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Started By
Message
re: UPC insurance is leaving LA
Posted on 8/27/22 at 7:53 am to Chad504boy
Posted on 8/27/22 at 7:53 am to Chad504boy
quote:
Emotional bullshite
Which part?
The latest news in the journal is that they laid off 80 employees yesterday and demotech is removing their rating entirely. If you have been paying a $2000 premium on a $400,000 home built prior to 2008 , your premium will double. My intention was not to come off as emotional, but the general sentiment of this thread has been that you will keep your policy through expiration, and I just dont believe that to be the case.
2
Posted on 8/27/22 at 8:22 am to miramon
quote:
Which part?
You laid out facts about the company and their work force. I don’t think it was necessarily emotional but it doesn’t support your argument.
There are laws and regulations they have to abide by. Yes, they are liquidating but by law they can’t just up and disappear.
Posted on 8/27/22 at 8:26 am to miramon
quote:
and I just dont believe that to be the case.
They would have dissolved if that was the necessary route desired. They didn’t. They didn’t. They are basically wanting to scale down to a shell over the next 15 months and I think slowly build themselves back. Probably sell off or something by then.
Posted on 8/27/22 at 10:12 am to Chad504boy
We will see. I very much hope you are right and I am wrong. Much prefer an orderly runoff to a 30 day run off. I did not mean to sound like an emo b**tch fwiw.
Posted on 8/27/22 at 10:31 am to mule74
quote:
They cannot cancel your current policy. It will be non-renewed at the end of the current term.
SageSure/FedNat cancelled mine before my renewal date. They sent an email essentially saying "hey we're out, good luck."
quote:
Your current insurer, FedNat Insurance Company, was downgraded in its Demotech Financial Stability Rating and doesn't have adequate reinsurance coverage for the 2022 hurricane season. The Louisiana Department of Insurance has approved the cancellation of your FedNat policy effective July 1, 2022, at 12:01 a.m. local time
This post was edited on 8/27/22 at 10:32 am
Posted on 8/27/22 at 10:36 am to Ingeniero
quote:
SageSure/FedNat cancelled mine before my renewal date. They sent an email essentially saying "hey we're out, good luck."
Yea that was a bit of a different plan submitted. UPC is more going the route of bankers ins co
Posted on 8/27/22 at 10:45 am to Chad504boy
Communism - a system where the government controls both the production and distribution of goods and services.
So you say UPC Insurance is leaving Louisiana? No Problem. The government will simply step in to provide the service. Then use the power to create winners and losers. Especially as it applies to voting. Just like Crooked Joe Biden did with the cancellation of student debt.
So you say UPC Insurance is leaving Louisiana? No Problem. The government will simply step in to provide the service. Then use the power to create winners and losers. Especially as it applies to voting. Just like Crooked Joe Biden did with the cancellation of student debt.
This post was edited on 8/28/22 at 8:02 am
Posted on 8/27/22 at 10:56 am to Chad504boy
quote:
Yea that was a bit of a different plan submitted. UPC is more going the route of bankers ins co
Gotcha. Whatever they did, it left me scrambling for someone who'd cover me
Posted on 8/27/22 at 11:31 am to mule74
It's like a repeat of post-2005 after Katrina and Rita....there was a moratorium on new policies so you had to keep who you had or go with Citizens.
Posted on 8/27/22 at 11:45 am to Cajun75
Is progressive still writing new policies in Louisiana?
Posted on 3/8/23 at 12:11 pm to Chad504boy
Update: all policies are cancelling effective 3/29. UPC went in to Receivership.
If you need a quote let me know.
If you need a quote let me know.
Posted on 3/8/23 at 12:13 pm to Bonkers119
quote:gotta drop people before hurricane season
all policies are cancelling effective 3/29
Posted on 3/8/23 at 12:14 pm to Bonkers119
I had a family member all pissed off about this yesterday.
Posted on 3/8/23 at 12:15 pm to madamsquirrel
I’ve helped a few people already.
Say goodbye to your $1000 dollar hurricane deductible.
Say goodbye to your $1000 dollar hurricane deductible.
Posted on 3/8/23 at 12:19 pm to vistajay
quote:
I hope they are not allowed back in when the market is attractive again. They were one of the worst for claims.
Any thoughts on what will be the catalyst to LA south of I-10 being attractive?
Posted on 3/8/23 at 12:49 pm to Bonkers119
So what does that mean for remaining premium for the remainder of the policy?
Have an open claim with them for tornado damage. Luckily got our check last week for the structural stuff but for some reason the field adjuster didn’t include the property that needs to be replaced (less than 1K but I’d still like my money). Got a supplemental form filled out and sent it back at the end of February but seems they pulled all the desk adjusters since then. Talked to someone earlier this week and he said someone would eventually contact me but he gave me the spiel about them going into receivership. Thinking it will be a while before I see that money or my premium.
We were getting ready to switch over to State Farm the week the tornado hit. Saved over 5K in the difference in deductibles by not having moved to State Farm before the tornado hit. A lot of people complained about UPC but we didn’t have any issues dealing with them or have to fight with them to pay for things (up until this point). Goodbye $1000 deductible.
Have an open claim with them for tornado damage. Luckily got our check last week for the structural stuff but for some reason the field adjuster didn’t include the property that needs to be replaced (less than 1K but I’d still like my money). Got a supplemental form filled out and sent it back at the end of February but seems they pulled all the desk adjusters since then. Talked to someone earlier this week and he said someone would eventually contact me but he gave me the spiel about them going into receivership. Thinking it will be a while before I see that money or my premium.
We were getting ready to switch over to State Farm the week the tornado hit. Saved over 5K in the difference in deductibles by not having moved to State Farm before the tornado hit. A lot of people complained about UPC but we didn’t have any issues dealing with them or have to fight with them to pay for things (up until this point). Goodbye $1000 deductible.
Posted on 3/8/23 at 12:55 pm to Chad504boy
They are in liquidation. If you have a open claim you will have an issue finding someone to insure you. I had to go with citizens as a renovation and my premium more than doubled for less coverage.
Posted on 3/8/23 at 12:55 pm to Chad504boy
Yep, they're bankrupt.
Posted on 3/8/23 at 1:09 pm to Bonkers119
quote:
I’ve helped a few people already.
What would you quote on a 1300 square foot butler suite?
Posted on 3/8/23 at 1:09 pm to Bonkers119
quote:that was also mentioned specifically
Say goodbye to your $1000 dollar hurricane deductible.
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