Texas Insurance Fraud Application Statute Homeowner

Merry Christmas Louisiana Property Owners, You're Getting Screwed

   Merry Christmas Louisiana.  Here’s your present from the public officials you sent to the state capitol.  A big boost in your property insurance premiums!  All from the same folks who have been sticking you with higher rates for years because of their poor oversight and downright incompetence.  So get out your checkbook and enjoy your holidays. More increases are on the way.

 Just two weeks ago, State Farm policy holders were blindsided with a whopping rate increase of as much as 14% in some parts of the state.  Many customers are wondering why there was such a rate increase was implemented.  The economy has stagnated, there is little inflation, and prices across the board are down. Insurance rates are dropping in many other states, but Louisiana continues to have the highest premium costs in the nation. There have been no recent serious weather related damages throughout the state.  So how can an insurance company justify a rate increase during this troubling economic climate?  Simply put, they did it because they can.

In the majority of states throughout the U.S., insurance companies have to file a request to raise rates before the insurance department.  Actuaries and other insurance officials scrutinize these requests to be sure the rate request is justified.  But not in Louisiana!

The insurance industry did some heavy lobbying a few years back and poured hundreds of thousands of dollars into the coffers of willing legislators and insurance regulators.  And Voila! No more prior approval to raise rates required.  Such “sweetheart deals” do not exist in Texas, Mississippi, Arkansas and in virtually no other state throughout the south.  And guess what?  Property insurance rates are much lower outside Louisiana.

So that was the bad news two weeks ago.  But now, if you own a home, here’s your New Year’s present.

Is there a statute of limitations in submitting a homeowner's ...

No.

Statutes of limitations are on a state by state basis, not a federal basis.

Additionally, many, many homeowners policies have a limitation of coverage for WATER DAMAGE claims – you have to file the claim within 30 days of the leak, or 30 days of finding the damage.

If you expect to have your water damage claim covered, you ALSO need to let the insurance company inspect the damage, AND inspect the damaged items.

Better file that claim today. If the pipes “come loose” again, it’s a seperate claim anyway, so better have your plumber go over them and fasten them properly.

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