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John Bel Edwards calls special session to address property insurance crisis
Posted on 1/22/23 at 5:48 pm
Posted on 1/22/23 at 5:48 pm
LINK
quote:
Gov. John Bel Edwards on Sunday called a special session of the Legislature to grapple with Louisiana's property insurance crisis.
The gathering is set to last from Jan. 30 until no later than Feb. 5.
Insurance Commissioner Jim Donelon told a key legislative committee Friday that a special session is imperative since eight insurance companies have failed, and others have quit writing policies, after the state experienced devastating hurricanes in 2020 and 2021.
Donelon wants the Legislature to put at least $45 million into a newly-created fund aimed at luring insurance firms to the state, and giving them enough time to get re-insurance themselves ahead of hurricane season, which starts June 1.
Edwards and House and Senate leaders agreed.
14
Posted on 1/22/23 at 5:57 pm to WPBTiger
My insurance increased another $600 this year :(
This post was edited on 1/22/23 at 5:58 pm
Posted on 1/22/23 at 6:03 pm to stout
All of his insurance commission buddies and donors need more cash. We are about to get soaked again.
Posted on 1/22/23 at 6:07 pm to dakarx
Jim Donelon has to go
Posted on 1/22/23 at 6:08 pm to CoachChappy
quote:
Jim Donelon has to go
As a property and casualty insurance agent, I've got to agree with you. We need to stop electing insurance commissioners altogether, and put someone who's not a lawyer in that position
This post was edited on 1/22/23 at 7:56 pm
Posted on 1/22/23 at 6:11 pm to WPBTiger
House is almost paid off then I’ll be dropping wind/hail. House withstood the eye of Katrina so I’ll accept the minuscule risk of a tornado and self insure (out of savings).
I’m done with paying into it.
I’m done with paying into it.
Posted on 1/22/23 at 6:11 pm to WPBTiger
Louisiana insurance is the highest I have ever paid out of 3 other states I have lived in. Health, Auto, and Homeowners insurance cost are considerably higher.
Why?
Why?
Posted on 1/22/23 at 6:14 pm to stout
I'm in Pola with cancelled policy.
Posted on 1/22/23 at 6:26 pm to Timeoday
quote:
Louisiana insurance is the highest I have ever paid out of 3 other states I have lived in. Health, Auto, and Homeowners insurance cost are considerably higher.
Why?
Lawyers
Posted on 1/22/23 at 6:36 pm to WPBTiger
A year too late but its something.
Definitely need new leadership at LDI.
Definitely need new leadership at LDI.
Posted on 1/22/23 at 6:39 pm to Timeoday
quote:
Louisiana insurance is the highest I have ever paid out of 3 other states I have lived in. Health, Auto, and Homeowners insurance cost are considerably higher.
Hurricanes happen. Also demographics.
Posted on 1/22/23 at 6:43 pm to CoachChappy
quote:
Jim Donelon has to go
He will always be a hero for defeating the fake Republican Manchurian candidate Tim Temple
Posted on 1/22/23 at 6:48 pm to dakarx
He has been commissioner way to long. Hasn’t done shite for us as home owners
Posted on 1/22/23 at 6:54 pm to SaintsTiger
Lawyers and litigation
Posted on 1/22/23 at 7:51 pm to WPBTiger
I don't see how a State with a very high likelihood (hurricane ground zero target) of damage can affect the free-market money dynamics of that scenario. It's like insuring a driver who has a proven record of speeding and reckless driving tickets.
A National Insurance Co. could factor in the losing areas and make it up on more secure areas if the payees were willing to eat the cost. Otherwise, a private Company is duty bound to its investors to bail on policy which is a surefire loss.
I hate the idea of rising costs, as at some point I won't be able to afford it. More worry. I know one thing, as a 'blue collar' worker, the house I build in my next life will be a lot different from the one I built in this life. Termite proof, storm proof and fireproof.
A National Insurance Co. could factor in the losing areas and make it up on more secure areas if the payees were willing to eat the cost. Otherwise, a private Company is duty bound to its investors to bail on policy which is a surefire loss.
I hate the idea of rising costs, as at some point I won't be able to afford it. More worry. I know one thing, as a 'blue collar' worker, the house I build in my next life will be a lot different from the one I built in this life. Termite proof, storm proof and fireproof.
Posted on 1/22/23 at 7:55 pm to WPBTiger
quote:
special session
Many a village will be without their idiot.
Posted on 1/22/23 at 7:59 pm to The Boat
quote:
fake Republican Manchurian candidate Tim Temple
I don't personally know Tim only met him once or twice. Several of my industry colleagues speak highly of him, and he has spent much of his career in the industry. If you're really concerned about whether the insurance commissioner is Republican or Democrat, you're priorities are wrong. And I voted for straight Republican for last 15 years
Posted on 1/22/23 at 8:05 pm to WPBTiger
The odds of anything passed by this special session benefiting the average LA property owner is somewhere between -3.50% and -infinity.
Posted on 1/22/23 at 8:05 pm to jrobic4
quote:
We need to stop electing insurance commissioners altogether, and put someone who's not a lawyer in that position
Genuine question: why is it a position to begin with?
Posted on 1/22/23 at 8:12 pm to WPBTiger
In other words, he's gonna be stuffing state money in people's pockets.
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