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Message
re: Another Homeowners Insurance Complaint Thread
Posted on 6/29/23 at 3:25 pm to meansonny
Posted on 6/29/23 at 3:25 pm to meansonny
quote:
You honestly think that is why rates are high?
A duopoly environment where customers are forced to buy from one of the particpants?
It's certainly not halping matters.
Companies are scared of the risk right now.
If we had 10 market companies selling policies at my address, rates would still be higher, but not this high.
1
Posted on 6/29/23 at 3:25 pm to Tiger Prawn
quote:
Look up FEMA’s new risk rating 2.0 and get back to us on how great government run insurance is
18% a year premium increases.
How does that compare to the homeowners insurance annual premium increases?
Posted on 6/29/23 at 4:37 pm to TigerTatorTots
We currently have citizens for wind/hail and FB for fire/theft. Citizens went batshit crazy (really wasn’t bad before) .. we’re having our roof replaced and then writing with Elevate through Goosehead.
We love south of hwy 14 near vermilion bay. We also got quotes from Cajun Underwriting and they more.
At this point we’re screwed so we’d just as soon pay less .. I’d really love to self insure but I’m a little nervous.
We love south of hwy 14 near vermilion bay. We also got quotes from Cajun Underwriting and they more.
At this point we’re screwed so we’d just as soon pay less .. I’d really love to self insure but I’m a little nervous.
Posted on 6/29/23 at 7:48 pm to LSUFanHouston
quote:
A duopoly environment where customers are forced to buy from one of the particpants?
You make it sound as it people are forced to take out mortgages and buy houses.
quote:
Companies are scared of the risk right now.
It is so much deeper than that. Funding for coinsurance has vanished. Do you want to oversaturate yourself in a market without any ability to mitigate risk?
quote:
If we had 10 market companies selling policies at my address, rates would still be higher, but not this high
I would argue against this. But I don't live there. And you probably have your ears to the ground better than me.
Posted on 6/29/23 at 9:22 pm to TigerTatorTots
Just wait until you make a claim and you are denied or receive just a small portion of the damage.
Posted on 6/29/23 at 10:53 pm to meansonny
quote:
You make it sound as it people are forced to take out mortgages and buy houses.
If someone buys a house right now in this area that’s one thing.
But plenty of people bought houses before this became an issue, and are now stuck. They have no choice. They can’t even really sell because no one is buying.
Also landlords are dealing with this and so even if you rent, it’s passed on. I guess at least if you rent, you can move away. That doesn’t see like a great solution for the local economy though.
Posted on 6/29/23 at 11:25 pm to LSUFanHouston
Who said hurricanes, tornadoes, fires, and liability claims are good for an economy?
Posted on 6/30/23 at 2:59 am to meansonny
quote:
Who said hurricanes, tornadoes, fires, and liability claims are good for an economy?
No one, but money moving around immediately after a disaster gets sales tax revenues up temporarily and sales at home improvement and furniture stores increase with purchases to rebuild and refurnish homes.
Eventually, they do fall back down. See Louisiana a few years after Katrina and Rita and a few years from now when the Laura, Ida, and COVID monies run out.
This post was edited on 6/30/23 at 6:40 am
Posted on 6/30/23 at 7:26 am to Tarps99
Your post is confusing me.
Are hurricanes good or bad for the economy?
All of that economic engine is coming from where?
Are hurricanes good or bad for the economy?
All of that economic engine is coming from where?
Posted on 6/30/23 at 9:54 am to Dayman
quote:
Billions on billions of dollars to Ukraine, but we can't find some temporary government program/assistance/tax break from the federal government to help our own citizens out...
I am sure it has nothing to do with insurance and financial institutions being some of the biggest lobbyists. Just a coincidence.
Posted on 6/30/23 at 10:28 am to LSUFanHouston
quote:Thats only on existing renewals. 18% increase cap year over year on renewals each year until you reach the full rate.
18% a year premium increases.
New flood policies or lapsed policies that had to be rewritten get the full new rate right away. The new rates are often 4-6x what the old rates were. Good luck if you’re trying to buy or sell a house in SELA and flood insurance is required, but there isn’t a current flood policy on the house.
Posted on 6/30/23 at 2:18 pm to TigerTatorTots
This appears to be industry wide. They are taking an "everyone must piss in the cup" approach.
Bottom line is billions of dollars have been lost due to claims in the last few years in coastal US states and carriers are trying to make their money back.
They have increased dwelling amounts to make sure the rising cost of material and labor is covered. And then on top of that almost all carriers have had 3 increases in the last 15 months, making premiums jump 30-65% depending on when the policy renews.
Bottom line is billions of dollars have been lost due to claims in the last few years in coastal US states and carriers are trying to make their money back.
They have increased dwelling amounts to make sure the rising cost of material and labor is covered. And then on top of that almost all carriers have had 3 increases in the last 15 months, making premiums jump 30-65% depending on when the policy renews.
Posted on 7/9/23 at 9:04 am to Nu Iota Prophet
I work in cyber security for one of the largest property and casualty insurance companies. I’ve always worked in IT of some sort for various property and casualty insurance providers.
The premium increase is because of two things.
1)record cost of repairs and materials - inflation. Premiums went up across the country but went up the most in areas with the biggest risk. The largest companies do not even offer homeowners insurance in California any longer.
2)Poor investment climate last year - Bidenomics
All insurance companies had an underwriting loss last year and are now looking to be profitable.
Elections have consequences folks.
The premium increase is because of two things.
1)record cost of repairs and materials - inflation. Premiums went up across the country but went up the most in areas with the biggest risk. The largest companies do not even offer homeowners insurance in California any longer.
2)Poor investment climate last year - Bidenomics
All insurance companies had an underwriting loss last year and are now looking to be profitable.
Elections have consequences folks.
Posted on 7/9/23 at 9:20 pm to Silverback911
3. All these roofers advertising they can get you a new roof. 3 pieces of hail hit your roof and you get your "free" roof. Well now we are seeing exactly how free that roof was. I have 0 claims on my home and rentals. Premiums went up at least 50% this year. Hell car insurance went up 59% as well.
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