- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
There is an insurance catastrophe headed for Louisiana.
Posted on 6/16/22 at 5:23 pm
Posted on 6/16/22 at 5:23 pm
It's not just flood, which we all know is going up. Homeowners insurers are pulling out one after another, if they are lucky enough not to go belly up. The ones that are sticking around are doubling their premiums in some cases.
Lighthouse Excalibur just went under, and the LDOI has said it can't find carriers to replace those policies. Maison is pulling out at end of the month. Southern Fidelity just terminated all of its Louisiana policies effective July 15. Doesn't matter if you just paid your renewal. They are pulling out. There are several more expected to pull out within the next 30 days.
Most folks are oblivious to what is happening, until they get their renewal bill or cancellation notice. This is born in part of our shitty geography and weather, and in part from our culture of being anti-insurer in almost every respect. As someone who represents insurers in all types of cases, I can can't come up with a good reason why one would want to do business in this state.
Citizens is about to be writing 10 times the business. But Citizens has no money and is on life support.
https://www.fox8live.com/2022/06/14/thousands-will-lose-homeowners-insurance-coverage-this-month/
Lighthouse Excalibur just went under, and the LDOI has said it can't find carriers to replace those policies. Maison is pulling out at end of the month. Southern Fidelity just terminated all of its Louisiana policies effective July 15. Doesn't matter if you just paid your renewal. They are pulling out. There are several more expected to pull out within the next 30 days.
Most folks are oblivious to what is happening, until they get their renewal bill or cancellation notice. This is born in part of our shitty geography and weather, and in part from our culture of being anti-insurer in almost every respect. As someone who represents insurers in all types of cases, I can can't come up with a good reason why one would want to do business in this state.
Citizens is about to be writing 10 times the business. But Citizens has no money and is on life support.
quote:
NEW ORLEANS (WVUE) - With the hurricane season underway, thousands of Louisiana policyholders face a storm of insurance cancellations in a matter of days. And many are not pleased, along with some insurance agents.
quote:
Some insurance agents have hundreds of customers who are impacted by the coming cancellations.
Ross Fayard, who owns Amstate Insurance, says his phone is inundated with people desperate for insurance.
“I turned my cellphone off from 8 to 5. I turned it on and I have 198 text messages three days in a row. People need homeowners’ insurance desperately,” said Fayard.
https://www.fox8live.com/2022/06/14/thousands-will-lose-homeowners-insurance-coverage-this-month/
Posted on 6/16/22 at 5:28 pm to Slippy
quote:
in part from our culture of being anti-insurer in almost every respect.
Like signing a contract to cover certain things and then when you make a claim you fight the policyholder at every turn?
Posted on 6/16/22 at 5:29 pm to Slippy
Mine cancelled. I shopped around and one quoted me 4100. Old policy was 1700. It’s a new game in town.
Posted on 6/16/22 at 5:31 pm to Slippy
This is what happens when you combine terrible/risk prone geography and a very unintelligent population with detached insurance corporations and totally useless state government.
I guess in this sense, LA really does have it all.
I guess in this sense, LA really does have it all.
Posted on 6/16/22 at 5:33 pm to Slippy
quote:
I can can't come up with a good reason why one would want to do business in this state.
It’s really not a state is corrupt issue. SFIC is domiciled in FL and wrote all along SE US
Posted on 6/16/22 at 5:35 pm to Slippy
quote:
Citizens is about to be writing 10 times the business. But Citizens has no money and is on life support.
citizens is fully supported by government and by government backed regulations, by law they must be 10x higher then the cheapest free market insurance that is available since they are forced to write policies for the uninsurable
that is why they are the insurance of last resort for the coastal highest hurricane insurance coverage areas where no one else will write policies for.
15 years ago my rates with citizen were $3600 a year. but not having insurance i saved $40k so far by not having insurance.
if i had insurance, like most people i would have paid out $40k to them and been paid next to nothing for my Ida damage, where fema paid me $12k for my documented $20k worth of damage.
overall i did ok i guess
This post was edited on 6/16/22 at 5:51 pm
Posted on 6/16/22 at 5:35 pm to Indefatigable
quote:
This is what happens when you combine terrible/risk prone geography and a very unintelligent population with detached insurance corporations and totally useless state government.
And the worst litigation climate in the country in a state run by ambulance chasers and billboard queens.
Posted on 6/16/22 at 5:35 pm to Slippy
Might as well not require anyone to have insurance. I got hit by a driver with no insurance and that is a bitch to deal with.
Posted on 6/16/22 at 5:35 pm to Slippy
quote:
There is an insurance catastrophe headed for Louisiana.
Louisiana is a catastrophe.
Posted on 6/16/22 at 5:37 pm to Slippy
It's been this way in any coastal parish for going on two years now. For two years straight I have seen my home owners insurance nearly double in price. The only company that will write is LA Citizens and they charge out the absolute arse.
LA Citizens is a state run insurance company, so it's not going anywhere, but they are ridiculously bad. I emailed my representative just to see what they would say, and I got a BS response.
Basically said:
- the hope is we have 3 years of no hurricanes, and insurance companies begin to write again.
That's not a plan. More wishing for what seems like a damn miracle at this point.
- also said they brought up a bill recently that would try to make it more enticing for insurance companies to write policies.
It's all a joke, just like a lot of other stuff is in this state.
LA Citizens is a state run insurance company, so it's not going anywhere, but they are ridiculously bad. I emailed my representative just to see what they would say, and I got a BS response.
Basically said:
- the hope is we have 3 years of no hurricanes, and insurance companies begin to write again.
That's not a plan. More wishing for what seems like a damn miracle at this point.
- also said they brought up a bill recently that would try to make it more enticing for insurance companies to write policies.
It's all a joke, just like a lot of other stuff is in this state.
Posted on 6/16/22 at 5:37 pm to Slippy
Its not all of Louisiana. But anywhere near the coast is screwed
My policy only went from 2200 to 2500
That $40 billion to Ukraine could have shored up a lot of liability here but frick Americans
My policy only went from 2200 to 2500
That $40 billion to Ukraine could have shored up a lot of liability here but frick Americans
This post was edited on 6/16/22 at 5:39 pm
Posted on 6/16/22 at 5:38 pm to Slippy
Guess they finally got sick of using the rest of the country to subsidize home remodels every 10 years in La.
Posted on 6/16/22 at 5:40 pm to Slippy
In Denham, outside floodzone, and this year's insurance increased 100 percent. The catastrophe has started.
Posted on 6/16/22 at 5:42 pm to Slippy
Insurance in all forms is a scam.
Posted on 6/16/22 at 5:42 pm to Slippy
Steve Scalise will help Louisiana and fix it right? He's so powerful in DC.
Posted on 6/16/22 at 5:45 pm to Slippy
Wondering if crowdfunding insurance much like the Christian health share plan would work?
Posted on 6/16/22 at 5:45 pm to DaTruth7
When you have multiple major hurricanes slamming your state every damn year, there is no fricking reasonable fix that makes it feasible for insurance companies to profitably write business here. Companies can’t purchase reinsurance through London. That’s why they folding.
Posted on 6/16/22 at 5:47 pm to Sao
Posted on 6/16/22 at 5:50 pm to Cosmo
quote:
That $40 billion to Ukraine could have shored up a lot of liability here but frick Americans
Hell, the Big Guy's 10% cut could help.
Popular
Back to top
Follow TigerDroppings for LSU Football News