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Started By
Message
re: Louisiana Legislature repeals law blocking homeowner’s insurance cancellations
Posted on 5/1/24 at 4:19 pm to CreoleTigerEsq
Posted on 5/1/24 at 4:19 pm to CreoleTigerEsq
quote:
Don't be surprised if you have an influx of companies start writing policies after hurricane season ends and starts cancelling them right before it begins the following year.
Doesn't seem like a very sustainable business model, unless you assume every homeowner would be subject to a gag order over telling their friends and neighbors about such practice.
This post was edited on 5/1/24 at 4:20 pm
3
Posted on 5/1/24 at 4:20 pm to Y.A. Tittle
I think this dude thought the three-year-rule protects new business for three years
This post was edited on 5/1/24 at 4:21 pm
Posted on 5/1/24 at 4:23 pm to Y.A. Tittle
quote:
Doesn't seem like a very sustainable business model, unless you assume every homeowner would be subject to a gag order over telling their friends and neighbors about such practice.
Friends and neighbors can tell their friends anything that they want about whatever business practices they are subject to with a private business.
Why would a business (specifically an insurer) want to repeal a law not only granting a consumer protection, but also regulating how and when they could either increase a deductible or cancel an insurance policy?
Insurance companies are profitable only when they mitigate (or reduce) risk and when they are able to maximize profits related to the premiums they collect and deductibles they can collect. That's not really rocket science.
Posted on 5/1/24 at 7:40 pm to Y.A. Tittle
quote:
Doesn't seem like a very sustainable business model, unless you assume every homeowner would be subject to a gag order over telling their friends and neighbors about such practice.
People with mortgages must carry insurance which makes this whole thing even more predatory.
ETA: and before everyone inevitably makes this personal, we are some of them lucky ones with a USAA policy.
This post was edited on 5/1/24 at 7:41 pm
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