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Started By
Message
re: Homeowner’s Insurance is collapsing in LA - UPC gone, Cajun now gone - rates up 40%
Posted on 3/22/23 at 3:32 pm to LSUfansabanhater
Posted on 3/22/23 at 3:32 pm to LSUfansabanhater
quote:Closed for new business in Orleans, Jefferson and St Tammany. Still writing in every other parish as far as I know
the rumor is Cajun, who just started last year, is already trying to pull out.
2
Posted on 3/22/23 at 3:35 pm to ghost2most
quote:North LA premiums are a whole lot cheaper than south LA. Further away from the coast you get, the less your risk of hurricane damage...so premiums are lower. Flood zone has nothing to do with it since homeowners doesn't cover flood damage anyway
Is it just high in hurricane flood zones? Like do people in Shreveport have higher premiums because they're in LA?
Posted on 3/22/23 at 3:40 pm to Tiger Prawn
Cajun did not fold per my agent and the inspector who just showed up to survey my sprawling OT baller estate. 
.
I doubt they are walking away from that cash infusion they were just given.....yet.
. I doubt they are walking away from that cash infusion they were just given.....yet.
Posted on 3/22/23 at 3:49 pm to LSUfansabanhater
quote:
I work for Allstate as well and we have written more homes this month than we have ever written before
Yeah UPC closing has made me a ton of money the last two months lol. I did hear Cajun wasn't writing any new business in certain areas.
I did some research on Kin, and its rated by Demotech which is a step below AM Best. Seems like they could go belly up in a few years two.
Posted on 3/22/23 at 4:10 pm to Bonkers119
quote:
Where do you live in LA?
Harahan
House is about 100 years old and never had water to anybody’s knowledge. Detached garage with new steel roof. Newish HVAC. And I keep up with maintenance.
I’m expecting $300/month.
Posted on 3/22/23 at 4:20 pm to Swagga
quote:
Shut the frick up….. I believe the incentives for insurance companies to come here are supposed to roll out shortly.
Posted on 3/22/23 at 4:46 pm to Bonkers119
5% deductible - insane. Take the entire risk on a $30,000 roof deductible. Basically paying obscene premiums for nothing but catastrophic coverage.
Posted on 3/22/23 at 5:11 pm to Simon Gruber
quote:
Cajun underwriters got me a policy in January in Lafourche parish. $2,300 year for $490,000 dwelling with 2% hurricane deductible
I call bullshite
Posted on 3/22/23 at 5:12 pm to lsuwins3
quote:
Most people don’t understand what home owners insurance is for. I think most think it’s like a warranty program. 20 year old roof starts to leak and insurance should pay for it. Slow leak rots floors insurance should pay for it. That’s not how it works.
Ding ding ding ding
People have a warped way of thinking how an insurance policy is supposed to work and when it doesn’t work the way they think it should, they get pissed and shout from the mountaintop all about how XYZ Insurance Company fricked them over.
Posted on 3/22/23 at 5:21 pm to TDsngumbo
I live in Metairie, and it's right at $1000 a month for homeowner and flood insurance. I had UPC, non renewal, and had to go Citizens.
Posted on 3/22/23 at 5:25 pm to Swagga
quote:
Texas the next time a storm comes
LOL, we got 60" of rainfall in most parts of Katy over a week ETA: during Harvey. Beltway 8 at I-10 had close to 15-20 feet of water in it. But you keep apologizing for your legal system and your insurance commissioners, because the explosion in rates didn't happen here.
This post was edited on 3/22/23 at 5:43 pm
Posted on 3/22/23 at 5:28 pm to doublecutter
Yea, no way I’d continue to live there.
Posted on 3/22/23 at 11:07 pm to chalmetteowl
quote:
I call bullshite
New construction home helped I’m sure, but I’ll send you my quote.
Posted on 3/23/23 at 12:11 am to Domeskeller
quote:
Got a trial lawyer in the governor’s mansion.
Any time there are insurance issues, it's interesting that so many blame the trial lawyers.
What's hard to understand that insurance companies are in the business of paying out as little as possible? If they can get 2/5 people to settle for pennies or not pursue a denied claim, the insurance company will save millions over time. So why, on a consistent basis, would they pay you what you are truly owed? The answer is they don't most of the time until they know you're serious by hiring an attorney.
Of course this doesn't mean every claim deserves to be paid out. Specifically, in car accident cases I think the large PI firms and all the ads have put unrealistic expectations on what a typical case is actually worth.
Posted on 3/23/23 at 12:19 am to Swagga
quote:
This is an issue in Florida right now too and will be in Texas the next time a storm comes.
I don't understand why people say this and also say "if LA can just go 3 years without a storm then rates will go down".
Insurance companies are aware where storms are likely to hit and what the cost might be. Getting a storm or not getting a storm in a given year(s) shouldn't make much difference in assessing risk of an area. They are very aware that a major storm could very well hit TX the next year and have calculated that into their rates. I imagine the risk teams at major insurance co's are some of the sharpest people in the room. And right now they think the risk is so great in LA and FL that they don't even want to collect premiums from homeowners.
Posted on 3/23/23 at 12:21 am to Roberteaux
Tammany is fricked currently
Posted on 3/23/23 at 1:26 am to Bonkers119
Even worse the parent carrier that is backing them is currently in the red. Kin is a paper carrier that will fold faster than a lawn chair after the first tropical storm. They are selling cheap premium products right now though, so desperate or ill informed people are buying.
Posted on 3/23/23 at 1:35 am to theunknownknight
Think about how many fraudulent claims are made for hail damaged roofs each year in Louisiana. I’m convinced some of these adjusters are getting kickbacks from roofing companies to go along with the scams.
Posted on 3/23/23 at 6:08 am to LStU
quote:for something like that to work, we’d have to get on the same level as Alabama. Ain’t going to happen
Looks at Baldwin and Mobile Counties with the FORTFIED program
Posted on 3/23/23 at 6:11 am to doublecutter
quote:holy shite
I live in Metairie, and it's right at $1000 a month for homeowner and flood insurance.
it wasn’t that long ago $1,000 was a whole damn mortgage payment. Unreal
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