If you live in Louisiana then you already understand the type of weather you have to deal with during the storm season, especially if you live near the coast. Sitting just off the Gulf of Mexico, Louisiana has to deal with some of the most extreme storms virtually year in and year out. This can put a great strain on you as you look for Louisiana homeowners insurance to protect your most important investment from these storms.
Here are a few things you should understand about your Louisiana homeowners insurance to help you better prepare for the storm season.
Standard Policy Coverage
You will start things off with a standard homeowners insurance policy that will cover your home and belongings against theft, fire, damage during moving, lightning or most any other type of damage except that of flooding and in some policies, wind and hail.
There will also be liability protection in a standard Louisiana homeowners insurance policy that will protect you from lawsuit if someone is injured on your property. For instance, if someone slips and falls on your steps, then your homeowners insurance will pay for their medical bills.
There are different levels of coverage offered by standard policies. The more comprehensive the coverage, the more you will be paying in premiums. You will have to balance the protection you need with what you can afford to get the right policy at the right price.
Hurricane Insurance Policies
A hurricane insurance policy, sometimes known as a wind and hail policy, may need to be purchases separately. You will want to check with prospective Louisiana homeowners insurance companies to make sure there is hurricane protection within your comprehensive homeowners insurance policy. If not, you may need to look for government sponsored hurricane insurance policies.
You may also have to pay an additional deductible for damages due to hurricanes. This deductible will be higher than the deductible for other types of damage. You may pay a higher premium to get this deductible reduced. No matter how the homeowners insurance company offers hurricane protection, if you live in a susceptible area, then it is necessary to protect your home and belongings.
Flood Insurance Policies
In many parts of Louisiana, flood insurance to protect your home is a necessity. If you are paying on a mortgage and are in a frequent flood zone, your lender will require you to purchase a flood insurance policy. Louisiana homeowners insurance flood policies are separate policies from your standard coverage. A flood policy will have its own exclusions, limits, deductibles and terms.
You can purchase a flood insurance policy for your home through a private insurer or you can go directly through the National Flood Insurance Program. You can get homeowners flood insurance up to $250,000 for your home and $100,000 for the contents. Any additional needed coverage can be gotten through a private insurer.
Louisiana Citizens Property Insurance Corporation
If you are having trouble getting Louisiana homeowners insurance because of where you live, then you should contact the Louisiana Citizens Property Insurance Corporation. It was created in 2003 to oversee the FAIR and Coastal high risk insurance pools. In many of the coastal areas of the state, homeowners insurance companies do not offer protection from hurricanes as a part of their policies because the risk is simply too great. The Coastal high risk pool supplements your standard Louisiana homeowners insurance policy with wind and hail or hurricane insurance.
The FAIR plan is designed to help you no matter what part of the state you live in to get Louisiana homeowners insurance once your opportunities in the private market have been exhausted. You should be aware that any licensed homeowners insurance provider or agent can request supplemental homeowners insurance through either of these plans on your behalf.
Rate Quotes to Help You Save Money
There is no time like the present to get started on shopping for Louisiana homeowners insurance. You don’t want to wait until the last minute to purchase a homeowner insurance policy, because most of them especially flood and hurricane policies generally do not go into effect until 30 days after the policy has been purchased. This means you need to look for Louisiana homeowners insurance rate quotes now.
By getting your homeowners insurance quotes online, you can reduce the hassle and the time involved in the process. By filling out just one form, you can get multiple Louisiana homeowners insurance rate quotes. With these quotes you can compare 3 to 5 insurance providers to find the lowest rate on standard policies, flood policies as well as wind and hail Louisiana homeowners insurance policies.