Another Florida-based property insurer, United Property and Casualty, is going under. And that means about 30,000 Louisiana homeowners will need new insurance.
UPC took about $1.5 billion in losses from Hurricane Ian this year. Its policies will be canceled 30 days after the country is places into liquidation by Florida regulators.
The Louisiana Department of Insurance recommends homeowners losing their UPC coverage contact multiple agents to get as many quotes as possible, and if Louisiana Citizens ends up being the only immediate option, to keep shopping around for less-expensive coverage.
Earlier this month, Louisiana lawmakers and Gov. John Bel Edwards created the Insure Louisiana Incentive Program, to encourage insurance companies to write new policies for Louisiana homeowners. LDI is optimistic companies will soon begin participating in the program, offering a lower-cost alternative to homeowners with policies written by Louisiana Citizens Insurance.