UPC Insurance clients have 30 days to replace policies with Louisiana Citizens
Insurance company (UPC) policies cancel on
bind a Citizens policy without losing coverage.
UPC policyholders who do not find a new homeowners policy before their UPC policy is canceled will be covered by Citizens for claims occurring
between their cancellation date and the end of the extension period if an agent binds the Citizens policy by that date. This extension does not
affect policyholders who find a new policy with an insurer other than Citizens.
"UPC policyholders should use this extra time to secure coverage with a private insurer before turning to Citizens," said Donelon. "I urge these
policyholders to immediately contact multiple agents, including independent agents, and begin shopping for a new policy."
Earlier last week, Donelon announced that participating insurers will receive credit toward the Insure Louisiana Incentive Program's grant
requirements for assuming UPC policies. Credit will also be given to companies who write policies for former UPC policyholders during the 30-day
period after cancellation.
If you are a UPC policyholder, the LDI recommends you do the following:
Contact multiple agents, including both captive and independent agents, to obtain as many quotes as possible for a new policy.
Ask an agent to contact Citizens for a quote if you are unable to find a policy in the private market.
If you do get a Citizens policy, continue shopping around for a new policy as the LDI expects more insurers to begin writing this Spring following implementation of the Insure Louisiana Incentive Program. If you cancel and rewrite your Citizens policy with a private company, Citizens will refund any unearned premium.
If you have an open claim with UPC, that claim may or may not eventually be transferred to the
In a related matter, on Monday, Congressman
Higgins' bill would amend the
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