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Started By
Message
re: Louisiana homeowners insurance market “unraveling.”
Posted on 11/7/24 at 9:37 am to N2cars
Posted on 11/7/24 at 9:37 am to N2cars
I think to me the real issue comes with collecting on the claim.
If premiums were high in relation to costs but people were payed without hassle what they were due, it would be more understandable.
But we pay through the nose only to often be shafted. That is what to me is the biggest issue.
I understand their risks go up, so our costs go up. But pay me what I am owed without hassle, like promised.
If premiums were high in relation to costs but people were payed without hassle what they were due, it would be more understandable.
But we pay through the nose only to often be shafted. That is what to me is the biggest issue.
I understand their risks go up, so our costs go up. But pay me what I am owed without hassle, like promised.
2
Posted on 11/7/24 at 9:39 am to Slippy
This is what happens when you try to find the cheapest insurance there is….
I have had State Farm for 20+ years. Just got renewal…. Went from $1825 to $1975, right about 8% increase.
I have had State Farm for 20+ years. Just got renewal…. Went from $1825 to $1975, right about 8% increase.
Posted on 11/7/24 at 9:42 am to Slippy
quote:
I have talked to 3 different agents since then and am trying to get some new quotes
I'll say it again for those in the back for eternity on here since I deal with homeowners claims everyday, all day:
Whatever you do, under no circumstances go with Allstate or State Farm. No matter how much cheaper they are, it is not worth it.
Posted on 11/7/24 at 9:51 am to gaetti15
Yea . Frick USAA. I'm dropping them after 25+ years. They have been awful in getting my claim completed from a Hail storm in April 24. (Missouri) I have had to fight them for every penny. Not the company it used to be. I guess they are spending too much money on those stupid arse Gronk and Cuck Elliott commercials.
Posted on 11/7/24 at 9:51 am to Slippy
quote:
And as a lawyer who represents insurance companies
Are your initials MM?
Posted on 11/7/24 at 10:20 am to tide06
quote:
In parts of FL and the gulf coast the major players are not writing within 5 miles of the coast.
Most have said they aren't writing new policites within 3 miles of Lake Pontchartrain and Lake Maurepas too and are actively canceling their 5% per parish quota per year right now.
The million dollar question I want to know is how does a insurance company cancel a homeowner in a parish where they only insure one or two properties? Under the new law I'm not sure they can cancel those homeowners.
Posted on 11/7/24 at 10:22 am to Bob Sacamano 89
I told everyone years ago to chill on overextending your buys in South Louisiana.
If this keeps going South is going to absolutely move home prices down thus throwing a lot of families in a deficit.
If this keeps going South is going to absolutely move home prices down thus throwing a lot of families in a deficit.
Posted on 11/7/24 at 10:33 am to NOLAVOL16
That is an interesting point. My only counter would be the insurance company would be essentially freeing up lots of land all over the place.
Posted on 11/7/24 at 10:51 am to OchoDedos
The bottom line is all of these people involved have bills to pay themselves that are high. Tuition to pay for that is high. Employees to pay to do the same.
So the only way for this to happen the claim. The claim will be extracted from immediately, not settled for less which helps the pool of 10,000 or so payers sure but the opportunity is there and they all take when they can. All industries struggle to make a profit when all costs are analyzed.
So the only way for this to happen the claim. The claim will be extracted from immediately, not settled for less which helps the pool of 10,000 or so payers sure but the opportunity is there and they all take when they can. All industries struggle to make a profit when all costs are analyzed.
Posted on 11/7/24 at 11:19 am to Twenty 49
quote:
Some guys who made bank betting the subprime mortgage economy would fail are now pitching investing in real estate in areas less effected by climate change. They predict that sunbelt and coastal homes and commercial buildings are soon going to start to lose value due to increased hurricanes, increased flood and HO insurance premiums, and such.
They are just going to charge extreme amounts for those homes because people will be forced to move into them. Just another group from some city pooling money and buying real estate cash in some other state to max charge for profit. That type of industry might get shut down....
Posted on 11/7/24 at 11:23 am to Slippy
Doesn't Louisiana have high insurance for everything because lawyers at national firms can barely understand the Napoleonic Code?
What I less understand is why Florida's homeowner's insurance is even higher than Louisiana's.
What I less understand is why Florida's homeowner's insurance is even higher than Louisiana's.
Posted on 11/7/24 at 11:24 am to MrFahrenheitDontLie
Moody's Investors Service projected a "severe" loss of working-age residents due to demographic trends and Louisiana's susceptibility to natural disasters, with insurance costs playing a significant role in this outmigration. These high costs are pushing residents to seek more affordable places to live, largely out of state, which is contributing to population decline. The same issues are hampering businesses located in Louisiana as they are moving out as well due to the high insurance costs and bringing with them some of their employees.
Posted on 11/7/24 at 11:46 am to Giantkiller
quote:
Gordon got it done.. Er, actually I guess he got them to say 'we're done'. Either way, thanks for running more competition out of our already loser state, you worthless ambulance chasing frick.
It's not Gordon's fault. He plays within the rules (laws) given by the Louisiana Legislature. The governor and the legislatures are the ones that need to bring litigation reform.
Posted on 11/7/24 at 11:50 am to udtiger
I don’t think plaintiff attorneys have much impact on homeowners claims. They tend to have a longer tail and it seems like they would incur a lot of expenses with engineers etc. It’s more about risk exposure and the increase in the cost of labor/materials.
Posted on 11/7/24 at 11:51 am to WaWaWeeWa
quote:
The value of homes has probably doubled in the last 10 years. The cost of repairs has more than doubled because of the cost of goods being out of control due to inflation.
Inflation has a snowball effect throughout industries and it is just getting started. We got fricked so bad by these politicians printing money. They all need to be hanged.
The 22 year old white liberal females on social media rent an apartment will say get a better job so you can afford that and groceries.
Posted on 11/7/24 at 11:52 am to lepdagod
quote:
lepdagod
Ignorant
Posted on 11/7/24 at 11:59 am to WaWaWeeWa
quote:
We got fricked so bad by these politicians printing money. They all need to be hanged.
I was going to suggest easing into it, maybe tarring and feathering but if you want to go straight to hanging I won't stand in your way.
Posted on 11/7/24 at 2:19 pm to lsupride87
You missed the point.
Your 250 house cannot be replaced for 250.
It can't be rebuilt for $80 sq/ft. Your refrigerator is 3K now, not 1K.
I don't know how people fail to understand this, unless they haven't bought anything in 10 years.
That's the major component of the basis of the price increases, and of course, location risk
Your 250 house cannot be replaced for 250.
It can't be rebuilt for $80 sq/ft. Your refrigerator is 3K now, not 1K.
I don't know how people fail to understand this, unless they haven't bought anything in 10 years.
That's the major component of the basis of the price increases, and of course, location risk
Posted on 11/7/24 at 2:22 pm to Bob Sacamano 89
I don't disagree at all.
They're all damn good at cashing premium checks, not so good at paying claims.
They're all damn good at cashing premium checks, not so good at paying claims.
Posted on 11/7/24 at 2:40 pm to Slippy
This is in trump’s first 100 day agenda. Right after pressing his magic deflation button and the day before his permanent world peace button.
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