Another insurer leaving Louisiana; 36,000 affected
NEW ORLEANS (AP) — Property insurance policies covering about 36,000 Louisiana homes won’t be renewed next year by a Florida-based company, the state Department of Insurance said in a news release.
United Property & Casualty is pulling out of Louisiana and other states.
“About 33,000 UPC policyholders whose current policy term is scheduled to end in 2023 will receive written notification of non-renewal from UPC at least 30 days before their coverage end date,” the department’s Wednesday statement said.
About 3,000 customers whose policies were to run out between Nov. 26 and the end of this year will be able to extend their coverage but will get a notice of non-renewal after that.
The reasons for the departure weren’t given in Wednesday’s statement. However, the company’s financial ratings were downgraded in August, news outlets reported.
The state’s legislative auditor said in October that 11 insurance companies servicing Louisiana have gone insolvent since mid-2021. Another dozen had announced plans to leave the state prior to Wednesday’s news, the Times-Picayune/The New Orleans Advocate reported. The changes come after the state was battered during busy 2020 and 2021 hurricane seasons.