Home owners insurarance in Louisiana.

[cyclone1970]

EM696 and I were on the same wavelength at the same time. He was a minute quicker than I was posting his thoughts. Both of us apparently have had the same good experience with USAA, however.

 

[wfarrell1]

I had same issue, mine went up considerably, but however was still at or slightly lower then what I could find calling around. Finally came across this local agent Hayden Parsons and he got me on with gulf states insurance, which ended up being decently less then what I was going to be paying if I stayed. His auto quotes came back high with progressive, but he didn't require i bundle, so I got it cheaper with geico.

 

[John_]

The landscape for homeowners (and flood) insurance has drastically changed in south LA. The closer you live the the Gulf, the worse it is. And its only going to get worse going forward, every year. I thought I'd be much safer in Hammond, north of I-12 and that proved to be true for 6 years after leaving Laplace after 35 years there. But my homeowners doubled after my previous insure company (based in FL) went bankrupt/failed after Ida. So last year I dropped my contents insurance, and just insured my house (and liability) for damages. That was/is $1300 a year, with a $4800 hurricane deductible. With my former insurer who went bankrupt, my hurr deductible was $1000. Every major loss, every major hurricane will now impact our rates, even storms in FL. Helene losses this year will impact our rates going forward. Re-read Vigilante Sniper's post above, what he is now paying. Laplace got flooded 2x in the last 13 years. Its going to get so bad you won't be able to sell your home as potential buyers will not be able to afford a monthly mortgage note and the insurance. Some are already there. Insurance and flood premiums closer to the Gulf like Belle Chase or Port Sulphur. On the positive, least I don't own a home in Laplace any more. The new protection levees are supposed to be finished in 2025 or 26. Thirteen years after Isaac flooding. They didn't move no where near that slow after NOLA flooded in 2005. Now FEMA is claiming they are out of $ for 2024. Good luck FL, GA, NC, and TN. I read only 4% of those flooded in NC have flood insurance.

FEMA is broke.

 

[La26]

State Farm went up $100 or so but our property valuation was a little higher too -sub 1k sqft def has it's advantages!

I would have stayed with Safeco if it was only a $100 increase. But mine was set to increase by $1782. In 2023 I paid $2171, and it was set to increase to $3953 for the new policy that renewed in August. That's in addition to the $931 flood Insurance (an increase of $150) and $2000 property tax.

edited to add that I do not pay escrow, I have to pay this in one chunk (OUCH!!)

 

[La26]

State Farm went up $100 or so but our property valuation was a little higher too -sub 1k sqft def has it's advantages!

State Farm wouldn't write me a policy . She said that it was because we have only a volunteer fire dept, not a full time fire dept.

 

[La26]

I'm sure we all pay an increase due to extensive storm damage, no matter where it hits. The system presently in the gulf is expected to be upgraded to a "named storm" and is heading for Florida. More storm damage, more insurance claims, and of course an increase in everyone's insurance premiums next year.

 

[CatCam]

I live south of Belle Chasse - the Federal government finished a $692 million dollar levee project a few years back - they should have just paid us to leave (buyout) since they changed the rules on us. With insurance rates skyrocketing, they are forcing us out. There are 6 nice homes for sale in my neighborhood and the reason they won't sell is the "unknown future" of insurance costs that are required with a mortgage.
What kills me about homeowner's insurance is that I do not get to pick my coverage, even when my house is paid off. My insurance company (that has NEVER set foot on my property!) says my home is worth $485k and my contents are $365K. I explained that they are wayyyy over costs, but I'm told "take it or leave it"....This is so they can clobber you on your named storm deductible that is 5% of your COVERAGE, not your CLAIM! SO my deductible is $24,250 for any named storm!
Part of me is wanting a Cat 5 to wipe me out so I can take my $850K (minus deductible) and GTF out of here.

 

[Gator 45/70]

You know, living in a van down by the river isn't looking all that bad, Plus you would have lots of extra travel money if you lived in a van down by the river?

 

[dantheman]

Part of me is wanting a Cat 5 to wipe me out so I can take my $850K (minus deductible) and GTF out of here.

But , is that how it works ? Or will they make you rebuild and submit receipts ?

 

[Bigchillin83]

You know, living in a van down by the river isn't looking all that bad, Plus you would have lots of extra travel money if you lived in a van down by the river?

like this??? lol

 

[Kraut]

We started with Allstate renter's insurance before we built our house so we would get a prior insurance discount, and paid for 23 years for a Premium policy, no depreciation considered so if I needed a new roof, it would not be paid out based on original cost but whatever was current pricing (that was my basic understanding of it). Over the years, as the policy creeped up by small amounts, my wife would suggest shopping around, but there was no way I was letting go of the policy we had with only a $500 deductible (other than those Hurricane deductibles they screw you with). When we did need a new roof, we had to get a 3rd party adjuster involved to get the claim through, but they ultimately paid out minus my $500. Sure enough, when we wanted to get the same type policy moving to a different house, they won't write that type, they won't "transfer," they won't do squat for loyal, reliable customers, you're just the next one in line to bend over. They couldn't get it down to less than $6K/year, split coverage between them and Citizens, so we shopped around and got a policy from Gulf State Insurance for $4500/year. As our old home is still on the market, I'm about to have to pay another year's taxes and insurance on it due to the awful market right now, and everyone seemingly waiting to see how the election shakes out.

I've often remarked regarding people quibbling about the "if you could go back in time and change one thing" argument, and how lots say things like "I'd kill Hitler" or some such, that I would choose to kill the dirty, low-down, scum-sucking, no-account bastard that invented insurance.

 

[CatCam]

But , is that how it works ? Or will they make you rebuild and submit receipts ?

I have Cash-Out Option so if I have a total loss, I will receive the replacement cost amount whether I decide to rebuild or not.