re: Home Insurance Board - Got my renewal today

Then don't insure it for full replacement cost, drop it down to whatever you can that will still keep replacement cost benefits. The last thing you want is to not have replacement cost benefits. Those benefits are huge in every type of claim not just total loss.

Example -- 20k roof claim, 2k deductible. 18k payout when you have replacement cost benefits.

20k roof claim, 2k deductible, 12k depreciation, 6k payout when you have an actual cash value policy.

Having replacement cost benefits isn't all about what happens in the event of a total loss.

So corrupt politicians can waste more of your $ and line their pockets …

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If I have a total loss i don’t need to rebuild this house. I can go buy an existing house. I can rebuild a smaller house. I can move to a cheaper locale. As long as I have enough coverage to pay off my mortgage, that’s all that should matter. (Not saying that’s a good choice, but I should have that option).

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THIS my fellow parish brother

If we get a storm like that they can have my house lol

Just got mine and was expecting probably a 100% increase. shite went from $1650 premium in 2023-24 to $4500 for 2024-25. Apparently my shite got coated in gold roofing tiles or something. I had to actually switch from sagesure to safeco last summer because sagesure / fednat pulled out of the state. That change actually saved me money. They said not so fast now sucker. Coverage only went up $50k to $400k.

Can you be put off the house? Just self insure

I live in Ponchatoula in a flood zone roughly 7 miles as the crow flies from the Lake. My elevation is 21 feet. My home owners and my flood insurance both only went up a little more than a 100 dollars. I was expecting much worse.

18% increase for me. No change in storm deductible thankfully.

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As long as I have enough coverage to pay off my mortgage, that’s all that should matter. (Not saying that’s a good choice, but I should have that option).

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You can get a policy like that. Its called a Dwelling-1 and its a piece of shite.

You can choose whatever amount you want to insure for. Say your house should cost about $300k to rebuild but you only want to insure it for $150k. No problem when it comes to writing a Dwelling-1 policy.

The problem will be when you have a claim. Dwelling-1's are "actual cash value" policies, meaning all claims are paid on a depreciated basis as opposed to replacement value basis. Then since you only insured for about 50% of the replacement value of the house, you're viewed as self-insuring for the other 50%. So after the depreciation is held back from the repair estimate, next they're going to hold back the 50% that you essentially self insured for. Then after all that is done, subtract your deductible and there's your claim check amount. Unless your dealing with catastrophic or total loss, you're probably paying most, if not all of the repairs completely out of pocket.

Also, it covers fewer perils than a regular HO-3 homeowner policy. Basically a DWG-1 will only cover wind, hail, lightning, fire, smoke, riot, and explosion. If you have a busted pipe or toilet backup that floods the house or if someone vandalizes or burglarizes your house...you're shite out of luck.

LA Citizens is probably the only insurance company that's still around who will write Dwelling-1's.

We're at a point where they should just break out hurricane coverage as a separate policy. I can' t think of anything a storm could do to my house that I couldn't just pay someone to fix and it be cheaper than paying deductible + 5-10 years of insurance premiums.

That is an option in some states. You can exclude wind coverage on your homeowners policy