Homeowners insurance post-Ian (1 Viewer)

[TheRealJRad]

Well, my premium only went up $82.25 for this year. Better than the double I almost got charged last year. Unfortunately, it's a 10% storm deductible policy.

 

[efil4stnias]

Well, my premium only went up $82.25 for this year. Better than the double I almost got charged last year. Unfortunately, it's a 10% storm deductible policy.

sounds like a trial 10% in your area....if received well, it will become the norm here.

Think i mentioned it in this thread after a conference last June about the rumblings of 10% deductibles on the way.

Also coming- "Fortification" - to IBHS standards. Get familiar with....if you need new roof ( say age ) get new one Fortified. This will eventually lead to more options for you ( aka cheaper premium since more companies vying for your business ) vs the person without "fortified" roof.

Construction Standards

IBHS Articles: Learn more about - Construction Standards .

ibhs.org

 

[TheRealJRad]

sounds like a trial 10% in your area....if received well, it will become the norm here.

Think i mentioned it in this thread after a conference last June about the rumblings of 10% deductibles on the way.

It's a Farmer's policy I got last year. Actually I just double checked, it's 5% Wind/Hail/Hurricane, not 10.

 

[efil4stnias]

It's a Farmer's policy I got last year. Actually I just double checked, it's 5% Wind/Hail/Hurricane, not 10.

thats not terribly bad but then again you are well inland to not feel what Orleans/Jefferson are feeling at this time.

its pretty nasty around here for property.

 

[Craigj]

efil4stins, what's your take on the $45 million plan passed today? Will it do any good?

 

[efil4stnias]

efil4stins, what's your take on the $45 million plan passed today? Will it do any good?

I haven't seen the particulars...just what was said in an article.

$45 million to attract insurers to Louisiana. In what regards? are we simply offering a carrier $5 million to write insurance? what are the requirements? if you take $5 million are you obligated to insure $15,000,000 in coverage? ( which btw can get eaten up on 100 policies - aka $1,500,000 home, 100 homes- you have met your criteria ) does it have to be restricted to certain geographic area ( say Jefferson/Orleans/St Bernard )

look, ill be the first to say it. Don't care for it. Its grasping at straws and not addressing the real issues of building to stricter code, enforcing that code, citizens understanding risk ( how it affects premiums etc) and that a catastrophic event isn't a lottery ticket. Fortifying structures to withstand baseline ( say 90 mph ) winds. There is so much to do.

Proper valuations - so many folks had/have a policy they bought when they purchased home. 15 years later that same home is insured for maybe 10% more, but it actually costs 30% more to rebuild/repair ( due to appreciation, increased costs of materials etc etc )

The article I read said to "Attract small to mid size companies" - WE DID THAT ALREADY and 5 of them went into recievership/liquidation after ONE STORM. We are DOING IT AGAIN????

many lawmakers probably echo this. Its a stop-gap. I TOTALLY GET IT. Something has to happen and fast.

But, AND THIS IS KEY, we CANNOT let 3-4 years pass, no storms, and THINK OH WE ALL GOOD NOW. Small to midsize companies DONT CARRY AN A rating ( specific to financial stability ). So we simply cannot fall into the same trap we did post Katrina/Rita where things got infinitely better within 10 years ( storm wise ) and LDI/State lost sight of the underlying financials because everyone was back to enjoying really low premiums. ( who doesn't like really low premiums? lol )

We need to focus on major carriers and the WHY they won't offer coverage here.

We have to hold the LDI and State accountable in this regard. Because it will be real easy to look up 4 years from now, find you are paying 40% less than you are now, but with a carrier that has very little capitalization, not enough reinsurance and every one kinda forgets what Ida did to the market. We have very short memories around here sometimes.

again, I understand it, I don't think its a route I would take without a parallel avenue toward larger carriers returning.

Do you know that Hanover, Hartford, Zurich, Travelers, CNA etc have NEVER returned post Katrina? its been almost 18 years and they apparently find SE LA bad business. So we have to address this. ( my thought is construction related issues )

So yeah I think it will possibly provide relief short term, ( but won't happen by summer 2023 ) I'm just worried that it creates a false sense of security and we are right back here in 5 years.

