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Started By
Message
La. Homeowners Insurance
Posted on 2/3/23 at 7:14 am
Posted on 2/3/23 at 7:14 am
quote:
LOUISIANA, USA — A special session in Baton Rouge Wednesday afternoon could be the beginning of the end of the insurance crisis in Louisiana. Wednesday, the Louisiana House voted to allocate 45 million dollars from the state general fund to the Insure Louisiana Incentive Program. Lawmakers also passed a second bill to limit how that money will be spent.
LINK
Sorry a WWL link.
This situation should have never happened.
6
Posted on 2/3/23 at 7:17 am to SantaFe
Tell me how we could avoid it. I’m not disagreeing with you. Just curious as to your solutions.
Posted on 2/3/23 at 7:20 am to GFunk
Florida has severe insurance issues too.
MY recommendation would be; either insurance companies offer every type of insurance or they have to leave. State Farm for example sells car insurance in Florida but they're not writing any new policies for homeowner insurance.
MY recommendation would be; either insurance companies offer every type of insurance or they have to leave. State Farm for example sells car insurance in Florida but they're not writing any new policies for homeowner insurance.
Posted on 2/3/23 at 7:22 am to SantaFe
Well, we had 2 cat 4 hurricanes hit both the east and west coasts of the State in back-to-back years. That’s why the wind carriers have pulled out. If this fund incentivizes a return by some carriers to the market, then it’s money well spent. It will help lower the out of control premiums many have had to pay recently.
Posted on 2/3/23 at 7:26 am to Wtodd
quote:
too. MY recommendation would be; either insurance companies offer every type of insurance or they have to leave. State Farm for example sells car insurance in Florida but they're not writing any new policies for homeowner insurance.
Awful.
Every carrier offering any insurance would leave the state.
Posted on 2/3/23 at 7:28 am to Wtodd
quote:
either insurance companies offer every type of insurance or they have to leave.
You really don’t get it, do you.
They would, in fact, all leave. Louisiana would end up with no insurance companies writing policies.
Who to blame for our insurance crisis? (1) trial lawyers, (2) geography, i.e., hurricanes and low elevation, (3) mentality of the public that they are owed something. In that order.
Posted on 2/3/23 at 7:44 am to SantaFe
Beginning of the end. Lol. More like putting a bandaid on a severed artery
Posted on 2/3/23 at 7:46 am to Slippy
quote:
They would, in fact, all leave. Louisiana would end up with no insurance companies writing policies.
I say we try it just to see how the trial lawyers freak out.
Posted on 2/3/23 at 7:56 am to Slippy
quote:
You really don’t get it, do you.
They would, in fact, all leave. Louisiana would end up with no insurance companies writing policies.
Exactly. You think insurance companies need Louisiana? A mid sized state based on population and located in area of the country susceptible to Hurricanes?
Posted on 2/3/23 at 7:59 am to SantaFe
The bigger issue is the litigation where in Louisiana where policies no longer matter and mediation and judges side with the homeowner in 95% of the cases
Posted on 2/3/23 at 8:15 am to SantaFe
I still just don’t understand why their isn’t just Hurricane insurance, a separate policy that kicks in only if a hurricane hits. No debating if it’s a flood or wind, just if a hurricane hits my area and I have damage, then I use my Hurricane policy. If I refuse to buy hurricane insurance, then it’s tough cookies for me if I get damage, but my general house liability insurance, protecting my property from injury law suits should not be based around storms. I should have the ability to have house insurance that protects my general liability and then a separate hurricane insurance policy.
This post was edited on 2/3/23 at 8:23 am
Posted on 2/3/23 at 8:21 am to GFunk
Idk solutions but they have done these incentive programs before. Companies did come and did write policies.
Guess where those companies are now? Not in Louisiana.
Guess where those companies are now? Not in Louisiana.
Posted on 2/3/23 at 8:23 am to LolStarFishlol
Well I kind of have that. Our fire/these is through farm bureau and wind/hail through Louisiana citizens.
We’re considering paying off our home — we can then lower/cancel our wind/hail coverage if we choose and basically self insure.
