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Started By
Message
Homeowner’s Insurance is collapsing in LA - UPC gone, Cajun now gone - rates up 40%
Posted on 3/22/23 at 10:40 am
Posted on 3/22/23 at 10:40 am
Businesses are leaving left and right leaving those remaining able to increase rates 40%+ overnight
It’s becoming a crisis and no one in power seems to care or ever talks about it
This state sucks so badly
It’s becoming a crisis and no one in power seems to care or ever talks about it
This state sucks so badly
40
Posted on 3/22/23 at 10:43 am to theunknownknight
But the food and culture!
Posted on 3/22/23 at 10:44 am to theunknownknight
Get. Out. Now.
Posted on 3/22/23 at 10:44 am to LoneStar23
Shut the frick up. This is an issue in Florida right now too and will be in Texas the next time a storm comes.
ETA: I believe the incentives for insurance companies to come here are supposed to roll out shortly.
ETA: I believe the incentives for insurance companies to come here are supposed to roll out shortly.
This post was edited on 3/22/23 at 10:45 am
Posted on 3/22/23 at 10:48 am to theunknownknight
It isn't the only cause by any means, but it doesn't help that the state is controlled by the trial lawyers. Look at it from the insurers' perspective: Why would any company want to write business in Louisiana?
Posted on 3/22/23 at 10:49 am to SloaneRanger
Got a trial lawyer in the governor’s mansion. Too bad his term doesn’t expire for another nine months.
Posted on 3/22/23 at 10:50 am to theunknownknight
Brah, it's worth it. To be able to tailgate 7 weekends a year in BR and yell Tiger Bait is worth being impoverished.
Posted on 3/22/23 at 10:51 am to SloaneRanger
quote:
Look at it from the insurers' perspective: Why would any company want to write business in Louisiana?
It is annoying because in 5 years after we don't have any storms, they will return which completely negates the law of large numbers. Then we will do this whole dance again.
Posted on 3/22/23 at 10:52 am to theunknownknight
quote:
It’s becoming a crisis and no one in power seems to care or ever talks about it
It’s been a crisis for a couple years now but what would your solution be? Seriously, other than forcing insurers to absorb massive losses without recuperating them, there is no solution. Free market. Sure there are some regulations they must follow but property insurance just isn’t a profitable business in Louisiana anymore.
Posted on 3/22/23 at 10:55 am to theunknownknight
Insurance is a massive problem for LA residents. If they can’t get something together to help you’ll see LA residents leave the state even more than they are now. Maybe that’s the goal for those running the show. Who knows.
USAA saved my arse this year. Without USAA, my insurance was going up by roughly 250%. Yes, that’s not a typo. Our cost still doubled but at least it wasn’t a complete kick to the groin.
USAA saved my arse this year. Without USAA, my insurance was going up by roughly 250%. Yes, that’s not a typo. Our cost still doubled but at least it wasn’t a complete kick to the groin.
Posted on 3/22/23 at 10:55 am to theunknownknight
quote:
Because of the large premium increases charged by private firms, Louisiana Insurance Commissioner Jim Donelon had no choice but to approve a 63% average statewide increase for Citizens' 2023 premiums. Those increases vary significantly by parish, depending on the private market rates in each parish.
my homeowners premium went up almost 50% and I shopped around. never had a claim or anything.
Posted on 3/22/23 at 10:57 am to TDsngumbo
quote:
It’s been a crisis for a couple years now but what would your solution be? Seriously, other than forcing insurers to absorb massive losses without recuperating them, there is no solution. Free market. Sure there are some regulations they must follow but property insurance just isn’t a profitable business in Louisiana anymore.
And the storms aren’t the only cause. We sue too much, and we make too many unnecessary claims.
I don’t know what the answer is, but generally speaking when lawmakers get involved, no one wins except the lawmakers.
Posted on 3/22/23 at 11:00 am to ibldprplgld
quote:
and we make too many unnecessary claims.
This is way worse of a problem with homeowners insurance than suing. Louisiana residents, for some reason, have this massive mindset of “I pay for insurance, I should claim this $5,000 claim” but get all bent out of shape when their rate goes up or they get cancelled at the next renewal. Homeowners insurance is not meant to be a home maintenance program. Use it for major losses instead.
Posted on 3/22/23 at 11:01 am to theunknownknight
But legislators need a 300% pay raise to $60,000/yr cause they’re doing such a great job!!
Posted on 3/22/23 at 11:11 am to theunknownknight
I think the only way to make it work is to have very large deductible or co-insurance requirements for named storms. It would mean having homeowners bear a big part of the risk in that situation, but at least it might get us down to manageable premiums for other risks.
Posted on 3/22/23 at 11:12 am to theunknownknight
My homeowners in creases recently in Mandeville. I have made zero claims.
2021-3,000
2022-4700-56% increase
2023 -7,500-59% increase
So a 150% increase over two years
2021-3,000
2022-4700-56% increase
2023 -7,500-59% increase
So a 150% increase over two years
This post was edited on 3/22/23 at 11:14 am
Posted on 3/22/23 at 11:13 am to theunknownknight
quote:
It’s becoming a crisis and no one in power seems to care or ever talks about it
Well, Louisiana has to focus on the important things first, like making sure they collect your data before you visit Pornhub and making sure unfit mothers keep all their pregnancies.
Posted on 3/22/23 at 11:16 am to theunknownknight
Recent renewal with Dover Bay was a 120% increase. Said F you and went with Kin. We'll see.....
Posted on 3/22/23 at 11:18 am to Bronc
quote:
and making sure unfit mothers keep all their pregnancies.
Murder. The term you are looking for is murder, Afreaux.
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