Louisiana Homeowners Insurance - Metairie, Lafayette, Baton Rouge

What is the purpose of homeowners insurance?

Louisiana homeowners insurance provides coverage in the event of damage to your property as well as liability for injuries and damage you cause to other people.

What is homeowners insurance?

Louisiana homeowners insurance provides financial protection against disasters. A standard homeowners insurance policy insures the home itself and the things you keep in it.

Homeowners insurance is a package insurance policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes, and poor home maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are your responsibility as the homeowner.

Does my Louisiana homeowners insurance policy cover flooding?

Standard homeowner policies do NOT cover flooding. You can purchase flood coverage directly through your homeowner insurance agent.

Replacement cost homeowner insurance coverage is available for the structure of your home, but only actual cash value coverage is available for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

Louisiana flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a Louisiana flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond, or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy; there is a 30-day waiting period before your flood insurance coverage will take effect.

The federal flood insurance program provides only limited coverage. If you need more coverage than the federal program provides, additional coverage known as “excess” flood insurance is available from specialized insurance companies. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

Excess flood insurance is available in all parts of the country — in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk — wherever the federal program is available. It can be purchased from specialized independent flood insurance agents or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.