We’re considering paying off our home — we can then lower/cancel our wind/hail coverage if we choose and basically self insure.
This post was edited on 2/3/23 at 8:24 am
Posted on 2/3/23 at 8:31 am to wickowick
Yes, the litigation is the biggest issue.
Florida has at least a process to establish bad faith. In Louisiana its basically $1 pay out after 30 days of claim made the carrier is open up to bad faith.
Any atty represented claim with a supplement payout the atty is pursuing bad faith. This began with Laura when the bad faith judgements began coming down. It became an extreme issue for Ida.
It is an impossible situation for the carrier when you have a large volume of claims for a storm and having to use inexperienced adjusters and expedite the claims to have a coverage decision within the 30 days.
Not saying carriers have clean hands in all this but the carrier issues can be cleaned up much easier with a process similar to Florida.
Florida has at least a process to establish bad faith. In Louisiana its basically $1 pay out after 30 days of claim made the carrier is open up to bad faith.
Any atty represented claim with a supplement payout the atty is pursuing bad faith. This began with Laura when the bad faith judgements began coming down. It became an extreme issue for Ida.
It is an impossible situation for the carrier when you have a large volume of claims for a storm and having to use inexperienced adjusters and expedite the claims to have a coverage decision within the 30 days.
Not saying carriers have clean hands in all this but the carrier issues can be cleaned up much easier with a process similar to Florida.
Posted on 2/3/23 at 8:42 am to GFunk
quote:
Tell me how we could avoid it. I’m not disagreeing with you. Just curious as to your solutions.
Insurance would have to be Nationalized in order to 'spread the wealth around', and the loss as well. And we all know what that would bring. Political grift big time, along with Ideological 'cancel culture' fascism.
Bottom line: those who can afford and have good stuff will pay more, and those who don't will be subsidized by the 'Fed' in some way, shape or form. The Middle Class gets caught in the squeeze.
Do the Amish have insurance?
Posted on 2/3/23 at 9:07 am to BamaCoaster
quote:
Every carrier offering any insurance would leave the state.
Not they wouldn't because they're making bank on all the other insurances
Posted on 2/3/23 at 9:13 am to LolStarFishlol
quote:There already is something along the lines of what you're asking about.
I still just don’t understand why their isn’t just Hurricane insurance, a separate policy that kicks in only if a hurricane hits. No debating if it’s a flood or wind, just if a hurricane hits my area and I have damage, then I use my Hurricane policy. If I refuse to buy hurricane insurance, then it’s tough cookies for me if I get damage, but my general house liability insurance, protecting my property from injury law suits should not be based around storms. I should have the ability to have house insurance that protects my general liability and then a separate hurricane insurance policy.
Some companies will write a homeowner policy that excludes wind and hail coverage. Louisiana Citizens (state owned insurer) offers a wind/hail only policy. But if you're trying to avoid paying for wind/hail coverage, then you'd have to own your house free and clear without a mortgage.
Posted on 2/3/23 at 9:20 am to Wtodd
quote:
Not they wouldn't because they're making bank on all the other insurances
You’ve got it figured out.
You, an anonymous internet poster, with zero insurance acumen, know something literally hundreds of insurance carriers don’t.
If insurance carriers were making “bank”, as you so eloquently observed, why do you think they don’t offer all lines?
Posted on 2/3/23 at 9:23 am to Riverside
quote:
then it’s money well spent.
I can say without hesitation that this will never happen within any Louisiana legislative body.
Ever.
Posted on 2/3/23 at 9:31 am to Riverside
quote:
Well, we had 2 cat 4 hurricanes hit both the east and west coasts of the State in back-to-back years. That’s why the wind carriers have pulled out.
This. This pushed policy holders into Citizens and increased rates.
quote:
If this fund incentivizes a return by some carriers to the market, then it’s money well spent. It will help lower the out of control premiums many have had to pay recently.
Agree, but that can't be it. Insurance rates are a function of risk of loss. We have to reduce that risk (building codes, roof programs, etc) but that doesn't happen overnight.
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