Insurance Agents Race To Find New Coverage Amid A Mountain Of Policy Cancellations

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NEW ORLEANS (WVUE) — Insurance agencies are under pressure to find new coverage for the thousands of Louisians who lose their insurance this month and next.

Ross Fayard, owner of Amstate Insurance, said: "I worked until 2:30 a.m. writing letters to the police."

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Fayard is already working to find new insurance for those who lost their insurance in June, and this week Insurance Commissioner Jim Donnelly announced other insurers had canceled thousands of policies in mid-July.

"I ran away. You know I'm like a bunch of other agents. We ran from sleep. This is probably the worst time that could happen," Fayard said.

Earlier this week, Fayard told FOX 8 that about 800 customers were affected by the expected cancellation and that the policy had been increased by more than 1,500 as of Friday.

“I was hit by about 1,600 fonts. That's ridiculous," he said.

Read more: About 100,000 Louisians will lose their home insurance this summer

Donnelly said he knew it was a tense moment. However, he urged them to contact the insurance agent because they lost insurance.

"I know that officials are pressured in many cases," he said. I have agent friends," Donnelly said.

On June 30, Lighthouse Excalibur canceled 30,000 policies and Maison canceled 12,000 policies. Southern Fidelity will cancel 42,000 policies on July 15.

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Fayard said it was difficult to relocate property that was damaged so quickly.

"On July 14th, out of those 42,000, I promise you that you won't even give up half of all the agents to find a place for these people," he said.

And agents say private insurers are becoming increasingly selective about what they see as customers. However, Donelon emphasized that the company is still writing the policy.

“You know, he [Donnelly] said some companies are actively writing, okay, yeah. But, you know what? It's really hard to agree on their criteria because they don't want to write them all down. They're forced to do this. They set the standard for acceptance,” Fayard said. .

In addition, there is the Citizen of Louisiana, the state insurance company.

"Insured who cannot find the police on the private market can find the police through our state insurance company, Louisiana resident, but it must be done through the agency," Donellon said.

Some policyholders find that they will soon lose their coverage.

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Donaldon said they would be notified once the case was brought to court.

“When the judge signs the termination order, a notification is sent immediately. We couldn't ship it sooner because we didn't know it would be signed by date.

However, consumers and many insurance agents are overwhelmed with insurance problems.

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"I've been doing this job for almost 19 years and it's the worst thing I've ever done. And I've never seen so many markets suddenly crash," said Jennifer Clements of Dan Bergard Insurance.

"I've never seen insurance so bad in the history of writing," said Fayard.

Mike Cooper, President of the Church of St. Tammany, also commented on the removal of insurance.

Cooper made the following statement to the news media:

“Terminated insurance policies, rising premiums, rising electricity bills, inflation and fuel prices are affecting every family in the St. Tammany. The heat of summer and the start of the hurricane season did not improve. Even if insurance rates are beyond my control, I will continue to protect the citizens I serve. As a ward leader, all options are available to me.”

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