Saving Money on Homeowners Insurance in Louisiana

by Brittany Huenecke

With the increase in insurance rates, homeowners are feeling the heat.

Louisiana Citizens is increasing their rates on January 1st... by 63%. This is due to the cost of reinsurance and the lack of providers writing for under the I-10. But there is hope on the horizon.

Last month my team and I hosted a free event to the public discussing this exact issue. We had the owner of Riverland Insurance, state representative Matthew Willard, and our team lead John Hendrix on the experts panel. In general, the consensus is: it is going to be a doozy and is going to get worse before it gets better. However, since October 1st, EIGHT new companies have joined the Louisiana market, and will have limited availably to write policies below the I-10. As of last week, TWO more companies will be joining the market the beginning of the year. Watch video below to learn more.

Here are my suggestions to you:

1. Reach out to your insurance agent. Develope a rapport with them and ask them if there are any new companies writing and if you can get a better rate. If you switch providers, you likely will be charged a small fee of around $70, but it is worth it if you get a lower rate!

2. Check to see if you are paying for coverage for things you don't need or don't have. Are you paying for a shed in the backyard or a garage that doesn't exist? Are you paying for $200,000 of contents but only own $50,000?

3. Wind Mitigation Inspection. This is something that has recently come to my attention and can save you money on your homeowner's insurance! This essentially is an additional inspection you can get on your home that assess the risk/loss in the event of a wind event. I have attached a checklist here for your review. If your home has some of these items on the checklist, it may be worth getting this inspection. They typically run from $250-$350.

I hope this information was helpful! Please reach out to me with any questions at 504-239-8098 or brittany@hendrixgroupnola.com or if you need help finding an inspector!

Best,

Brittany