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Thousands of Homeowners Will Lose Insurance Coverage This Month

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NEW ORLEANS (WVUE) – Following hurricane season, thousands of policyholders in Louisiana are facing a hurricane of insurance cancellations in a matter of days. And many are not satisfied with some insurance agents.

Sofia Deming has no choice but to get new homeowners insurance.

“We’ve got some offers, the highest I got was like $9,000, so it was triple what we originally paid, and then we get to $4,700, and that’s a lot of deductions that need to be considered.” We pulled stuff that we needed, but we had to make it work,” Dheming said.

He had received a letter the day before.

“We actually got that letter yesterday,” Dheming said. The letter informed him “that our insurance will be canceled on June 22, 2022”.

Some insurance agents have hundreds of customers affected by impending terminations.

Ross Fairyard owns Amstate Insurance.

“Seven ninety-nine, Sabrina, just my client. I turned off my cell phone from 8 to 5. I turned it on and got 198 text messages for three days in a row, people in dire need of homeowners insurance,” Fayard said.

He says Insurance Commissioner Jim Donelan needs to act.

“It needs to be fixed and the only one who can fix it is Jim Donneln, he has to fix it or he has to resign. It’s hard facts because I deal with people crying all day long.” I don’t know what to do. It can be fixed, it can be fixed,” Fayard said.

Dheming also has a message for Donelon.

“please help us.”

Fox 8 requested an interview with Donelon, but his office said it was not possible by our deadline.

John Ford, Deputy Commissioner in the Department of Public Affairs at the Louisiana Department of Insurance, made the following statement to Fox 8:

“Lighthouse Excalibur is a failed insurer that was placed under receivership in April of this year. The company had approximately 29,000 policyholders when it was placed under receivership. Policyholders are referred to as receivers (the person running the business while it is in receivership). was informed by the US that her policy with Lighthouse will be canceled effective June 22nd. All policyholders who have not received a new insurance policy must still contact an insurance agent before their coverage can be canceled. Finding a Home Policy For help finding an agent, please visit ldi.la.gov and click on the Find Agent link on our home page.

And Ford confirmed other policyholders with another insurer, Maison, will lose coverage later this month.

“Maison has not been able to purchase reinsurance for this year’s hurricane season, meaning they are unlikely to be able to meet their obligations to policyholders in the event of a hurricane. Because without reinsurance they would go bankrupt. You could cancel the policies. This is a different reason than Lighthouse, which was a bankruptcy, but similar for policyholders that they had to go through an agent and have a will by the June 30 termination date to find a new policy . It is very important that people know they need to go through an agent because if the policyholder/agent cannot find the policy in the private market, the agent can purchase the policy from Louisiana Citizens. that’s our insurer of last resort,” he said in an email to Fox8.

After Hurricane Ida in 2021, insurance premiums will increase for many policyholders.

“We now have some airlines taking out policies and the rate increase is 40%, 50%. I don’t care what someone comes up here and says oh it’s not going to go up that much. I know my office is a huge insurance agency. We see renewals from $2,000 to $4,000 or $5,000 every day,” Fiard said.

Dheming is also a real estate agent and researches the impact of the current insurance landscape on home buying.

“Flood insurance is going up, we now have home insurance that’s going to go up and you know interest rates are going to go up,” she said.

Fiard says people who have had their roof replaced should be sure to notify their insurance company as it can result in financial gains.

“Take two photos of your roof, front and back, get a receipt of payment, send it to your agent, ask your agent to make sure you get the new roof discount, it’s anywhere from a thousand to $2,000. The credit is there. Not many people know,” he said.

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