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Message
re: Louisiana Legislature repeals law blocking homeowner’s insurance cancellations
Posted on 5/1/24 at 6:15 pm to CoachChappy
Posted on 5/1/24 at 6:15 pm to CoachChappy
That’s the only people “tort reform” will help either.
I keep Trying to tell yall.
Insurance companies are evil
I keep Trying to tell yall.
Insurance companies are evil
3
Posted on 5/1/24 at 7:04 pm to Wednesday
Landry, Temple and the conservative legislators will have hell to pay once homeowners who have been with their carriers for years are dropped now. I predict this will be a total cluster making more people end up in Citizens. I hope I am wrong but after dealing with a legit claim from Ida and the absolute BS the carrier put me through I don't trust any of them in that business. Make no mistake the legislators are getting donations from the industry with no intentions of benefitting the insured.
Posted on 5/1/24 at 7:14 pm to Tiger Prawn
quote:
That's the argument for getting rid of the 3 year rule. Now time will tell if it actually produces any results on attracting new insurance companies to start writing here.
That is the part they don’t tell you about.
It is just like tort reform to help ease the car insurance market.
I was written by a bunch of ambulance chasing attorneys?who specialize in those cases.
One of the last decent politicians I talked to who served in the legislature many moons ago, he owned a movie theater. His personal preference even if the rules did not forbid it, he would routinely abstain from voting on bills that involved movie theaters because he thought it was a conflict of interest.
Just think if attorneys did the same for legal matters.
Posted on 5/1/24 at 7:29 pm to Y.A. Tittle
quote:
The thought is, this may open up the market to insurers willing to offer me something.
The trusty trickle down theory
Posted on 5/1/24 at 7:31 pm to roadGator
quote:
Her plan is to complain more.
Oh, did you expect me to solve this crisis free of charge between being berated by strange men on the internet?
Posted on 5/1/24 at 7:35 pm to Lee Chatelain
quote:
Companies tend to do more in a state where there are less restrictions.
Are there concrete examples of this in practice?
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
Posted on 5/1/24 at 8:12 pm to Tarps99
quote:
It is just like tort reform to help ease the car insurance market.
The comparison to tort reform does not hold water at all. Not the same.
Posted on 5/1/24 at 8:12 pm to Wednesday
quote:
That’s the only people “tort reform” will help either. I keep Trying to tell yall. Insurance companies are evil
I mean I’m not advocating unsavory business practices, but can you think of many industries where the end goal is to help the consumer and not the bottom line? At the end of the day, all anyone cares about is the effect to themselves.
Homeowners/lawyers try to get over on the insurance companies frequently as well…..so don’t act like everyone else in the equation are totally innocent.
Posted on 5/1/24 at 8:15 pm to TDTOM
Insurers keep having to insure shitty properties that aren’t maintained thus costing them a fortune at the expense of others who do keep up their property. This is the rationale.
Posted on 5/1/24 at 8:28 pm to iron banks
quote:
Landry, Temple and the conservative legislators will have hell to pay once homeowners who have been with their carriers for years are dropped now. I predict this will be a total cluster making more people end up in Citizens. I hope I am wrong but after dealing with a legit claim from Ida and the absolute BS the carrier put me through I don't trust any of them in that business. Make no mistake the legislators are getting donations from the industry with no intentions of benefitting the insured.
Your prediction will become reality.
Insurance companies are evil. They don’t make $$$ on your premiums, they make money on investments. You’re just a loss leader for them. They slow pay, and deny legit claims bc they think nobody will fight them.
The real devils are the reinsurers. They can charge whatever they want, and they truly DGAF about you.
Any law that forces an insurance company to do what it promised, I’m all about.
This will end badly. It won’t lower premiums and will make it easier for insurers to just leave.
Posted on 5/1/24 at 9:14 pm to Wednesday
quote:
Insurance companies are evil. They don’t make $$$ on your premiums, they make money on investments. You’re just a loss leader for them. They slow pay, and deny legit claims bc they think nobody will fight them. The real devils are the reinsurers. They can charge whatever they want, and they truly DGAF about you.
