All insurance policies with Lighthouse Excalibur Insurance coverage Firm will probably be cancelled June twenty second.
NEW ORLEANS — Hundreds of policyholders are on the verge of dropping their householders insurance coverage this month as three Louisiana insurance coverage corporations are shutting down over the following month.
Lighthouse Excalibur Insurance coverage Firm despatched out a letter to coverage holders stating that it’s to be positioned in liquidation, and that every one Louisiana LEX insurance policies will probably be cancelled June 22. That impacts 30,000 residents. As well as, Maison will probably be shutting down and leaving 12,000 prospects searching for insurance coverage and Southern Constancy is shutting down and leaving practically 40,000 prospects searching for a coverage.
With hurricane season upon us, the shutdowns despatched many individuals in a panic.
They’re left to determine what they will do in the case of their householders insurance coverage.
Native insurance coverage businesses at the moment are flooded with calls from residents who’re making an attempt to determine their subsequent steps.
“We’re getting an inflow of panic, fear, and misery as a result of their firm is cancelling. So that you’re speaking about being in hurricane season, with an organization telling you that if something occurs between now and June twenty second they cannot pay you. Now we’re getting our prospects calling us, and an inflow of different prospects calling from different brokers as a result of we have now a restricted quantity of carriers. There’s not a variety of carriers for folks to go to,” stated Trenise Pittman, proprietor and agent of Worth Insurance coverage Company.
Insurance coverage Commissioner Jim Donelon stated that the state’s insurer of final resort, Residents Insurance coverage, can decide up individuals who want insurance coverage, however he emphasised that there are nonetheless different choices.
He stated that as powerful as this yr has been, there have been many extra individuals who misplaced insurance coverage and needed to transfer to Residents insurance coverage after Hurricane Katrina.
When you have a Lighthouse coverage, please contact the Louisiana Insurance coverage Warranty Affiliation (LIGA) at (225) 277-7151 or through e mail to [email protected]
LIGA is servicing open Lighthouse claims and also will service any new claims made by Lighthouse policyholders till the insurance policies are canceled on June 22. LIGA will service these open claims till the claims are closed.
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