Lighthouse Property Insurance Corporation is no longer in operation.
If this affects you, it’s vital that you seek out replacement coverage now.
You’ve likely noticed that your homeowners insurance rates have seen massive increases in the past few years.
Higher premiums…less coverage…and you didn’t even file a claim!
And to make matters worse, you have less than a week to find a new home insurance policy.
While this is a tense situation, for anyone, it’s important to know that you’re not alone. Not only are tens of thousands of Floridians in the very same boat, insurance agents like us are here to help!
What’s Going On With Lighthouse Insurance?
On April 28, Lighthouse Property Insurance Corporation was signed off to be liquidated by the State of Louisiana. According to the Order of Liquidation, this means that all Lighthouse policies will not be effective after May 28, 2022.
A judge has found that the Florida-based insurance company cannot sustain themselves and has declared them to be insolvent.
For those of us in the insurance market, this is no surprise.
The devastation of Hurricane Ida has proven to be more than some insurers can handle. Combine this with rampant fraud and an explosion of lawsuits, and you have a “perfect storm”—one that capsized Lighthouse Insurance once and for all.
Relax…It’s Not Your Fault!
If you’re worried about how this will affect your coverage moving forward, take a deep breath.
These cancellations have nothing to do with the actions of any individual consumer and everything to do with the market as a whole.
Roughly 70% of the nation’s property insurance lawsuits take place in Florida, although we are home to only 9% of the country’s property insurance claims. Out of the $15 billion insurance companies paid out, 71% has gone toward attorney fees, with only 8% to property owners.
On top of all that, there has been a distinct lack of regulation, though change may be in the air, as Gov. DeSantis has called a special session to address the insurance crisis.
What Should I Do?
If you haven’t already, contact an independent insurance agent for a replacement policy.
While this closure won’t affect your insurance score, you should be aware that home insurance premiums are consistently high across all carriers. Florida has been in the midst of a hard insurance market for years and it doesn’t appear this will change any time soon.
However, working with an independent insurance agent is the best way to get the coverage you need for the best price available.
The beauty of an independent agent is that they can collect quotes from a wide range of carriers, giving you much more options to choose from. If you’ve never worked with an independent agency before, you might be shocked at the level of convenience, quality, and attention you receive!
Remember, May 28 is the date that your policy will expire—not the date you should start looking for new coverage! By the time your Lighthouse policy ends, you should already have a replacement.
Need a Replacement Policy? We Can Help!
At Harry Levine Insurance, we want Central Florida residents to know that we are here for them—whether they’re our current clients or not.
And if you are one of the households affected by this Consent Order, we’re here for you too. In fact, we expect to have replacement options ready to present and execute within 10 days!
Harry Levine Insurance has been providing Florida residents with unparalleled coverage and customer service for the past 35 years, and we have established a reputation as a pillar of the community. HLI was even named “2013 Business of the Year” by the Dr. Phillips Chamber of Commerce.
In short, we’re not just another insurance agency, we’re your neighbors.