re: Annual getting reamed by Louisiana home insurance post.

14,500 for 2.4 replacement cost on a house I can’t sell for 1.2. It was 8,000 or so five years ago. Raised deductible and lowered contents to get it down to 12,500.

30 years, no claims. Insurance company is winning this game for sure.

When I sold my insurance agency in 2020 we had over 15 companies we could write through. From what I understand most of those companies, some of them even billion dollar companies, have either gone insolvent or pulled out of the state. It’s very costly to write insurance on the coast and the ones that survived just decided it wasn’t worth the risk.

The problem is now a lack of competition. The companies that are still in Louisiana can validate their prices bc there aren’t enough companies to compete with them, and they can also point to the amount of risk they are taking on. With hurricanes, it’s not a matter of if but when the next storm will hit. If you live in Louisiana and are buying a house with a mortgage you don’t really have a choice. It is what it is right now.

And to the poster who said he wasn’t in a flood zone, I’ll just say that there is no such thing as “not in a flood zone”. Flood zone X, which you are likely in, is still a flood zone. It’s just a preferred zone and your mortgage company won’t require you to have flood insurance. Anywhere it rains it can flood and it’s always the people who think they are safe that don’t have flood insurance when they need it. But that’s another story for another day.

Will all that said, from talking to people still in the know, it sounds like some other companies are starting to come back in the state so maybe yall will get some relief along the way. I doubt it, but who knows. Best of luck. Just add this to the list of reasons to move to Tennessee!

At what point does homeowner’s insurance become intenable…..double the monthly principal….triple….more?

I think the solution is to have federal legislation protecting hurricane states, Gulf and Atlantic.

The problem is not isolated to Louisiana.

The insurers should be required to pool their property insurance reserves for those states on a nationwide basis

Oh and frick Citizens

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o answer your question another way...they're not suggesting reduction of claim payouts, more like reduction of legal/operating expenses

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Go drive around and look at billboards and you'll know why claims payouts are so high

On another note after the hurricane came through Florida last year there was a leak in the adjuster came out and low and behold the estimate was $1000 less than the $26,000 hurricane deductible so now everything to be repaired has to be through us on top of the rise in premium

Since March 2022 I’ve gone from 2400 to 6000. My renewal is now in July, so I guess we will find out soon where it’s going

Shop, doesn't hurt...

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Companies need to simplify the claims filing process

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Pretty simple on auto already. Homeowners sucks, but part of the reason it is such a pain because every company is puckering their bung-holes and waiting for a "bad faith" claim (aka, trial lawyer gets involved)