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re: This is bullshite: re: insurance cancellation
Posted on 5/31/24 at 3:46 pm to TigerGman
Posted on 5/31/24 at 3:46 pm to TigerGman
quote:Why would a new insurer even want to come in if their plan is to drop policies in large numbers anyway? Its about having the option to decide which policies are bad risks and get off of those policies as the company sees fit. But the 3 year rule handicaps the insurer in that regard once the policy has reached that 3 year milestone. Think of it as a "quality over quantity" type of thing.
Well, how does that encourage new insurers to come in if they can actually drop fewer policies over time?
0
Posted on 5/31/24 at 3:53 pm to Odysseus32
quote:
Or self-insure.
Is this an option in Louisiana? For auto do you have to have a certain amount down to qualify?
Posted on 5/31/24 at 3:57 pm to OweO
quote:
For auto do you have to have a certain amount down to qualify?
The frick you spittin
Posted on 5/31/24 at 4:31 pm to OweO
quote:
Or self-insure.
quote:
Is this an option in Louisiana? For auto do you have to have a certain amount down to qualify?
I think the original reference was to self-insuring your home which you can do if you don't have a mortgage on it. Otherwise, your mortgagee requires you to carry insurance or they'll buy it themselves and charge you for it.
For auto, La. R.S. 32:861 describes the various types of securities you can use to comply with the requirement that you have auto insurance. If you don't want to buy a policy, you can either deposit with the state treasurer $55,000 (equivalent to the $30,000 per accident bodily injury liability and $25,000 property damage liability otherwise required by a minimum Louisiana policy) or assign sufficient bonds, stocks, securities, etc. not less than that amount to the state treasurer. See also 32:1042 regarding self-insurance.
Posted on 5/31/24 at 4:35 pm to iwyLSUiwy
State Farm has always treated us fairly and we’ve had a couple of nice sized claims over the years.
Posted on 5/31/24 at 4:43 pm to tigerbaiter
Yea I mean they are a massive company, certain people are going to have good experiences with them. I also can't speak to their auto insurance. But between them and Allstate, they have accounted for 99% of the department of insurance claims that customers have had to put in. I think there have been a few instances where we've had the homeowners put in a DOI complaint (makes them take you more serious about fighting your claim) that wasn't State Farm or Allstate, but none are coming to mind. That added to the fact that their local staff adjusters are always undertrained/less knowledgeable than other carriers around here like Shelter, Farm Bureau, and USAA.
If you get a catastrophe/independent adjuster, that is a completely different story, they are normally much better than the local staffers.
If you get a catastrophe/independent adjuster, that is a completely different story, they are normally much better than the local staffers.
Posted on 5/31/24 at 4:53 pm to iwyLSUiwy
My 2 cents, when cat losses like Laura,Delta & Ida occur there aren’t enough knowledgeable adjusters in America to handle the claims. Many companies bring in people who have rudimentary knowledge just to get paper moved. My neighbor had 4-5 for Laura, they quit and some never turned in any paperwork on his claim. The majority of insurers are using contract adjusters (SF/AllSt) so you may get a good one is 50/50.
Posted on 5/31/24 at 5:11 pm to HubbaBubba
quote:
$745k
Good for you man.
Posted on 5/31/24 at 5:15 pm to Bullfrog
If my son is in the Army, can I get USAA?
Posted on 5/31/24 at 5:16 pm to wareaglepete
I don't believe so
Posted on 5/31/24 at 5:18 pm to TigerGman
There is more to it than that. This country is facing a very real insurance crisis. Thier revenues have been falling to historically low levels, and the cancellation of policies is just one of their strategies. While some people celebrate decreases in premiums in certain areas, the policies have more exclusions and reduced line items limits. The cost of everything in this country has gone up, and it's hitting insurance companies, as well.
People in coastal areas and areas that have high natural disasters are screwed. There really is no answer to this, unless government starts to underwrite some policies, and nobody wants that....and all of this before the next bad storm season. If it's a bad storm season. the everybody is screwed.
People in coastal areas and areas that have high natural disasters are screwed. There really is no answer to this, unless government starts to underwrite some policies, and nobody wants that....and all of this before the next bad storm season. If it's a bad storm season. the everybody is screwed.
Posted on 5/31/24 at 5:25 pm to Volvagia
quote:
is it just chasing profits for the shareholders.
If there's poor or no profit in insuring a home, why would a company continue to cover that home?
Insurance co's dropping homes isn't some diabolical evil plan. They are saying "keep your premium, we don't want the risk".
Posted on 6/1/24 at 8:39 am to wfallstiger
quote:
I don't believe so
My dad served, but he is deceased.
Posted on 6/1/24 at 8:50 am to wareaglepete
Then you are eligible. As are your kids and spouse.
Give them a call and they will walk you through the paperwork you need to supply.
Give them a call and they will walk you through the paperwork you need to supply.
This post was edited on 6/1/24 at 8:51 am
Posted on 6/1/24 at 8:52 am to HubbaBubba
quote:
Dwelling amount, indexed for inflation, would exceed our allowable Coverage
Subtle brag
Posted on 6/1/24 at 9:05 am to HubbaBubba
Insurance companies and banks own the world. They have everyone by the balls.
Posted on 6/1/24 at 10:32 am to iwyLSUiwy
quote:
FYI, whatever you do, do not go with Allstate or State Farm
I have Allstate, roof replaced after Ida, 27k. Had no issues, approval and payment was fast.
Rate didn’t increase, and this year actually decreased.
Our annual premium is $2800, no named storm deductible, policy bundled with auto.
That said, my agent said they are not writing new policies in Louisiana. Also, if you’re in litigation against them, they are like Walmart in that they don’t like to settle.
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