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Started By
Message
re: UPC insurance is leaving LA
Posted on 8/25/22 at 12:17 pm to doublecutter
Posted on 8/25/22 at 12:17 pm to doublecutter
quote:
I have UPC. What's the date that my policy will be canceled? My policy is paid up till end of November.
They cannot cancel your current policy. It will be non-renewed at the end of the current term. They are also required to provide notice of non-renewal. Accounts coming up in the next 30 days will have to be offered a renewal.
3
Posted on 8/25/22 at 12:20 pm to pjab
quote:
How many people have enough cash to self insure the roof? That’s what the industry is going to. Homeowner pays out of pocket for a new roof and a few others things before even thinking about calling the insurance company. The next moderate insurance claim event is going to torpedo home values.
Virtually none because you aren't getting a mortgage without coverage.
What's gonna happen is the state is gonna be a lot of people's insurance provider and they will undercharge on premiums because that's the only way to keep people from exiting en masse and cratering the state.
Then the state will just hope and pray another 2020 or 2021 or 2005 never happens.
And when it does.....good luck.
Posted on 8/25/22 at 12:25 pm to Chad504boy
You’re always quick with the insurance news. I guess a lots of folks will see their premiums triple with Citizens soon.
Posted on 8/25/22 at 12:26 pm to JohnnyKilroy
I’m praying nothing happens this hurricane season. My real estate agent has me making improvements not to the house to entice buyers but to appease insurance companies.
ETA: even charging significant increases on rent the investment does not make sense due to insurance and property tax in NO. Essentially the best case scenario is the first 5 months of gross rent covers the Insurance and property tax.
ETA: even charging significant increases on rent the investment does not make sense due to insurance and property tax in NO. Essentially the best case scenario is the first 5 months of gross rent covers the Insurance and property tax.
This post was edited on 8/25/22 at 12:30 pm
Posted on 8/25/22 at 12:30 pm to JohnnyKilroy
quote:
and they will undercharge on premiums because
Citizens says hold my beer…
Posted on 8/25/22 at 12:31 pm to Chad504boy
"One call that's all" time!
Posted on 8/25/22 at 12:33 pm to Chad504boy
That's what's gonna be fricked up. The premiums for Citizens will be VERY high and it STILL won't be enough if there's a couple of bad years close together.
Posted on 8/25/22 at 12:34 pm to fallguy_1978
I got dropped by SageSure on pretty short notice earlier this year. Only ones that would write for me was Allstate with hurricane coverage through Citizens. We're headed towards big trouble.
Posted on 8/25/22 at 12:47 pm to Tigerpaw123
He meant premiums
Posted on 8/25/22 at 12:52 pm to kgturner
quote:quote:
do what? how does an insurance company rake in a deductible?
I assume he meant premiums & not deductibles.
Yes I did
Posted on 8/25/22 at 1:10 pm to Weekend Warrior79
Just for reference, on commercial side LA Citizens is having a 70% rate increase eff 11/1.
Personal lines hold onto your seats
Personal lines hold onto your seats
Posted on 8/25/22 at 1:36 pm to Chad504boy
Why did this thread get the anchor, is UPC an advertiser or something?
This post was edited on 8/25/22 at 1:37 pm
Posted on 8/25/22 at 1:37 pm to Tigerpaw123
No idea. I don’t understand the moderating at times.
ETA: if they want a link then they don’t want breaking news.
ETA: if they want a link then they don’t want breaking news.
This post was edited on 8/25/22 at 1:38 pm
Posted on 8/25/22 at 1:40 pm to Chad504boy
quote:
LA Citizens is having a 70% rate increase
Seems about right if they have to be the highest option.
Posted on 8/25/22 at 3:02 pm to Chad504boy
We shouldn’t have anything to worry about. I read an article recently saying that Jim Donelon expects things to get better, possibly by the end of the year if we get through this season unscathed. If you can’t trust your insurance commissioner, who can you trust?
Posted on 8/25/22 at 3:22 pm to SelaTiger
quote:
expects things to get better, possibly by the end of the year
is this when his term expires?
Posted on 8/26/22 at 9:28 pm to mule74
quote:
They cannot cancel your current policy. It will be non-renewed
They can absolutely cancel your policy, and it is my opinion there will be no upc insurance policies in this state within the next 50 days or so. They have laid off a large portion of staff. Demotech is withdrawing their rating altogether. This is the path to liquidation. If you had a upc policy then prepare for at least a 100% increase in price. Upc hasnr raised their rates significantly in over 5 years with the rest of the market. This will be very ugly for people especially In older, larger homes. Your $3000 policy will now be $7000.
Posted on 8/26/22 at 9:33 pm to miramon
My UPC policy renewed in May and went from 5k to 9k. I’ve seen them selectively renewing/ non-renewing in the last 2 months.
Citizens is now around the UPC price, but, a 2% hurricane versus 1000 deductible.
Will ride UPC out until I get the cancellation notice, hoping the market gets better by that time.
Citizens is now around the UPC price, but, a 2% hurricane versus 1000 deductible.
Will ride UPC out until I get the cancellation notice, hoping the market gets better by that time.
Posted on 8/26/22 at 9:37 pm to miramon
quote:
They can absolutely cancel your policy, and it is my opinion there will be no upc insurance policies in this state within the next 50 days or so. They have laid off a large portion of staff. Demotech is withdrawing their rating altogether. This is the path to liquidation. If you had a upc policy then prepare for at least a 100% increase in price. Upc hasnr raised their rates significantly in over 5 years with the rest of the market. This will be very ugly for people especially In older, larger homes. Your $3000 policy will now be $7000.
Dude you just typed a bunch of emotional bullshite
Posted on 8/26/22 at 9:54 pm to fallguy_1978
I heard citizens are getting tens of thousands submissions per month now compared to previous years it was a few hundred. 
it’s a clusterfrick
it’s a clusterfrick This post was edited on 8/26/22 at 9:56 pm
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