Approximately 30,000 homeowner policyholders in Louisiana of two insurance companies deem insolvent will now have coverage under SafePoint Insurance. Insurance Commissioner Jim Donelon said this is great news for those who had policies with Access Home or State National Fire for more than three years.
“SafePoint has agreed to continue those policies in effect under the same terms and conditions, including rates, with no change until renewal,” said Donelon.
As policies come up for renewal, beginning in March 2022 they will be rewritten using SafePoint’s policy forms and rates.
Donelon said not only is it a win for the 30,000 policyholders but taxpayers also because otherwise, those policyholders could end up with taxpayer-funded Louisiana Citizens Property Insurance.
“Good news for policyholders, good news for taxpayers because SafePoint has assumed the liability for those policies going forward, retroactive to December 1st,” said Donelon.
Donelon said SafePoint will cover any insurance claims made on or after December 1st. As for claims prior to December, particularly those from Ida.
“Those will be protected through the Louisiana Insurance Guaranty Association, up to $500,000 per claim,” said Donelon.
For more information visit the Louisiana Department of Insurance’s website.
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