Louisiana homeowners insurance

VIU by HUB helps remove the uncertainty in finding the right plan for Louisiana homeowners insurance.
Compare, shop and customize quotes from top-rated insurance carriers.

Putting down roots in the bayou

Home is where the heart is, but for many property owners, it’s also where the money is. You’ve invested funds into buying your residence and equipping it with the contents that make it look and feel like home. It’s important for you to make sure your castle is adequately covered from various perils. Finding the right policy for Louisiana homeowners insurance requires careful consideration. VIU by HUB helps you sort through the details to find the right plan.

Living it up in the Bayou State

Louisiana is known officially as the “Pelican State” and unofficially as the “Bayou State,” thanks to an abundance of slow-moving, marshy streams. Set in the south-central part of the United States, Louisiana features large deltas, marshes and coastal swamps made by sediment from the Mississippi River. The state contains 40% of the nation’s coastal wetlands and the largest delta in the Western Hemisphere.

Let’s explore Louisiana by the numbers:

       A little over 52,000 square miles in land area; 30th-largest state by area.

       Almost 4.6 million residents; 25th-largest state by population.

       Approximately 2,093,393 housing units.

       Approximately 66.7% of housing units are occupied by owners.

The average cost of a single-family home in Louisiana is around $193,000. While this is lower than the national average of $303,000, the cost of residential real estate in the Pelican State is trending upward.

Louisiana has a humid subtropical climate, characterized by lengthy hot summers and mild winters. The wet season takes place between April and September. The state averages over 60 days of thunderstorms each year, coming second only to Florida. Parts of the state are especially vulnerable to tornadoes and hurricanes each summer. Given the vast coastal wetlands in the state, properties throughout are at risk of significant water damage due to weather.

Exploring Louisiana homeowners insurance

As a homeowner in Louisiana, you’re not required by the state to carry insurance; however, if you have a mortgage, your lender typically requires you to have Louisiana homeowners insurance. If your residence experiences damage due to fire or tornadoes, a homeowners policy can cover the loss, thereby protecting your (and your lender's) investment. Most people don’t have almost $200,000 or more in cash to replace a destroyed home.

Even if you fully own your home, having homeowners insurance is still a good idea. Most policies cover not only property claims but liability claims related to injury and property damage as well. VIU by HUB is hereto help you understand what is covered when reviewing Louisiana homeowners insurance quotes.

Understanding Louisiana homeowners insurance coverage

Before you start searching for insurance policies, you should know what is usually included in a homeowners policy in the state. While there are certain common protections for Louisiana homeowners insurance, you may need additional coverage based on your house and perils.

VIU by HUB helps you make sense of Louisiana homeowners insurance quotes and their applicable coverages. The following coverages are available in this state.

Basic Form Insurance Coverage

Basic Form coverage provides protection for your home and its contents from perils such as fire, lightning, theft, vandalism, vehicular damage, aircraft damage, explosion and civil unrest, among others. It also includes Comprehensive Liability, which covers property damage and injury to third parties.

Broad Form Insurance Coverage

Inclusive of perils covered by the Basic Form, the Broad Form also protects your residence and belongings from building collapse, freezing and accidental discharge of water or steam due to various perils inside the home, including:

       Plumbing.

       HVAC systems.

       Domestic appliances.

       Falling objects.

       Ice, snow or sleet.

       Hot water heater failure.

Special Form Insurance Coverage

The Special Form builds on the coverage offered by the Broad Form and extends it to other risks, except for flooding and earthquakes. Consider the Special Form if your property has other buildings, such as a detached garage or backyard shed.

Comprehensive Form Insurance Coverage

The Comprehensive Form is generally the most expensive because it covers a wide range of potential perils. A comprehensive policy covers your belongings on the same “All Perils” basis as the dwelling. It does not cover losses due to earthquakes and floods.

Special Homeowners Condominium Form

This coverage is designed for condominium owners and covers the interior contents of a dwelling, but not the entire structure.

Other coverages

Because homeowners insurance doesn’t cover flooding, Louisianians are strongly encouraged to purchase a flood insurance policy from the National Flood Insurance Program. Most policies don’t cover the business use of your home.  If you rent your home to others for vacation use, consider purchasing special insurance. Separate coverage is available for high-dollar, valuable items such as art, jewelry or antiques. Most homeowners policies also have limits on Personal Liability. You can purchase Umbrella coverage above those limits.

Counting the costs 

Louisianians can expect to pay $1,990 annually for coverage on a $250,000 dwelling. This is about 40% higher than the national average of $1,400, primarily due to the high occurrence of hurricane activity in the Gulf Coast. Homeowners in Louisiana’s premiums are on par with those of other coastal states such as Texas and Mississippi.

Your insurance premium will be shaped by several factors. VIU by HUB can help you sort through these factors and how they affect your Louisiana homeowners insurance quotes:

       Cost to rebuild.

       Building materials used for your home.

       Age of home.

       Location.

       Location’s fire rating.

       Your credit history and claims history.

       The history of claims on the house.

       Coverage limits.

Raising your property deductible, which is the amount you will pay out-of-pocket before insurance kicks in, is an option that can also lower your premium.

This information is intended for general informational purposes only and is not intended to constitute legal advice.

Sources:

Wikipedia- Louisiana

Wikipedia- Bayou

Louisiana Audobon

Louisiana Census

Wall Street

Louisiana Government

Homeowners Insurance

Flood Insurance