I really want to know more details too. Devils always in the details If this is just some "feel good" legislation, ill say it lol

we will see. I go to a large industry conference in June and will know more. ( im sure ill hear rumblings before then too, post April 1 )

 

[TheRealJRad]

The article I read said to "Attract small to mid size companies" - WE DID THAT ALREADY and 5 of them went into recievership/liquidation after ONE STORM. We are DOING IT AGAIN????

One of our clients deals with the insolvencies and they have been crazy busy since then

 

[efil4stnias]

One of our clients deals with the insolvencies and they have been crazy busy since then

im assuming you mean LIGA? Louisiana Insurance Guarantee Assn?

yeah I can't imagine those folks have had much rest and relaxation over the last 12 months. Dealing with folks who are just apoplectic. Each one. Hang up and the next call is same thing.

thankless job there. And they are doing all they can within the parameters they are given.

Im sure its winding down some, but I sure do hope 2023 Hurricane Season is a fish season. We just don't need a landfall within 100 miles of La coast. It will delay everything another year.

 

[TheRealJRad]

im assuming you mean LIGA? Louisiana Insurance Guarantee Assn?

Yeps. We work with LDI as well actually.

 

[brandon8283]

My premiums in south mississippi have shot up the last two years. Two more years of this and my taxes and insurance will be as much as my mortgage.

 

[Nisey55]

I dropped them for auto and will for homeowners at renewal time. They don’t cover me for wind damage. I didn’t catch that at last renewal. The coverage I do have is a little expensive for what I have and seems to be protecting me for fire damage, if a tornado comes along they have said that I’m on my own.

I don't know your circumstances but we purchased a new build last year south and west of Hattiesburg in Lamar county. We had left Ascension parish and retired here. My homeowners dropped drastically. When I got the renewal this week I looked at it more closely than last year.
I could not find the word hurricane anywhere on the policy and I had a flat deductible of 1,000. I have replacement coverage and the value went up 40,000, common with replacement. Rate went up about 200 per year.
Called my agent, seems windstorm covers tornado, hurricane and other wind. I asked why didn't I have a hurricane specific deductible, like Louisiana. He told me starting the county below us does. I raised my deductible to 2,500, seemed more sensible to me, saved a little.
But if your homeowners isn't covering wind events??? And you live north of me.
Sorry, forgot to say I am with a company called Safeco, don't know much about them but agent said they were rated well and stick with them for now because other companies are much higher. I feel pretty good other than being over insured.
Speak to your agent or get a new one.

 

[TheRealJRad]

Sorry, forgot to say I am with a company called Safeco,

I think one of my bosses uses them and mentioned they didn't go up last year either.

I dragged butt on checking renewal quotes this year, but it feels like something I should start doing annually.

 

[staphory]

I don't know your circumstances but we purchased a new build last year south and west of Hattiesburg in Lamar county. We had left Ascension parish and retired here. My homeowners dropped drastically. When I got the renewal this week I looked at it more closely than last year.
I could not find the word hurricane anywhere on the policy and I had a flat deductible of 1,000. I have replacement coverage and the value went up 40,000, common with replacement. Rate went up about 200 per year.
Called my agent, seems windstorm covers tornado, hurricane and other wind. I asked why didn't I have a hurricane specific deductible, like Louisiana. He told me starting the county below us does. I raised my deductible to 2,500, seemed more sensible to me, saved a little.
But if your homeowners isn't covering wind events??? And you live north of me.
Sorry, forgot to say I am with a company called Safeco, don't know much about them but agent said they were rated well and stick with them for now because other companies are much higher. I feel pretty good other than being over insured.
Speak to your agent or get a new one.

My wife had a house in Petal that took almost $80K damage from a tornado a few years ago. Safeco was great for her.

 

[Nisey55]

My wife had a house in Petal that took almost $80K damage from a tornado a few years ago. Safeco was great for her.

Great, thanks for the info.