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Started By
Message
re: La. Dept. of Insurance approves 63% Citizens rate increase
Posted on 10/11/22 at 9:02 am to SPEEDY
Posted on 10/11/22 at 9:02 am to SPEEDY
We are staying in my relative's old house right now so now homeowners but since moving to Texas, we pay $100 less a month for the same coverage and carrier in auto insurance.
0
Posted on 10/11/22 at 9:03 am to winkchance
quote:Has there ever been an insurance commissioner in this state that looks out for the citizens of the state?
Commissioner Jim Donelon. “My staff and I are working with the legislature to attract more insurers to the state through the use of a program that was highly effective
DOI commissioners have been saying this for 30 years and it neve happens.
Posted on 10/11/22 at 9:04 am to SPEEDY
30% goes directly to the insurance commissioner's bank account.
Posted on 10/11/22 at 9:11 am to NOSHAU
quote:
Has there ever been an insurance commissioner in this state that looks out for the citizens of the state?
Not really. The past 3-4 have served prison terms for their actions in office.
Posted on 10/11/22 at 9:12 am to theronswanson
quote:
I thought tort reform was going to lower insurance rates? What happened?
3 major hurricanes in 2 years.
Posted on 10/11/22 at 9:14 am to Chad504boy
official response from insurance companies: nope
Posted on 10/11/22 at 9:15 am to SPEEDY
insurance is trying to hit us with a 100% increase on commercial property. unless we find a better rate elsewhere just gonna drop coverage and call their bluff. unless everyone calls their bluff and take the risk they will just keep raising rates.
This post was edited on 10/11/22 at 9:16 am
Posted on 10/11/22 at 9:30 am to diat150
quote:This is what they want....they don't want the risk right now. They want risk reduction. The more they have on the books, the more they pay in reinsurance.
just gonna drop coverage and call their bluff. unless everyone calls their bluff and take the risk they will just keep raising rates.
Posted on 10/11/22 at 9:31 am to diat150
Put it this way, the next Katrina type storm in New Orleans will be the end of this state for good
Hopefully the flooding will be minor with levee improvements
Despite what u think about the big Easy it is still a major economic hub that drives this state
Hopefully the flooding will be minor with levee improvements
Despite what u think about the big Easy it is still a major economic hub that drives this state
This post was edited on 10/11/22 at 10:18 am
Posted on 10/11/22 at 9:34 am to SPEEDY
I was going to be stuck with them when my other company folded and I couldn't find anyone to write for a new wind/hail policy.
I ended up just waiting and getting the "forced coverage" from my mortgage company. It had better terms and was almost $1k less expensive.
I ended up just waiting and getting the "forced coverage" from my mortgage company. It had better terms and was almost $1k less expensive.
Posted on 10/11/22 at 9:34 am to SPEEDY
quote:
Commissioner Jim Donelon
When is this asshat up for re-election?
Posted on 10/11/22 at 9:36 am to MorbidTheClown
It is pretty much required that the 63% get approved
Louisiana citizens is suppose to be the company of last resort and is statutorily required to have the highest rates. This is simply a reflection of just how much the other companies in the state have raised their rates.
Now the Onus is on the commissioner to get companies writing in this state before this time bomb blows up. The onus is also on them to not allow the fly by night start up insurance companies that undercut premiums in the state. We don't need $800 premiums. The insurance market is bad enough that companies can come in here and charge reasonable premiums that they should have been all along and people will flock to them. There are people that would stab their mother right now for a $3000-$3500 premium
Louisiana citizens is suppose to be the company of last resort and is statutorily required to have the highest rates. This is simply a reflection of just how much the other companies in the state have raised their rates.
Now the Onus is on the commissioner to get companies writing in this state before this time bomb blows up. The onus is also on them to not allow the fly by night start up insurance companies that undercut premiums in the state. We don't need $800 premiums. The insurance market is bad enough that companies can come in here and charge reasonable premiums that they should have been all along and people will flock to them. There are people that would stab their mother right now for a $3000-$3500 premium
This post was edited on 10/11/22 at 9:37 am
Posted on 10/11/22 at 9:41 am to SPEEDY
Nobody wants to pay for all those roofs replaced after Katrina that have since been damaged by numerous other storms.
Posted on 10/11/22 at 9:46 am to SPEEDY
Insurance is already high as frick, I couldn’t believe the decrease when moving to Texas.
Posted on 10/11/22 at 9:56 am to jdd48
quote:
Not really. The past 3-4 have served prison terms for their actions in office
Over the last 50 years, I think only one or two made it through without being indicted.
Posted on 10/11/22 at 10:20 am to rltiger
And this is a significant part of the reason I'm dumping all of my rental property as fast as possible.
The other option is to jack up rental rates by $7-800/month just to cover hazard insurance. Last year's increase took it to close to $5K now they want another 60%?
The other option is to jack up rental rates by $7-800/month just to cover hazard insurance. Last year's increase took it to close to $5K now they want another 60%?
Posted on 10/11/22 at 10:29 am to SPEEDY
This state is run by criminals.
Posted on 10/11/22 at 10:51 am to ThePoo
quote:
The onus is also on them to not allow the fly by night start up insurance companies that undercut premiums in the state.
The UCP (ultimate controlling persons) of the companies that left the state will be the exact corporate governance structure of the new companies coming in under the Incentive program. They will have the exact same operating costs, claims TPA, and reinsurance treaties that the belly-up toxic carriers had that flew the coop recently. Wash, rinse, repeat. Same players, same game.
Posted on 10/11/22 at 11:02 am to SPEEDY
quote:
Louisiana law requires Citizens’ rate for each of its policy types in each parish to be at least 10% over the highest qualifying market rate or 10% over the actuarial rate, whichever is higher.
How are these 2 rates determined? And is either of them the rate paid to private insurers?
Just trying to understand the difference in them?
Posted on 10/11/22 at 11:07 am to SPEEDY
Ouch
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