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Message
re: John Bel Edwards calls special session to address property insurance crisis
Posted on 1/22/23 at 8:23 pm to Indefatigable
Posted on 1/22/23 at 8:23 pm to Indefatigable
Considering the as is situation resulted in a tripling of the number of policies in La Citizens Property Insurance (the insurer of last resort) over the last 36 months and an accompanying 63% increase in policy costs in La Citizens rates for the existing and new policyholders within the program as a result of rising resinurance costs from more and more people being stuck in the program after having it balloon because companies are leaving, I’d say doing nothing is idiocy and madness. To say nothing of fiduciary Russian Roulette for the State.
The longer they do nothing, the higher the costs go up on the policyholders and homeowners in it.
Doing nothing has caused the costs of home ownership for almost 130,000 people who own homes in Louisiana to see those costs skyrocket in just one year.
Doing nothing will not stem the tide of insurers leaving.
But this is just the way we try and stop the bleeding. This is just for the houses we already built. The new ones we are building have to get addressed also.
We’ve got to get real with our building codes, land use planning and higher standards. The private market is talking to us about them, and the public sector of government is showing us the cost of their solution and the price of inaction in addressing these issues.
We keep building our problems. We allow developers to build homes in ways that make it too easy to get wet. In ways and places that make them too susceptible to wind and rain and poor drainage.
We have to change that. Or this problem just keeps getting worse…and by worse, I mean more expensive.
The longer they do nothing, the higher the costs go up on the policyholders and homeowners in it.
Doing nothing has caused the costs of home ownership for almost 130,000 people who own homes in Louisiana to see those costs skyrocket in just one year.
Doing nothing will not stem the tide of insurers leaving.
But this is just the way we try and stop the bleeding. This is just for the houses we already built. The new ones we are building have to get addressed also.
We’ve got to get real with our building codes, land use planning and higher standards. The private market is talking to us about them, and the public sector of government is showing us the cost of their solution and the price of inaction in addressing these issues.
We keep building our problems. We allow developers to build homes in ways that make it too easy to get wet. In ways and places that make them too susceptible to wind and rain and poor drainage.
We have to change that. Or this problem just keeps getting worse…and by worse, I mean more expensive.
6
Posted on 1/22/23 at 8:31 pm to GFunk
Simply put, we need to quit building South of the 10/12 corridor where cat 3 plus hurricanes make insurance costs go up and up.
But realistically we know that isn’t going to happen.
But realistically we know that isn’t going to happen.
Posted on 1/22/23 at 8:34 pm to Major Dutch Schaefer
Is this when the Citizens Katrina assessment ends?
Posted on 1/22/23 at 8:38 pm to doubleb
Way extreme but…if we don’t do something, there’s a blue line you’re gonna start hearing about next year, and Louisiana will continue to become a bigger and bigger part of the insurance puzzle in that area.
We came a long way and upgraded from 2015 to the 2021 I codes last year. But that isn’t addressing development in flood plains, the use of fill in a flood zone, zero net fill ordinances, foundation system discussions, etc.
The can has been kicked as far as it can be. If we try it again-by not doing anything yet again-it will create some huge issues in South Louisiana.
People see this as politics, or legislative waste, or hysteria from LA Department of Insurance. It’s none of those things.
This is a canary in a mineshaft. We’ve got to change shite up, or we are going to pay the price…and it’s developers and local elected officials that have us here.
But it’s not about blame. It’s about taking action ASAP here.
We came a long way and upgraded from 2015 to the 2021 I codes last year. But that isn’t addressing development in flood plains, the use of fill in a flood zone, zero net fill ordinances, foundation system discussions, etc.
The can has been kicked as far as it can be. If we try it again-by not doing anything yet again-it will create some huge issues in South Louisiana.
People see this as politics, or legislative waste, or hysteria from LA Department of Insurance. It’s none of those things.
This is a canary in a mineshaft. We’ve got to change shite up, or we are going to pay the price…and it’s developers and local elected officials that have us here.
But it’s not about blame. It’s about taking action ASAP here.
Posted on 1/22/23 at 8:57 pm to GFunk
The answer is simple. Do more of what Mississippi and Alabama are doing and less of what Florida and NC are doing. Louisiana people would sooner sit around and say insurance is a scam rather than do anything to entice companies to write. Whether JBE and donelon are the people to do it is a whole nother question. Fact of the matter is insurance companies hate Louisiana across all lines. Not just property. Laws are shitty towards companies. Companies don’t turn profit and leave driving up prices.
Posted on 1/22/23 at 9:04 pm to GFunk
Well said. Residents in the city need to worry less about short term rentals and more about insurance at this point
Posted on 1/22/23 at 9:08 pm to MsState of mind
Florida is in the same shape we are and change is coming there also. Their exposure in their version of La Citizens would’ve bankrupted the state had they taken the wrong storm in the wrong area. It was a miracle Ian impacted where it did.
