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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 3/23/23 at 9:08 am to wileyjones
Posted on 3/23/23 at 9:08 am to wileyjones
Yeah I just got non renewed by progressive …. Getting quotes now. I think I’m gonna sell my house. Insurance will be more than house note
1
Posted on 3/23/23 at 9:19 am to theunknownknight
Get Gordon! He can help.
Plantiff attys see nothing wrong with this situation.
Plantiff attys see nothing wrong with this situation.
Posted on 3/23/23 at 9:53 am to OGhunter777
quote:
Yeah I just got non renewed by progressive
Where are you located?
I just recieved my renewal from progressive. up 14 %. Was expecting worse. 2500 hurricane deductible
Posted on 3/23/23 at 12:40 pm to theunknownknight
quote:
This state sucks so badly
Yep... Huey Long and his cronies showed big business who was boss for decades. Businesses went to Texas instead.
Now plantiff attys are killing the insurance market. Insurance companies are like customers walking away from an unfair car deal.
Posted on 3/23/23 at 1:14 pm to MikeBRLA
quote:
Property taxes are extremely low in LA.
Not in Orleans Parish. Someone's gotta pay for LaToya's vacations!
ETA: "Why don't you just live in Jefferson?"
Because there is NOTHING for sale there and no I am not commuting from freaking Covington or Slidell
This post was edited on 3/23/23 at 1:16 pm
Posted on 3/23/23 at 1:39 pm to TIGERHOLD
Just checked realtor.com and there’s quite a bit for sale in JP lol. Not just shitty little mid century 2 bedrooms out in Kenner either.
Posted on 3/30/23 at 7:26 am to Tommy Noble
I'm thinking about not renewing flood. We're on a high point, never flooded. Tired of the max 17% increase annually over the last 2 years. They won't stop increasing it so it's more out of principle.
Posted on 3/30/23 at 7:35 am to Turnblad85
quote:
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
The problem is, they haven't been.
Rates were way too low for too long and insurance companies couldn't handle the claims from Laura, Delta, Ida, etc.
So companies have the issue of taking the same risk to write a competitive policy or have an "overpriced" policy that's more solvent (which few will buy). It's not an enticing market for insurance companies to risk losing your entire company when you can continue to operate elsewhere for a profit.
Posted on 3/30/23 at 7:42 am to Turnblad85
quote:
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.
This is a pretty bold claim to make immediately after multiple insurance companies get placed into receivership.
Posted on 3/30/23 at 8:03 am to Turnblad85
quote:
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.
One storm yes. The problem is when you have four major storms hit in basically one year. Laura, Delta, Zeta, Ida; all four of these occurred between 8/20/2020 and 8/29/21.
Posted on 3/30/23 at 8:22 am to meeple
Might want to look into how much it would cost if you decided to restart with NFIP.
Last year, we were told that if we dropped NFIP to go private then at some point return, our new NFIP premiums would jump massively as we would no longer be "grandfathered" in the old rates.
This is in FL but i would think it would be true wherever NFIP is used.
Last year, we were told that if we dropped NFIP to go private then at some point return, our new NFIP premiums would jump massively as we would no longer be "grandfathered" in the old rates.
This is in FL but i would think it would be true wherever NFIP is used.
Posted on 3/30/23 at 8:28 am to TigersnJeeps
You are already subsidizing flood with your tax dollars. It's generally a good idea to keep it. Most flood claims (not the most dollars, but number) come from weird shite like your neighbor clogs up the storm drain and you get 1/2 of water in two rooms that fricks your house up, not sheet flow flood waters like Katrina or 2016.
Posted on 3/30/23 at 8:35 am to TigersnJeeps
quote:There is no such thing as grandfathered rates anymore. Everyone is likely to see an increase. The difference is whether you have an existing policy, or a new policy. An existing policy rate increase is limited by a certain percentage increase each year until the new rate is reached. A new policy pays the new rate from the beginning. Make no mistake, everyone will be paying the new Risk 2.0 rates sooner, rather than later.
Might want to look into how much it would cost if you decided to restart with NFIP.
Last year, we were told that if we dropped NFIP to go private then at some point return, our new NFIP premiums would jump massively as we would no longer be "grandfathered" in the old rates.
This is in FL but i would think it would be true wherever NFIP is used.
Sad state of affairs in S LA that it's now prudent to shop insurance rates (HO Wind and Flood) before considering purchasing a new home. These price increases may now make or break your budget for a new home.
Posted on 3/30/23 at 9:10 am to Bronc
quote:How can you support murdering unborn babies? Plenty of good people had shitty parents. Plenty of good parents with terrible kids. You’re proof.
keep all their pregnancies
Posted on 3/30/23 at 9:10 am to Antib551
Yeah I have a call in to the agent that administers my flood to see what my rate will top out at. They actually called me back to try to win me back on home/auto. Will see how that goes 
Posted on 3/30/23 at 9:12 am to theunknownknight
Maybe we need to rethink what we did (and Louisiana’s role in it) to cause global warming and the sea level rise. We did it to ourselves
This post was edited on 3/30/23 at 9:20 am
Posted on 3/30/23 at 9:13 am to theunknownknight
It's funny when Louisiana residents call other states shitholes
Posted on 3/30/23 at 9:14 am to tigergirl10
quote:
Plenty of good parents with terrible kids. You’re proof.
Posted on 3/30/23 at 9:16 am to theunknownknight
But, but...we have an insurance commissioner! 
Posted on 3/30/23 at 9:19 am to Antib551
quote:
There is no such thing as grandfathered rates anymore. Everyone is likely to see an increase.
Spot on, I've been sounding this alarm for over a year now and was told by the resident insurance agents on this board to shush as I'm bringing too much light to their (carrier/agent) little game. But essentially it involves 2 things that a carrier will do on top of just the base rates: #1 Increase your coverage A to $100k or more than it's actual cost to rebuild, and B) apply additional factors at renewal to the base rates that you've never seen before. While the LDI has to approve a carrier's base rates, those "factors" behind and in addition to the rates can be extremely arbitrary. Agents love it because it's more commission to them of course. Talking to you Chadboy 4 posts.
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