re: My homeowners premiums over the last 3 years

Mine have gone up so much over the past 4 years that I said F it and did a "roof claim" and I'm about to file another claim.

quote:

---

My roof is 22 years old and in need of replacement. How can I get insurance to pay for atleast some of it?

---

The fact you got 22 years should make you feel somewhat happy (if you've lived there all that time).


Several homes (like 6-plus) on my small street claimed hail damage from a hail storm back in March and had their roofs replaced all summer and fall. Roofers practically lived in our subdivision this year. Another neighbor got the fortify grant (lucky duck) and replaced his roof for free too. (Fortify program was including EBR in the first lottery round, but now is only doing coastal parishes.)

I said 'why not' and contacted my insurance to see if I could join in: "NOPE."

They said the losses were less than my deductible. And that most of the problems are age-related and not a specific storm event.I gotta pay the entire $24K to replace it. My roof is 15 years old.

quote:

---

I know its my roof and my bill to pay but insurance companies have so much money I know they won't even miss the $18k I've been quoted.

---

Yeah, but multiply your $18k by 10,000 customers and you can see why they are being so stingy with you. Yeah, 22 years it is just time and won't be their money. Sorry. That's life.

This made me curious. My renewal just came through and I'm up about 10% overall since 2020 with USAA.

quote:

---

My roof is 22 years old and in need of replacement. How can I get insurance to pay for atleast some of it?

---

Y’all want the answer to a lot of the issue. Here it is right here

quote:

---

That sucks. There needs to be some sort of government assistance program to replace roofs. No one should have to front a 15-25K bill themselves.

---

Nvm that hook is just way to shiny, f’ing troll

quote:

---

That sucks. There needs to be some sort of government assistance program to replace roofs. No one should have to front a 15-25K bill themselves.

---

there are a number of issues the average person doesn't acknowledge or are not aware of that have an impact.

this insurance issue is a national problem, not just isolated to louisiana. the coastal louisiana area is a local problem, but increase premiums in places like BR, Lafayette and further north are similiar to increases in other states.

if you think Wind insurance is bad. wildfire insurance along the western part of the country is even worse. the problems differ everywhere.

the market was way too soft from 2010-2020 roughly. premiums should have never been under 1% of the insurable value. now a lot of the premiums are between 1-2% of the TIV, which isn't unreasonable. but when TIV's are going up 30-40% then the issue compounds.

something around 30% of claims just from Ida had co-insurance penalties, which resulted in lawsuits. this was from people under-insuring. thus the insurance companies are requiring the insuring value to be higher to avoid co-insurance penalties and the resulting lawsuits.
that is just one catastrophe. the co-insurance problem is more widespread.

overall we are facing a compound of many problems and were hit with many catastrophes.
if your premium is between 1-2% of the replacement value of your property, then i don't see how that is mathematically unreasonable.
if you live in a million dollar home, then expect to pay for it.

also if you chose to build or buy a 1m home along the coast, then you should know what you're getting into.

my .02c

I switch from Liberty Mutual to another provider this year after 28 years with them. Pricing had steadily gone up, but not like yours.

quote:

---

Are they going to keep the premium the same or go down if I replace my roof? No-they are still going to go up.

---

Depending on your company, you'll probably get a pretty decent sized discount for a new roof. Especially if you're going from a 20+ year old roof to a brand new one.

Most won't insure the kind of corrugated roof in your photo, but look up standing seam metal roofs. Those are pretty common in almost every beach town and are no problem to insure. That's what the poster you were replying to is probably talking about. High quality, but high price too. Probably double the cost of shingles.