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Started By
Message
When does our state bribe to insurance companies kick in?
Posted on 6/8/23 at 9:50 am
Posted on 6/8/23 at 9:50 am
Got my renewal yesterday. Currently have 1% all else /2% hurricane deductibles and premium 4,600 a year.
Renewal, they gave me two options:
1) Keep same deductibles, premium $7,700 a year
2) Go to 5% and 5% deductibles, premium 5,800 a year.
Mind you, my March 2022 renewal was $1,500 / 2% deductible and the premium was $2,430. Then that company failed in July and I had to switch to my current policy.
Renewal, they gave me two options:
1) Keep same deductibles, premium $7,700 a year
2) Go to 5% and 5% deductibles, premium 5,800 a year.
Mind you, my March 2022 renewal was $1,500 / 2% deductible and the premium was $2,430. Then that company failed in July and I had to switch to my current policy.
24
Posted on 6/8/23 at 9:54 am to LSUFanHouston
Be grateful you were offered those terms.
Posted on 6/8/23 at 9:56 am to LSUFanHouston
Where are you located?
Posted on 6/8/23 at 9:57 am to LSUFanHouston
Get mad at your neighbors and fellow Louisianians for constantly replacing roofs.
Posted on 6/8/23 at 10:00 am to LSUFanHouston
Can’t wait for my renewal (aka assraping) in a couple months.
Posted on 6/8/23 at 10:01 am to LSUFanHouston
Try Cajun underwriters insurance. They are writing policies with decent rates.
Posted on 6/8/23 at 10:02 am to LSUFanHouston
Bro, you have no idea how bad it is until you move out.
My car insurance and home insurance are a small fraction of what they were in Louisiana. We're still on the gulf coast, albeit higher ground.
I loved my time in NOLA but our savings by moving out were incredible. Also nobody has been shot nor carjacked in my neighborhood since I moved out. Less than 10 murders in my entire large county. That's a bad weekend in NOLA.
My car insurance and home insurance are a small fraction of what they were in Louisiana. We're still on the gulf coast, albeit higher ground.
I loved my time in NOLA but our savings by moving out were incredible. Also nobody has been shot nor carjacked in my neighborhood since I moved out. Less than 10 murders in my entire large county. That's a bad weekend in NOLA.
Posted on 6/8/23 at 10:02 am to LSUFanHouston
When the ambulance chasers were making commercials for Ida claims you knew this was coming.
The commissioner should have gotten with the Governor/ legislature when the rulings/ awards were coming down from Western District in the Laura law suits.
The commissioner should have gotten with the Governor/ legislature when the rulings/ awards were coming down from Western District in the Laura law suits.
Posted on 6/8/23 at 10:09 am to LSUFanHouston
It’s almost as if Louisiana incurred $40.6 BILLION in insured hurricane losses alone from 2020 thru 2021.
This post was edited on 6/8/23 at 10:10 am
Posted on 6/8/23 at 10:21 am to LSUFanHouston
quote:
Mind you, my March 2022 renewal was $1,500 / 2% deductible and the premium was $2,430. Then that company failed in July and I had to switch to my current policy.
Clearly, they weren’t charging you enough since they failed. Premiums have to be sufficient to pay all the claims that need paying, overhead costs, etc. When payouts are a near certainty between regular hurricanes, claims for roofs every time a hailstone falls within 10 miles, etc. and the cost of materials and labor going up, the premiums have to be high to keep the insurance companies solvent.
Posted on 6/8/23 at 10:29 am to Jcorye1
quote:
Get mad at your neighbors and fellow Louisianians for constantly replacing roofs
That isn't it at all.. most of the insane rates we're seeing is solely based on Re-insurance these companies still writing are having to buy. one of my companies I represent when they re-upped their reinsurance was stuck with about 90 cents on the dollar of premium taken in just in re-insurance... Hard to run a company on 10% of what you're taking in..
Posted on 6/8/23 at 10:29 am to PhiTiger1764
quote:
Where are you located?
St Bernard Parish, inside the hurricane levee
Posted on 6/8/23 at 10:30 am to LSUFanHouston
The State bribes to lure companies back in are clearly not going to work.
Posted on 6/8/23 at 10:31 am to LSUFanHouston
quote:
Location: NOLA
There it is…
Posted on 6/8/23 at 10:31 am to tadman
quote:
I loved my time in NOLA but our savings by moving out were incredible. Also nobody has been shot nor carjacked in my neighborhood since I moved out. Less than 10 murders in my entire large county. That's a bad weekend in NOLA
Our schools here in St Bernard are good and crime is low. Those are not conerns of mine. Cost of living such as insurance are skyrocketing. My youngest has 6 more years until she graduates high school and we are trying to hold out. The year after she graduates, my wife will be come eligible for pension from teaching.
I don't know if we can make it 6-7 years.
Posted on 6/8/23 at 10:32 am to TDsngumbo
quote:
It’s almost as if Louisiana incurred $40.6 BILLION in insured hurricane losses alone from 2020 thru 2021.
Great.
Your point?
Posted on 6/8/23 at 10:43 am to LSUFanHouston
quote:
Your point?
You’re not too bright, are you?
Posted on 6/8/23 at 10:47 am to DCtiger1
quote:
You’re not too bright, are you?
Higher costs = Higher premiums.
I'm looking to see if the bribe our state is giving will help.
I'm not sure how many people can survive insurance going up this quickly. I don't live on the water or on the coast.
This post was edited on 6/8/23 at 10:48 am
Posted on 6/8/23 at 10:49 am to Jcorye1
no don't listen to this idiot...
Posted on 6/8/23 at 10:51 am to LSUFanHouston
I believe out of the dozen or so insurance companies that applied for state funding only TWO are actually new companies that don't current underwrite in LA and anybody approved for funding doesn't have to write their first policy for THREE years....so no time soon baw
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