Insurance Rate Hike (1 Viewer)

[Goats]

Thanks Louisiana!

BATON ROUGE -- A subdued Louisiana Insurance Rating Commission approved a trio of rate increases Wednesday for the beleaguered Louisiana Citizens Property Insurance Corp. after members learned they would face legal action from the board of the state-sponsored insurer of last resort if the rate hikes were denied.

They just dont get it. How in the hell do they expect people to move back when they cant afford to insure their home for the bare minimum. I cant get any insurance co to insure my house because I live less than a mile from the lake, so my only option is the fair plan. Thanks to these jack*****, my $3000 a year policy is going to go up to around $4500, if I cant get another insurer by years end, I will probably just sell my house and get the hell out of here and Im sure I wont be the only one.

http://www.nola.com/business/t-p/index.ssf?/base/money-1/1169106614202260.xml&coll=1

 

[SharonT]

As twisted as it is, I think the higher the price of the State policy, the more likely the return for regular insurance at more decent prices. The insurers will be back - there's too much money waiting here for them to resist. I hate that we're in this position, though. Wish our politicians had more backbone.

 

[gaminerie]

This doesn't just affect people who are currently paying the premiums.

Even if i was interested in selling my Slidell house today (which i am absolutely not), my market of buyers is increasingly limited.

If a buyer only has a finite number each month to reasonably budget towards a mortgage note (P&I, plus tax escrow, plus insurance premium escrow, plus the PMI many buyers must have to secure financing) - well, when the insurance premiums skyrocket, that's less that can go towards the rest of that note.

So $1,000 per month buys less actual house than it used to, and more insurance premium. For what i would wager is the same "coverage".

It's keeping others from moving in, but it's also hurting current homeowners who may find they need to sell.

 

[rob021275]

The only thing that is going to save areas that have had recent natural disasters from being ONLY occupied by the super-rich is a national mitigation program. The Feds need to make a program that covers all natural disasters (wildfires, tornadoes, hurricanes, earthquakes, etc.) like the flood program. Run it strictly with the ideal of breaking even. If we have ten disasters in a year, then we pay more. If we have five, we pay less. There is no place on earth that is completely safe from Mother Nature.

Since insurance companies are only concerned with profits, and since millions are unacceptable when billions can be made, the public should tell them what Michael Corleone told the senator at the beginning of Godfather II.

"This is my offer to you, Senator. NOTHING."