Another 10,000 Louisianans could soon lose their insurance

Another 10,000 Louisianans could soon lose their insurance

Florida’s state regulator has begun criminal proceedings against Weston Insurance, meaning it could be insolvent. The company has 10,300 Louisiana policyholders who are leaving the state to seek new insurance. It is not clear when the policies will expire, as the judge has not made a decision, but after that date, Louisiana residents will have 60 days to get new insurance. . “According to what we are told, the money is there, they have the money to pay, but we want the carriers to return. Now, what it will look like and how the money will look, who knows but certainly as few as possible is the best way to solve the problem,” said the insurance company Thibodaux Price Bourgeois. A number of insurers left the state, including Lighthouse and Southern Fidelity in July. I hope they can pay. There is no danger to those who have legal citizenship. Whatever it takes to pay the claims, the board has the power and the responsibility to get everyone who has policies to pay the money, “said the director of the state insurance Jim. Donelon. For Bourgeois, however, he says that he wants more insurers to enter the market because the prices it will go up. a well-known company and you see an increase of 10 percent or even 20 percent, I probably wouldn’t move. Because of who you are going to, if they are offering low rates right now, this is not the time to reduce your insurance,” said Bourgeois.

Florida’s state regulator has begun criminal proceedings against Weston Insurance, meaning it could be insolvent. The company has 10,300 Louisiana policyholders leaving many in the state looking for new insurance.

It is not clear when these policies will end, as the judge has not made a decision, but after that date, Louisiana residents will have 60 days to find a new provider when they are provided by the state through Louisiana Citizen insurance.

According to what we are being told, the money is there, they have the money to pay, but we need the carriers to come back. Now, how this will look and how the money will look, who knows but certainly as few as possible is the best way to solve this problem, “said insurance agent of Thibodaux Price Bourgeois.

Citizens have been under pressure from the new rules since several other insurance companies withdrew from the state, including Lighthouse and Southern Fidelity in July. The government says that the number of people on Citizen has increased from 36,211 in August 2021 to 96,318 in August 2022.

“I have full confidence that he will be able to pay. There is no danger for those who have Citizen’s laws. “Whatever it takes to get those claims paid, the board has the power and responsibility to get everyone covered by these policies to pay,” said state insurance director Jim Donelon.

For Bourgeois, however, he says he wants more insurers to enter the market because prices are rising.

“You’re going to see an increase in all kinds of insurance in the state, but if you have a good, reputable company and you see a 10 percent or even 20 percent increase, I probably won’t move. Because of who you’re going to, if they’re offering low rates right now, now’s not the time to lower your insurance,” Bourgeois said.