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State ordering insurers to pay for evac expenses?
Posted on 9/8/21 at 3:12 pm
Posted on 9/8/21 at 3:12 pm
Trying to watch press conference right now, but I started late... seems like the Insurance Commissioner of LA is trying to order insurance companies to pay for evacs / loss of use?
9
Posted on 9/8/21 at 3:14 pm to LSUFanHouston
I'm sure Donelon has promised them 10% hurricane deductibles.
Posted on 9/8/21 at 3:15 pm to LSUFanHouston
Homeowners is designed to insure property.
Now the thought is its supposed to pay for vacations to escape... whether damage or no damage.
Fema don't pay shite to people who do right.
How come Flood company (government subsidized) doesn't pay for loss of use?
Now the thought is its supposed to pay for vacations to escape... whether damage or no damage.
Fema don't pay shite to people who do right.
How come Flood company (government subsidized) doesn't pay for loss of use?
Posted on 9/8/21 at 3:17 pm to LSUFanHouston
This should really help rates and invite competition into the marketplace when the state can simply retroactively change the terms of a contract.
Posted on 9/8/21 at 3:19 pm to DevilDagNS
I don’t think he will be successful with that. He can’t just waive a magic wand and force insurers to change the conditions of their policies after the fact. Maybe going forward, potentially, but not after the fact. We’d have a better chance of the state government paying everyone’s evacuation expenses than forcing the insurers to do that.
Posted on 9/8/21 at 3:21 pm to LSUFanHouston
when is the last time Louisiana had an Insurance Commissioner who wasn't corrupt?
Posted on 9/8/21 at 3:23 pm to LSUFanHouston
Is this first-dollar coverage like everyone on the East coast got for Superstorm Sandy years ago, or are these evac expenses subject to one's deductible?
Posted on 9/8/21 at 3:23 pm to DevilDagNS
quote:
This should really help rates and invite competition into the marketplace when the state can simply retroactively change the terms of a contract
A defense lawyer in the house! Bill that .10, buddy!
Posted on 9/8/21 at 3:24 pm to TDsngumbo
We will all pay for it if that's the route they take
I shouldn't have to pay higher premiums to fund evacuation expenses that don't pertain to me
Just like Entergy charging all policyholders to pay for hurricane damage not related to where I live
But that's government these days, make everyone else, the hard workers, pay for those that will never pay
I shouldn't have to pay higher premiums to fund evacuation expenses that don't pertain to me
Just like Entergy charging all policyholders to pay for hurricane damage not related to where I live
But that's government these days, make everyone else, the hard workers, pay for those that will never pay
Posted on 9/8/21 at 3:25 pm to LSUFanHouston
Policies have loss of use, but that doesn’t cover evacuation. Your home wasn’t damaged until after the storm. I could see FEMA paying for it as a way to motivate people to evacuate for future storms. But insurance shouldn’t.
Posted on 9/8/21 at 3:26 pm to LSUFanHouston
He can ask that they pay for it, but the insurers can also tell him to pound sand.
Posted on 9/8/21 at 3:31 pm to nicholastiger
quote:
But that's government these days, make everyone else, the hard workers, pay for those that will never pay
Yea all those people paying thousands per year in homeowners insurance are a bunch of lazy bums.
Posted on 9/8/21 at 3:35 pm to TDsngumbo
quote:They can pass legislation to require insurers to pay for evacuation expenses but all thats going to do is drive up rates significantly because insurance companies aren’t going to give away additional coverage for free. They’ll just factor it into the rates by raising everyone’s rates. So people who are willing to tough it out without AC for a few days are going to pay an extra couple hundred bucks a year on their insurance to pay for people who don’t want to be inconvenienced for a few days.
Maybe going forward, potentially, but not after the fact
And you think supplies were hard to find after the storm this time? Wait until everyone has their insurance company covering all their evacuation expenses and stores have to delay reopening because all their employees are on insurance company funded beach trips
Posted on 9/8/21 at 3:39 pm to MorbidTheClown
quote:
when is the last time Louisiana had an Insurance Commissioner who wasn't corrupt?
Probably when horses and buggies were being insured.
I know pretty much every insurance commissioner from the late 80s on either went to jail or left in disgrace due to corruption.
Posted on 9/8/21 at 3:41 pm to teke184
quote:
I know pretty much every insurance commissioner from the late 80s on either went to jail or left in disgrace due to corruption.
But usually it's from taking bribes from insurance companies... not busting on insurance companies.
Posted on 9/8/21 at 3:43 pm to cssamerican
quote:
Policies have loss of use, but that doesn’t cover evacuation. Your home wasn’t damaged until after the storm. I could see FEMA paying for it as a way to motivate people to evacuate for future storms. But insurance shouldn’t.
Many will pay if there is mandatory evac.
But in this case... government officials didn't want to call for mandatory evac because that requires those government officials to perform certain duties that they said they didn't have the time to do.
Seems like maybe the Commissioner is really just covering for elected officials not calling for a mandatory evac when they should have.
Posted on 9/8/21 at 3:47 pm to LSUFanHouston
quote:
Seems like maybe the Commissioner is really just covering for elected officials not calling for a mandatory evac when they should have.
It’s this. Government gave insurance a nice little break by not calling for a mandatory evac even though virtually every model had this thing slamming SELA as a major hurricane several days out. Now they are trying to act tough knowing it was their frick up that caused this.
The “didn’t have enough time” excuse is dumb as hell. This storm was even in the GOM when state officials claimed they didn’t have enough time to order an evac.
This post was edited on 9/8/21 at 3:51 pm
Posted on 9/8/21 at 3:50 pm to LSUFanHouston
I don’t see how it would qualify as an insurable risk.
Posted on 9/8/21 at 3:51 pm to LSUFanHouston
Insurance companies should tell them to "frick off"
It'll end up screwing La residents even more with higher rates or withdrawals from doing business in La
It'll end up screwing La residents even more with higher rates or withdrawals from doing business in La
Posted on 9/8/21 at 3:52 pm to lsusteve1
A few have bowed to the pressure but most will tell them no.
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