I really have no dog in this fight relative to where I make my money, but why are you sky screaming? Is the end goal not to make money, and do you not agree that there are other bad actors that force insurance companies to be heavy handed? What is your solution? Are you willing to put up money out of the kindness of your heart and pay oiut every Tom, dick, and Harry who take advantage of storms to take care of pre-existing issues.
Posted on 5/1/24 at 9:33 pm to 4cubbies
quote:
People with mortgages must carry insurance which makes this whole thing even more predatory.
I know. If you can’t find one they will even find one “for you.”
I know a lot about this. Basically, trying ANYTHING is likely better than what we have now. I’m not being an apologist for anyone, except for maybe just anyone willing to try something at this point versus the status quo, which is a disaster.
Posted on 5/1/24 at 9:34 pm to CoachChappy
quote:
Who does this law help? It sounds like it helps insurance companies more than the people of Louisiana.
It’s the same shite over and over again. Louisiana politicians at the highest level are Republicans in name only, that’s the truth. We the people in Louisiana are a majority Red State, our pretend politicians are not. We haven’t learned our lesson in 100 years, so here we are.
Posted on 5/1/24 at 9:35 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
For real. Every time you hear news of them doing something, it is fricking over the people of Louisiana. Waiting for them to announce pay raises for themselves soon.
Posted on 5/1/24 at 9:52 pm to Y.A. Tittle
quote:
I know a lot about this. Basically, trying ANYTHING is likely better than what we have now. I’m not being an apologist for anyone, except for maybe just anyone willing to try something at this point versus the status quo, which is a disaster.
I’m such an optimist but this move just doesn’t inspire any hope for me. I hope I’m wrong. My retired mom uses Citizens and it infuriates me. My premium in New Orleans is like half of what hers is In the northshore.
I would hope for fema (or whatever Federal agency) to step in like they did with flood insurance but then they went and screwed that up too! (Our house is in flood X but I used to carry a flood policy when it was $450/year.)
This post was edited on 5/1/24 at 9:54 pm
Posted on 5/1/24 at 10:39 pm to Wednesday
quote:
Insurance companies are evil
put your own capital at risk and start your own insurance company then. It's not that easy or else capital would be flowing to these companies in order to get in on the profits lol
Housing prices and resulting claims losses rose faster than any actuary was able to predict. They are screwed for the next few years until premiums can get close to where they need to be.
You can also build without a mortgage and tell the industry to F off. Just build at a higher elevations and out of stone/concrete you should be fine.
Posted on 5/1/24 at 10:46 pm to 4cubbies
quote:
I wonder if this administration will ever do anything to actually help a single person living in thiis state.
Stupid laws like this are why no one can get homeowners insurance in LA.
Posted on 5/2/24 at 12:00 am to Wednesday
quote:
This will end badly. It won’t lower premiums and will make it easier for insurers to just leave.
Perhaps you haven't noticed, but they have already left.
They don't want to do business in a risky state.
Part of, but not the whole issue, is why would you write policies in state that you are stuck with in perpetuity after three years?
quote:
Insurance companies are evil. They don’t make $$$ on your premiums, they make money on investments.
I guess we must be doing great because we seem to be warding off these evil companies!
Posted on 5/2/24 at 6:45 am to BigJim
Seems to me that when a carrier writes a new policy for a home it falls on them to make sure what they are insuring meets their standards of risk. If they write a policy for a POS house and did not inspect it then it is their own fault. This might not be popular but people are lazy and just did not do their jobs. I have a business liability policy. Every year part of the premium I pay is for an inspection of the premise but yet not one single time has anyone from the agency or company shown up to inspect the property. It is like anything else in life. As long as the premium money is flowing in with no claims life is good. When the shite hits the fan then we are here. There are no clean hands in this mess. Bottom line what they are doing up in Baton Rouge is going to make it worse IMO.
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