5 Tips to lower your Laplace homeowners insurance rate

If you own a home in Laplace and you are looking for ways to lower your expenses including your homeowners insurance rate here are a few ways to accomplish lower rates

I put together a few things you can do to save hundreds off of your quote.

 

RAISE YOUR DEDUCTIBLE

When you raise your deductible (the amount deducted from a claim check) your insurance rate goes down

You want to raise your deductible to a level of affordability

If you only have $1,000 in your checking account,

you don’t want to take a $5,000 deductible

Your next claim would be a financially devastating event.

But if you have never made any claims other than weather related,

you need to begin to consider transfer of risk

You want to transfer more of the risk to you and away from the insurance company by considering a higher All Other Perils deductible (not hurricane or named storm)

When you take a low deductible, you are telling the insurance company to take on more of the insurance responsibility if you make a claim

When you do that, the insurance company charges you more on your Laplace homeowners insurance

 

BUNDLE YOUR AUTO, HOME, UMBRELLA AND FLOOD WITH ONE INSURANCE BROKER

When you work with the best Laplace insurance broker you get access to more discounts and more A rated insurance companies so you can lower your insurance expenses

Bundle your auto, home, umbrella and flood with the same agency and you will get discounts on your

 

The majority of homeowners insurance companies do not write all lines of insurance

but they will give discounts if all of the lines of business are with the same insurance broker

I talk to many customers who have their flood with one agent

Their auto insurance somewhere else

and their homeowners insurance with they purchased through some insurance broker their real estate agent recommended and they have no idea who their agent is or where they are located

 

IMPROVE YOUR HOME SECURITY

Two discounts available are monitored fire alarm and monitored burglar alarm.

There is a race to the bottom with pricing right now for security systems

The standard at one time was $40-$50/month for monitoring services

Today monitoring alarm companies are cutting prices against their competition and you are going to benefit

If you have not priced a new security system,

now is the time

No more landline needed

Some Laplace home insurance companies will offer large discounts for monitored security systems (up to $300 annually)

But don’t just do it for the discounts.

Protecting your family and your house with a monitored security system in Laplace is  just a responsible thing to do

 

ADJUST YOUR PERSONAL PROPERTY CONTENTS COVERAGE

 

For many years, homeowners insurance companies would provide you 50% of the home insured value for your personal property

It was packaged and there was nothing you could do

If you had a 400,000 house,

you would get $200,000 of contents coverage

Regardless if you could only prove you had $75,000 of property 

you had to take $200,000 of contents coverage,

but would only be paid for $75,000

 

 

Now you can adjust your contents coverage to the actual replacement value of your property

Determine the replacement cost of your property inside your house

Specialty items like jewelry, guns and collectibles have limitations so don’t include these items in the total value of your contents

You would need a personal articles scheduled stand alone policy

 

ADJUST THE INSURED VALUE TO THE REPLACEMENT COST

 

Due to the inflation guard endorsement on a homeowners policy,

the endorsement could make your insured value increase considerably if you have been with the same insurance company for a long time.

The inflation guard endorsement will automatically increase your insured value usually 1-3% every renewal in an attempt to keep up with the actual replacement cost to rebuild your house

A quick rule of thumb is to take $125-$165 x total square feet of your house to get an estimate of the cost to rebuild your house

$100 x 2465 square feet = $246,500 estimated replacement cost

This is just a quick guide to help you get an idea if your home is under or over insured.

A licensed home builder will give you a more accurate picture of the cost to rebuild your house.

 

What’s this all about?

Lowering your insured value on your home insurance policy to a point of under insuring your property is not a smart idea because you need enough money on the claim check to rebuild your house

When you are ready to work with Laplace homeowners insurance broker that can help you lower your insurance expenses and give you the protection you need complete the form below

 

 

Did you have a 5% hurricane deductible on your New Orleans homeowners insurance policy?

