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Started By
Message
re: Louisiana Citizens proposes 63 percent homeowners insurance rate hike for 2023
Posted on 9/13/22 at 9:30 pm to BamaCoaster
Posted on 9/13/22 at 9:30 pm to BamaCoaster
quote:
It may take a year or two, but rates will get back to normal I sincerely and expectantly hope.
With all due respect, our LA rates will be nowhere close to normal in 2 years time. You aren’t having a good temp gauge on LA market right now.
1
Posted on 9/13/22 at 9:34 pm to Chad504boy
quote:
With all due respect, our LA rates will be nowhere close to normal in 2 years time. You aren’t having a good temp gauge on LA market right now.
The Florida special session, which was held in May, will help alleviate the burdensome costs of FL based carriers (Demotech) within 18-24 months, and they will be able to expand and compete along the Gulf Coast (in LA).
And, I did say “expectantly hope”.
Posted on 9/13/22 at 10:12 pm to Jack Bauers HnK
BS bad faith and ridiculous verdicts, welcome to the effect.
Posted on 9/13/22 at 10:17 pm to TDsngumbo
quote:
We all hate living here but this is home to those of us with older parents and young children. My in-laws only have us and they’re old so we’re not going to leave them. By the time they pass away, my own parents will be old and will need us. I also don’t want to uproot my kids and put them in another school. So, all things considered, this is home to us. Do we like living here all the time? Nah, but this is where we will be for the foreseeable future.
Well said.
I know most of the OT is cool with leaving their families to fend for themselves but not all of us like that
This post was edited on 9/13/22 at 10:17 pm
Posted on 9/13/22 at 10:27 pm to Chad504boy
quote:
LA Citizens rates are statutorily set at 10% above the highest market rate in each parish or the actuarial rate, whichever is higher. Historically, residential rates have been primarily driven by market rates. However, this rate increase is driven by actuarial rates needed to pay for the dramatically increased cost of reinsurance.
I wondered how they priced when there was no market. I guess they use actuarial rates.
But there should be a rule that the 10 perfect overage doesnt apply if there is no market.
Posted on 9/13/22 at 11:56 pm to TDsngumbo
quote:
Do we like living here all the time? Nah, but this is where we will be for the foreseeable future.
I would leave in a heartbeat for a better job and probably will eventually.
Posted on 9/14/22 at 12:14 am to TDsngumbo
quote:
We all hate living here but this is home to those of us with older parents and young children. My in-laws only have us and they’re old so we’re not going to leave them. By the time they pass away, my own parents will be old and will need us. I also don’t want to uproot my kids and put them in another school. So, all things considered, this is home to us. Do we like living here all the time? Nah, but this is where we will be for the foreseeable future.
I'm in your boat too, but I put my foot down and have demanded my kids leave here as soon as they're of responsible age to do so. My folks are around 70 and I'm sure I'll end up halfway retired here at some point. But I'm already planning a long term escape and you must do so as well.
Louisiana is a doomed, future uber-failed state. Don't be stuck here with no options or means or you'll be fodder for the mad max ghetto that looms a half generation away.
Posted on 9/14/22 at 12:21 am to BowDownToLSU
It’s out of control. My friend and sister both got quoted over $12k homeowners this summer. I just bought a rental and feel I got off lucky that my insurance will only be $2.5k. 2-3 years ago my insurance on this house would’ve been $1.5-6k so best case still a 35%.
Posted on 9/14/22 at 8:13 am to BamaCoaster
quote:
The Florida special session, which was held in May, will help alleviate the burdensome costs of FL based carriers (Demotech) within 18-24 months, and they will be able to expand and compete along the Gulf Coast (in LA).
And, I did say “expectantly hope”.
man i hope that could lead to some eventual relief but its going to be quite a road getting back to anywhere near normal. In 12 months from now, it's going to be ugly as hell.
Posted on 9/14/22 at 8:24 am to teke184
quote:
Look at it this way… he is the first commissioner not to be voted out or imprisoned in probably 35 years, from Sherman Bernard up through Robert Woolley.
Donelon sucks but hasn’t managed to get tossed yet, which means a very low bar.
The insurance commissioner here has an impossible job. State with low iq citizens and major floods and storms? How do you manage that as an insurance commissioner?