I’m optimistic that the states are going to overrule the lethargy that developers have created locally as Legislators can’t ignore voters the same way folks who run for local office and just blame the state and evil insurance companies can.
You’ll see some positive changes. Hopefully they’re both broad and effective enough to make a difference. The devil will be in the details.
I’m optimistic that the states are going to overrule the lethargy that developers have created locally as Legislators can’t ignore voters the same way folks who run for local office and just blame the state and evil insurance companies can.
You’ll see some positive changes. Hopefully they’re both broad and effective enough to make a difference. The devil will be in the details.
Posted on 1/22/23 at 9:23 pm to GFunk
quote:
We’ve got to get real with our building codes, land use planning and higher standards. The private market is talking to us about them, and the public sector of government is showing us the cost of their solution and the price of inaction in addressing these issues.
My SIL just bought a house in the south part of Foley (between the outlets and the intracoastal). Moved there from Da Parish for work. House is about 80% completed.
I went and looked at it a few weeks ago. The first thing that jumped out at me was all the roofs in the neighborhood were metal.
I assumed homeowners would be a pain since it's just a few miles from the gulf. She said the prices she was getting were HALF the 2020-2021 premium costs she paid in LA, for a house about the same size.
Posted on 1/22/23 at 9:24 pm to Major Dutch Schaefer
We have a state insurance crisis So I Appreciate the leadership to call this session
We need to get the building code updates enacted
Offer insurers a promise that some tort reform measures will be introduced
We need to get the building code updates enacted
Offer insurers a promise that some tort reform measures will be introduced
Posted on 1/22/23 at 9:26 pm to Major Dutch Schaefer
quote:
John Bel Edwards calls special session
Last year the legislature authorized the program, but didn't fund it.
Now, they have to waste time and per diems to fund it... which they should have done last year.
So stupid.
Posted on 1/22/23 at 9:27 pm to CoachChappy
quote:
Jim Donelon has to go
What exactly do you think an insurnace commissioner can do better?
He doesn't pass the laws and he doesn't control the weather, which are the two major issues we have here.
Posted on 1/22/23 at 9:31 pm to Major Dutch Schaefer
I am not an insurance expert, but $45 million doesn't seem like enough money to lure an insurer to take on the risk that is LA.
I think the state should be using that money to retrofit a lot of dwellings around the state. (Lifting some homes in flood prone areas, improving drainage, etc.)
I think the state should be using that money to retrofit a lot of dwellings around the state. (Lifting some homes in flood prone areas, improving drainage, etc.)
Posted on 1/22/23 at 9:52 pm to GFunk
quote:
We have to change that. Or this problem just keeps getting worse…and by worse, I mean more expensive.
Two central factors at play in this dynamic, IMO:
1) The sad reality is that our population is too stupid and apathetic to do anything about it.
2) There is zero incentive for smart, non-comprised individuals to run for or hold public office.
Posted on 1/22/23 at 9:55 pm to LSUFanHouston
quote:
What exactly do you think an insurnace commissioner can do better?
This. The root causes of this issue have nothing to do with the insurance industry.
Posted on 1/22/23 at 10:02 pm to Major Dutch Schaefer
I feel like this is the first we've herd from him in a couple of years.
Posted on 1/22/23 at 10:27 pm to Major Dutch Schaefer
There a huge huge huge surplus .. how the hell?? I can’t remember what I heard on the news but it was a shite load.
While I’m in favor of insurance being “fixed” I’m not in favor of giving the new companies money. Louisiana did that and the companies have pulled out again.
How about we fix some roads and infrastructure with the surplus??
Which I guess is actually maybe still Covid money
While I’m in favor of insurance being “fixed” I’m not in favor of giving the new companies money. Louisiana did that and the companies have pulled out again.
How about we fix some roads and infrastructure with the surplus??
Which I guess is actually maybe still Covid money
Posted on 1/22/23 at 10:36 pm to Ricardo
Question: how does lifting houses help homeowners insurance?? That would be for flood which is a federal program.
Posted on 1/22/23 at 10:57 pm to stout
600….shite mine went up another 2400….that’s after a 1200 increase in 21 and 1000 in 22 (and that was after shopping and switching companies)
Posted on 1/22/23 at 11:07 pm to tiger91
I was thinking in ways to help people in general. I just know that there were a lot of people in BR that went through bad flooding in 2016. Along with high homeowners rates, flood insurance rates are sky-high. Some folks are basically paying two mortgages on their homes by the time they factor in flood insurance and homeowners policies.
If the state doesn't do something to mitigate the damage that storms can do, then people just won't be able to live in southern LA.
If the state doesn't do something to mitigate the damage that storms can do, then people just won't be able to live in southern LA.
Posted on 1/22/23 at 11:21 pm to stout
quote:
My insurance increased another $600 this year :(
Mine went up over 2k. It’s right under 5k which is ridiculous. About double what I was paying two years ago. I’m above I 10.
This post was edited on 1/22/23 at 11:28 pm
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