Customers of Tampa-based Lighthouse Property Insurance Corp. are being urged to contact their agents to find new coverage after a judge last week ordered liquidation of the insurer.
A “frequently asked questions” document posted this week on the Lighthouse website said policies of Lighthouse and the affiliated Lighthouse Excalibur Insurance Co. will expire May 28 in Florida and three other states.
“Florida, North Carolina, South Carolina, and Texas policyholders must seek coverage with another company since they will no longer have Lighthouse coverage as of May 29, 2022, and beyond,” the document said. “Policyholders are encouraged to contact their agent to find replacement coverage.”
The Florida Insurance Guaranty Association, which handles claims of insolvent insurers, has been activated to help pay Lighthouse claims, according to the non-profit association’s website. Lighthouse had about 27,000 policies in Florida as of last month.
The company also has insured homes in Louisiana, North Carolina, South Carolina, and Texas.
The liquidation order, issued by a Louisiana judge, was another blow to Florida’s property insurance market. Gov. Ron DeSantis has called a special legislative session to start May 23 to address problems in the market.