Louisiana is a beautiful state with a rich history. People who live here enjoy warm weather and southern hospitality year-round. Still, there are a number of natural disasters that could occur if you choose to live in this state. Tornadoes, hurricanes, and floods could strike at any moment.
It's crucial to consider any potential hazards before purchasing a home in Louisiana. Some areas of the state are more likely to receive damage than others are. And Louisiana's Personal Umbrella Coverage should be considered along with any homeowner's insurance you purchase.
Comparing Louisiana Home Insurance Rates
There are a number of options available to you if you decide to live in Louisiana. First, you can customize your insurance based on the type of home you decide to own. Insurance for a condo or apartment will obviously be different than insurance for a house. Furthermore, a location that is notorious for receiving multiple tornado, hurricane, or flood strikes will likely carry a higher rate, as it's a greater risk to live there.
Insurance in Louisiana, as in many other states, is highly customizable. Here are a few options you should consider when purchasing Louisiana home insurance:
- Dwelling Coverage
- Personal Liability Coverage
- Medical Coverage
- Personal Asset Protection
Your dwelling coverage can be set at your own discretion. Consider the value of your home, as well as how much you think it will cost to repair it. A low limit for dwelling coverage may leave you stuck in a bad place if disaster strikes. Additionally, it might be a waste of money to make the limit too high. It is always best to consult an insurance agent to discover the best limit for your dwelling coverage.
Personal liability coverage is another important aspect of your home insurance. This coverage protects you from a lawsuit if someone else suffers an injury in your home. This type of coverage is only effective as long as the injury is a result of something under coverage.
Medical coverage and personal asset protection are self-explanatory. A natural disaster in Louisiana may leave you injured. Again, much of this is completely dependent on your location, but the right amount of medical coverage will leave you with one less worry on your mind.
Personal asset protection might not be as important as the other points. However, if you own a business or keep valuables in your home, you owe it to yourself to have some level of personal asset protection coverage.
Louisiana Personal Umbrella Coverage
All residents of Louisiana should at least consider Personal Umbrella Coverage. This is a unique insurance plan that adds on to your current coverage. You can customize it in a number of ways based on your personal needs.
Personal Umbrella Coverage starts where your standard coverage ends. Yes, it is at an extra cost, but you can save money in the end by choosing this. This extended coverage can cover much more than just you. It has the potential to cover any medical bills incurred by family members. Most importantly, it can also cover any legal fees that may arise if another party decides to sue you based on an injury received in your home. There's no telling how much trouble you could wind up in based on one simple accident beyond your control. This type of coverage will give you peace of mind in some intensely stressful situations.
Frequently Asked Questions About Louisiana Home Insurance
1. Does coverage apply to a home not currently occupied?
Louisiana only insures a home if someone is living there. The most important reason for this being that an unoccupied home is much more likely to receive damage or become victim to vandalism. It's too much of a risk to insure a house that nobody lives in.
2. Will Louisiana insure a property in the event of a flood?
You can only get flood insurance through FEMA. Louisiana residents should highly consider purchasing this additional insurance for their property, as floods are common in many areas of the state.
3. Can an insurer increase the value of a house?
Louisiana has no say over the actions of independent companies. Shop around for an insurance provider that will give you a fair and accurate value.
How to Get Great Rates on Louisiana Home Insurance
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Louisiana Home Insurance Resources
Louisiana Department of Insurance
State laws governing the insurance industry in Louisiana
Insurance Information Institute
A general consumer resource for facts, statistics and issues regarding all types of insurance