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Started By
Message
re: Insurance Crisis in La - AP schools paying twice as much for half the coverage since 2019
Posted on 12/4/23 at 9:17 am to goofball
Posted on 12/4/23 at 9:17 am to goofball
quote:
Property insurance premiums rose from $1.025 million for $100 million in coverage in 2019 to $2.3 million for $50 million in coverage this most recent year,
That's fricking criminal, good Lord.
1
Posted on 12/4/23 at 9:31 am to dewster
quote:
Louisiana has a major issue with under insured and uninsured drivers. That combined with a horribly maintained road network really makes car insurance very expensive than it should be.
It's wild to me that you can still carry 15/30/25 when a damn Honda Civic costs more than that now.
Posted on 12/4/23 at 9:37 am to Supermoto Tiger
quote:
How about calling the Head Crook in charge The Insurance Commissioner: Donelon
It’s a Global issue not just a Louisiana problem. The reinsurance companies were hit hard over the last 36 months with massive gobal event claims. Donelon was powerless to stop these price increases because the costs for everything in the supply chain also went up astronomically. The reinsurers really took a financial loss so we need the global events to slow down a bit which I believe they will but we are looking at 3-4 years out before they stabilize.
The Louisiana legislature could reduce our rates a small bit with some reform but the real issue is that the reinsurance companies have to rebuild their global insurance reserves and the supply chain costs need to deflate.
This post was edited on 12/4/23 at 9:40 am
Posted on 12/4/23 at 9:47 am to fallguy_1978
quote:
I guess it really depends on location in the state as well. Our homeowner's insurance didn't really go up much this year (about $100/yr). Our auto did go up about 18% though.
I am zoned for the new Prairieville HS. I've been with Farm Bureau since 2004. My auto keeps going up and up, but my Homeowners has had it's second consecutive 50% increase this year.
I called a broker, and was told they had no one who could write a policy because my roof was older than 5 years old.
Posted on 12/4/23 at 9:48 am to RaginCajunz
quote:
I called a broker, and was told they had no one who could write a policy because my roof was older than 5 years old.
Sounds like the solution is to make a claim on your roof to replace it.
Posted on 12/4/23 at 9:51 am to teke184
quote:
Sounds like the solution is to make a claim on your roof to replace it.
My agent actually told me I need to have it inspected after the next storm with hail.
Posted on 12/4/23 at 10:02 am to dewster
quote:
Louisiana has a major issue with under insured and uninsured drivers
Cultural problem. Police do not arrest enough of these drivers. You can buy a vehicle without a license if you have enough cash for a loan. Lots of used car lots that do not care who they sell to. People actively seeking PI lawyers to run their lives and exaggerating their punitive damages.
quote:
Road conditions and maintenance are much better in Illinois
Lack of a toll road really crushes the major cities here. You would get fewer drivers on the road and more money in the state's pocket to fund road projects. However, I don't understand why we have so many damn DOTD roadside vehicles. Another wasted use of state resources.
On top of road conditions, you have a significantly higher chance of messing up your vehicle with these poor road conditions, easily adding more expenses to your car.
quote:
Fuel, food, energy, taxes are all lower in Louisiana
These help balance out the insurance problems but we're probably about to see an increase in all of them right now. Food is expensive. Energy isn't getting cheaper. Property taxes might start shooting up. It's going to be expensive to live in Louisiana for all the wrong reasons.
Posted on 12/4/23 at 10:15 am to CocomoLSU
quote:
$2.3 million for $50 million in coverage this most recent year
Just Budget 5 million a year for 10 years, and you will have 50 million in the bank as a self insured fund.
Buy just a liability policy for the errant teacher that goes a little handsy with the kiddos or the slip and fall cases.
Posted on 12/4/23 at 2:42 pm to Chad504boy
Care to elaborate on how this statement gives such an impression?
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