For many homeowners in New Orleans after the recent hurricane Zeta they discovered damage to their roof and they called their agent to make a claim

To their surprise they were explained what is a 5% Hurricane deductible

It is 5% of the insured value or the amount the home is insured for

example) 300,000 house with a 5% Hurricane deductible is a $15,000 deduction on the claim check

For most New Orleans homeowners a roof replacement is less than $15,000 so basically you are insuring your roof out of your own pocket

The problem recently is not all homeowners were aware they had a 5% hurricane deductible on their homeowners insurance policy

Some insurance companies just changed the Hurricane deductible from 2% to 5% on the renewal policy

GET A LOWER HURRICANE DEDUCTIBLE

After the recent hurricane(s) that struck the Gulf Coast, insurance companies are going to raise rates and the days of Hurricane deductibles as low as 1000 may be behind us

At this time you can still purchase a lower Hurricane deductible

Most large insurance companies that spend their time and money on commercials offer a 5% Hurricane deductible on New Orleans homeowners insurance policies

If you have been with one of these companies for a long time you most probably have a large Hurricane deductible

 

FIND THE BEST NEW ORLEANS HOMEOWENRS INSURANCE BROKER

The benefits of working with an insurance broker

 

🙂You get a claims advocate to work with you on claims resolution

 

🙂Access to more than one insurance company to find the right choice

 

🙂Your insurance broker provides professional advice in your best interest

 

🙂You get a renewal review each year to decide if your current company is still the best option

 

🙂Licensed advisor that explains insurance policy language in easy to understand terms

 

🙂An insurance broker works for you not the insurance company

 

🙂The insurance company pays the broker a commission not you

At FM Agency Group we can help you find a lower home insurance deductible and discover a lower rate on your home insurance without losing any important coverages

Complete the form below to get started

2 reasons your Kenner homeowners insurance rate went up

One of the most common questions we get when we talk with Kenner homeowners is why did my home insurance rate go up?

The answer is there could be a few things at work here

When you review your homeowners insurance the best Kenner homeowners insurance broker you can start to uncover the reason(s) you received a rate increase on your renewal

When you initially get a rate increase, your first reaction is

“I want to switch to another insurance company”

Before you jump ship and move your homeowners insurance

you should consider a few factors

INFLATION GUARD ENDORSEMENT

All homeowners policies have an inflation guard endorsement built into the policy

The increase could be a standard 1-3% increase of all coverage amounts at renewal

Each year at renewal your insurance coverage amounts will increase by the % of the inflation guard endorsement and as a result with increased insurance coverage your rate goes up

What is an inflation guard endorsement?

The reason this endorsement exists is an attempt to keep up with rising home construction costs

The insured value of your home is based on the cost it takes you to hire a contractor to rebuild your house after a claim

It has nothing to do with property values going up or down in your neighborhood and is never based on recent home sales

The cost of a 2×4 piece of lumber has no bearing on your neighborhood resale value but the cost of a 2×4 has almost tripled in the last year

Building materials go up in value and so goes the cost to rebuild your house

Can I remove the inflation guard endorsement?

No you can’t

But you and your insurance broker can determine the estimated replacement cost of your home and if the cost to rebuild your home is less than the insured value on your Kenner homeowners insurance policy you can request the insurance company lower the insured value

If you own a 2000 square foot house and your insured value has increased to 350,000 due to an inflation guard endorsement,

it may be time to run a replacement cost estimator or have a home builder give you an indication of the current replacement cost of your house

 

YOU RECEIVED A RATE INCREASE

All insurance companies will take a rate increase at some time

As a result of one of the most active Gulf Coast hurricane seasons in recent memory insurance companies will be taking rate increases as high as 20% in some zip codes

If over 25%, something might be wrong

You home insurance renewal should never jump 25% at renewal

If it did there are some possibilities at work here

  • your policy was initially rated incorrectly
  • your insured value may have been too low at inception and the company is raising the insured value to meet the current replacement cost of your house
  • the company is losing money in your zip code and either did not properly rate your area or they are taking heavy losses and need to take action
  • they are trying to get out of Kenner and either leave your zip code or leave Louisiana
  • something happened to your credit score since policy inception and the company ran your credit again and it went up

Kenner Homeowners Insurance discounts you may qualify for

Did you get a new roof? 