It is my theory that the main reason auto policies are so high in LA was so the home insurers would come here to do business. It was almost like "we'll let you kill it on auto if you will come do home business"
Posted on 9/14/22 at 8:30 am to lsu13lsu
Honestly they have to charge the rates they do on auto because the legal environment is a clusterfrick.
Especially given the ring of fraudulent wrecks in the NO area which has ended up with lawyers and medical billing firms getting federally indicted.
Especially given the ring of fraudulent wrecks in the NO area which has ended up with lawyers and medical billing firms getting federally indicted.
Posted on 9/14/22 at 8:33 am to lsu13lsu
quote:2 flaws with that theory. With the exception of the giant national companies (State Farm, Allstate, USAA, etc)....most of the homeowner companies that write (or used to write) southern Louisiana didn't offer auto policies at all. And of the auto companies, even with our inflated rates here a lot of them still struggle to turn profit in LA because of the litigation climate in the state that encourages the dregs of society to view getting tapped on the back bumper with minimal damage as hitting the lotto.
It is my theory that the main reason auto policies are so high in LA was so the home insurers would come here to do business. It was almost like "we'll let you kill it on auto if you will come do home business"
Posted on 9/14/22 at 9:18 am to Tiger Prawn
quote:
With the exception of the giant national companies (State Farm, Allstate, USAA, etc)....most of the homeowner companies that write (or used to write) southern Louisiana didn't offer auto policies at all.
This seems to prove my point. No way you can write homeowner in LA without overcharging on Auto. Homeowner only companies are leaving the state.
This post was edited on 9/14/22 at 9:19 am
Posted on 9/14/22 at 11:01 am to lsu13lsu
By that logic, why aren’t auto-only carriers flocking to the state then?
Posted on 9/14/22 at 11:51 am to lsu13lsu
I encourage you and everyone else to go back to the past few storm threads we’ve had and see the amount of posters pissed off on this board because they had a name stormed deductible that was % based. Look how many blamed it on the insurance company or said the insurance company was trying to screw them over and they were taking legal action.
There’s a major education issue in LA. There’s also a huge chip on peoples shoulders with the victim mentally prevalent in the state.
In Florida, something like 16 billion in claims has been paid out over the last 15 years but only 8% has gone to claimants. The rest has gone to attorneys and PAs. It’s impossible to operate in that environment
There’s a major education issue in LA. There’s also a huge chip on peoples shoulders with the victim mentally prevalent in the state.
In Florida, something like 16 billion in claims has been paid out over the last 15 years but only 8% has gone to claimants. The rest has gone to attorneys and PAs. It’s impossible to operate in that environment
This post was edited on 9/14/22 at 11:52 am
Posted on 9/14/22 at 11:59 am to BowDownToLSU
It's going to get a lot worse before it gets better, companies will continue to leave/go insolvent. The ones that stay wont bind anything in south la and if they do you are going to fall out of your chair when you see the wind/hail deductible 
Posted on 9/14/22 at 12:05 pm to Giantkiller
quote:
I'm in your boat too, but I put my foot down and have demanded my kids leave here as soon as they're of responsible age to do so.
Same here. It's one of my only wishes for my kid- leave for college and never come back.
Posted on 9/14/22 at 12:14 pm to Tiger Prawn
quote:
why aren’t auto-only carriers flocking to the state then?
cause a large majority done left.
Posted on 9/14/22 at 12:33 pm to lsu13lsu
quote:
Homeowner only companies are leaving the state.
Lot of multi-line carriers have stopped writing wind/hail in areas.
Lot of multi-line carriers won't write auto either.
Example. I'm part of an organization that has a "dicount" program for members and one of the "discounts" is for an insurance company that I won't name, but they have a bunch of stupid commercials with an annoying jingle and an emu.
I called to get quotes for auto and home. They don't offer either where I live in LA. They do offer in other parts of the state.
Posted on 9/14/22 at 12:35 pm to Broyota2
quote:
The ones that stay wont bind anything in south la and if they do you are going to fall out of your chair when you see the wind/hail deductible
Can you blame them? I just don't understand people thinking insurance companies should be forced to cover something like that in S LA.
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