Louisiana Homeowners Insurance
Louisiana Homeowners insurance (home insurance) helps you protect your most important investment. There is no way to own a home without opening yourself up to some risks. At some point, the unexpected will happen. If you’re not prepared, you may find yourself without a place to live because you don’t have the money to make repairs.
It’s not enough to buy a policy. You have to have the right policy for your home, belongings, and situation. Landeche insurance is here to help you. Get answers to questions about what various policies cover, how to deal with specific scenarios, and how to protect what matters most.
What is the average cost of homeowners insurance in Louisiana?
The average cost is $3,270 a year, but much will depend on the value of your home, the amount of personal property you’re trying to protect, the neighborhood where your home is located, and the precautions you’ve taken to help you manage the risks to your home.
Nevertheless, homeowner’s insurance premiums are usually far more affordable than trying to manage major storm repairs on your own, or recovering from a fire on your own.
How can I save money on home insurance in Louisiana?
One way is to take advantage of a wind mitigation survey. This survey examines the way that your house was built and its potential exposure to windblown debris during severe weather events. Safety features such as roof shapes, roof bracing, roof coverings, roof deck connections, roof-to-wall-connections, secondary water resistance, and protection of doors, windows, and other openings are all examined.
The average cost of one of these surveys is $200 to $250, but you can save up to 88% on your hurricane and wind premiums.
Another way to save money on homeowner’s insurance is to purchase monitored fire and burglary protection. Using these security measures reduces your insurance company’s risks, which means they can be worth a 10% discount.
Maintaining a good credit score is another way to save a little, as is bundling other types of insurance together.
Another way is to raise your deductible, but be careful. If you aren’t sure whether you’ll be able to come up with the deductible amount in the event of an emergency then it may be smarter to have a higher monthly rate in exchange for having to pay a lot less out of pocket in the event of a disaster or emergency.
Finally, working with an independent insurance agent can help immensely, because that means getting help shopping for the best rates, policies, and insurance products, as well as having someone to work with who understands how to assess and mitigate the risks associated with your unique home. That means being able to help you determine the right amount of coverage, ensuring you never pay too much for too little.
Is homeowners insurance required in Louisiana?
It depends. Some mortgage lenders require you to carry homeowner’s insurance as a condition of the mortgage. If you own your home outright or have a mortgage with no homeowner’s insurance requirement then you might not have to purchase it.
It is rarely a good idea to go without homeowner’s insurance even if it’s not required, however.
What does home insurance cover in Louisiana?
Your Louisiana homeowner’s or property insurance policy will help you cover expenses related to risks like:
The precise terms of your coverage will depend on the policy you choose. For example, some policies come with temporary relocation coverage that pays your expenses while your home undergoes repairs after a major storm.
Four types of damages are covered: interior damage, exterior damage, loss or damage of personal belongings, and injuries that arise while someone is on the property. In general, when you suffer a covered loss, you’ll pay your deductible and then your insurance policy will cover the rest.
Keep in mind most policies do not cover floods. Louisiana homeowners, especially here in the New Orleans metro area, need to be especially cognizant of this fact. Research whether your home is in a flood-prone zone. If it is, you’re going to want to purchase a separate flood insurance policy.
What can I do when my Louisiana homeowners insurance gets canceled?
There are a lot of reasons why a policy may be canceled, and some of them aren’t necessarily going to be in your control. It’s all about the insurance company’s perception of risk.
Your options depend on the reasons for the cancellation. If your insurer cancelled your policy because an inspector found unacceptable safety risks in the home then you can usually get a reinstatement by repairing and addressing those issues. If you’ve been cancelled because you’ve had to file one too many claims, or because you’ve had trouble paying your premium, you might have to shop around for another company.
Usually you’ll get 45 days of notice before a cancellation. This gives you time to reach out to an insurance agent so you can get help finding a new policy. You might have to prepare to pay a higher premium for a high-risk policy, but it’s rare for a homeowner to be completely uninsurable.
When that happens, you might be able to reach out to your lender for lender-placed insurance. You won’t be able to get personal property coverage and it’ll be more expensive than a conventional policy, but you’ll be able to satisfy your mortgage requirements.
Can you help me find home insurance for a second home or rental home?
Absolutely! These policies work a little differently than insurance policies for your primary residence, but you’ll have some options. The difference is typically a second home or rental home policy covers the internal and external structure of the home without covering any personal possessions in the home.
If you have tenants, it might be a good idea to advise them to purchase renter’s insurance so they can protect their own belongings.
Homeowners Insurance Near You
Many people think they’re adequately covered only to experience a loss and learn they didn’t have the right homeowner’s policy. Make sure you get the right coverage by giving us a call today. 504-228-7184
And remember, it’s important to know your stuff. If you have a homeowners insurance claim, the insurance company will need to know what you own. It is a good idea to make a home inventory list or video.