:26 am to BowDownToLSU
quote:
would tell them to do what our friends and neighbors over on the Gulf coast in Mississippi have been doing for the past 15 years, and that is to build higher and to build stronger,” Donelon said.
Ahhhh, thanks for the advise bud. Lemme put my boots on and go build me a new house.
Posted on 7/27/22 at 8:30 am to DownshiftAndFloorIt
Just got dropped by UPC as well in the BR area.
Posted on 7/27/22 at 8:42 am to BowDownToLSU
Anyone have experience with Safepoint Insurance out of Tampa, FL?
Posted on 7/27/22 at 8:44 am to PUB
quote:
Mandeville real estate is now classified a “Catastrophe Coastal Property” Freak being 10-12’ ABOVE sea level
It is a moronic decision on their part.
Posted on 7/27/22 at 8:50 am to PUB
quote:
Catastrophe Coastal Property”
Wind.
quote:
Freak being 10-12’ ABOVE sea level
Water.
Notice the difference?
Posted on 7/27/22 at 8:55 am to theronswanson
quote:
Why not give up a few more rights to entice these noble companies to return to Louisiana with lower premiums?
These mom and pop companies are the reason we are in this mess. They undercharged for years and went bankrupt when they got hammered in 2021. The loss ratio for the state in 2021 was 407%. Those small companies couldn't handle it, and now they're broke.
This post was edited on 7/27/22 at 8:56 am
Posted on 7/27/22 at 9:05 am to SlidellCajun
quote:
If we have a quiet hurricane season, we should get some more carriers to come in but if it’s another bad year, we’ll likely see it get worse.
The above is perhaps the dumbest statement you will read today.
One year means jack shite to an insurance company or their actuaries.
Posted on 7/27/22 at 9:08 am to BowDownToLSU
There is ZERO accountability in the insurance industry.
Kinda like ConAgra.
Kinda like ConAgra.
Posted on 7/27/22 at 9:08 am to Bonkers119
quote:
These mom and pop companies are the reason we are in this mess. They undercharged for years and went bankrupt when they got hammered in 2021. The loss ratio for the state in 2021 was 407%. Those small companies couldn't handle it, and now they're broke.
amateur take.
Posted on 7/27/22 at 9:10 am to BowDownToLSU
Imagine how bad it will be if we get something half as strong as Ida this year.
Will only be state run insurance then.
Will only be state run insurance then.
Posted on 7/27/22 at 9:12 am to rintintin
With ida flood damage was very lite. It was the wind damage that did the destruction.
This post was edited on 7/27/22 at 9:12 am
Posted on 7/27/22 at 3:36 pm to Bonkers119
quote:
These mom and pop companies are the reason we are in this mess. They undercharged for years and went bankrupt when they got hammered in 2021. The loss ratio for the state in 2021 was 407%. Those small companies couldn't handle it, and now they're broke.
The facts LA politicians tried to force the companies to cover uninsured losses and even city properties are massive ambulance chasing huckster billboards could not have anything to do with it hunh.
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