Louisiana Homeowner's Insurance
Your home is one of the largest investments you make during your life and you will want to insure it accordingly.
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Louisiana Homeowner's Insurance: What You Need to Know
Am I required to purchase Louisiana homeowner's insurance?
No. However, if you take out a loan to finance the purchase of your home, your lender will most likely require you to purchase some form of Louisiana homeowner's insurance. This protects their investment in case the home damaged or destroyed.
After your loan is paid off, you may cancel your Louisiana homeowner's insurance, but you are putting your home at great risk by doing so.
What does Louisiana homeowner's insurance cover?
Generally speaking, Louisiana homeowner's insurance protects the structure of your home and its contents. In addition, your Louisiana homeowner's insurance acts as a "package" policy. This means that it covers both property and liability claims:
Property—coverage against damage and loss to your home and its contents.
Liability—coverage from law suits that may arise from someone who has injured his or herself on your property.
Are there different kinds of Louisiana homeowner's insurance?
There are three main forms of Louisiana homeowner's insurance—Basic, Broad and Special.
Basic—Provides coverage against 11 basic perils such as fire or lightning, windstorm or hail and theft or vandalism.
Broad—An extended form of basic; provides coverage against the basic 11 perils, plus six more including building collapse, weight of snow or ice and damage caused by home appliances.
Special—Provides coverage from all perils, except for specified exclusions like earthquake and flood.
There are more specified forms of Louisiana homeowner's insurance available so be sure to ask your agent if there are other products to suit your needs.
What doesn't Louisiana homeowner's insurance cover?
Unless otherwise specified, Louisiana homeowner's insurance will not compensate for damage or loss caused by flood, backed up sewers or drains, earthquake or acts of war.
What if I need hurricane and flood coverage?
While hurricane coverage is generally not included in Louisiana homeowner's insurance policies, the Louisiana Department of Insurance recommends asking your agent about a hurricane deductible. Often times this can be written into your policy.
If you would like to purchase flood insurance, you should first ask your Louisiana homeowner's insurance agent if they offer any type of flood insurance. If not, you should contact the National Flood Insurance Program (NFIP) to buy a policy.
Don't wait for a storm to hit your area—flood insurance usually takes about 30 days after the date of purchase to take affect.
To contact the NFIP, call (800) CALL-FLOOD.
What if I still have questions?
For more questions on Louisiana homeowner's insurance, contact the Louisiana Department of Insurance at (800) 259-5300.
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