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Originally Posted by rebekahb
This is my concern. Insurance. Many carriers have moved out of Louisiana. We are with UPC and they are leaving LA at the end of the year. Our premium before Hurricane Ida was around $3200 and went up to $5800. We are starting to look for a new policy. At what point are you paying more than it becomes worth to live in an area? There are so many costal communities along the US that can be affected by storms.
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All the big insurers stopped writing policies here after Andrew in 1992. Our insurance was up to $6K when we renewed this year. I replaced a 20-year old roof and it came back down to $4k, where it was a few years ago. Insurers have been jacking up rates (partly due to insurance fraud which only gets worse with every storm and also inflation) and dropping people with older roofs. The state has an insurer of last resort but they are expensive and can’t imagine it could survive and pay claims if they covered the whole state. My guess will be a 50%+ increase next year with fewer insurers in the market. Not to bring politics into it, but one candidate for Governor claims he will “force” insurers to lower rates, which would be a neat trick if they could do that and still remain solvent.