Did you purchase your auto and umbrella with the insurance agency? 

Did you purchase a monitored burglar and fire alarm? 

Did you purchase your flood insurance with your current insurance agency? 

New discounts are being introduced by homeowners insurance company every day

If you are ready to talk with the best Kenner insurance broker to deliver low rates from A rated homeowners insurance complete complete the form below

Transfer of risk on Covington homeowners insurance

A Covington homeowners insurance strategy you can use is Transfer of Risk

You can transfer more of the risk to you when you take a higher deductible

The insurance company does not want you to make small claims

I see it every day….claims payouts as low as $500

When you work with the best Covington insurance broker they help explain the that a homeowners insurance policy is not a maintenance policy or a home warranty policy

You only want to use your homeowners insurance policy for large financially devastating claims

When you take care of the small damage losses your insurance company will reward you with a lower insurance rate

The transfer of the risk from the insurance company to you

The deductible is the amount the insurance company deducts from the claim check

The higher the deduction on the claim check, the lower rate you pay for home insurance

You are telling the insurance company that you will take care of the amount of the deductible which could be 1000, 2500, 5000 or 10,000

$10,000 is a large deductible option but you will be rewarded with a possible annual savings of $1000 with some insurance companies

Go five years without a making a claim and selecting a 10,000 deductible has saved you $5000 over 5 years

DO YOU MAKE COVINGTON HOMEOWNERS INSURANCE CLAIMS?

If you are someone that doesn’t make claims,

you need to consider a higher all other perils deductible.

All other perils deductible is any claim that is not a hurricane or named storm.

Here are some common home insurance claims where  the all other perils deductible would apply

-Water claims (not flood which is rising water from outside)

-Busted pipes

-Busted water heater

-Fire

-Theft

-Vandalism

-Smoke damage

What’s this all about?

Transfer of risk is not just a homeowners insurance strategy for wealthy individuals

This is something you can do as well

You can save a considerable amount of money over time by taking on a higher deductible and moving some of those savings to increase your car insurance liability and make sure you have the insurance protection in place to protect you, your family, your investments, your assets and most importantly your future earnings

And remember only take on the amount of risk you can handle

Insurance is used to protect you from a financially devastating event

Raise your deductible to a level that would not hurt you financially

If a $1000 loss is a financially devastating event,

don’t raise your deductible higher to save money on your Covingtion home insurance rate

Insurance is to help you sleep at night knowing you are protected,

not to keep you up at night wondering if a claim is covered

It is best to use the best insurance broker to help you find the insurance protection you need at the value you want 

Complete the form below to get started

Kenner insurance broker

If you own a home in Kenner or buying a new house you should consider using the best Kenner homeowners insurance broker

When you use an insurance broker you gain access to the Top rated insurance companies writing new policies in a zip code and you get the benefit of a local insurance agency after the policy is sold

Low rates and the insurance protection you need from an insurance broker that writes homeowners insurance policies in Kenner each day

Some of the largest insurance companies don’t write new homeowners insurance policies in Kenner so you may have to consider a regional insurance company that will focus less on advertising and more on low rates

Which types of homes in Kenner get the lowest rates?

Underwriting factors, but not limited to, the home features below can provide you the lowest rates

  • Brick over frame construction
  • Hip shape roof over gable 
  • Year built (the older the home the more you pay)
  • Year of roof replacement

Kenner homeowner insurance rates are going up

When your rate goes up and your current insurance broker only has one option or didn’t even offer you any other options to consider you may end up paying more than you should

Insurance brokers and agents don’t control the rates insurance companies charge but they can offer home insurance proposals from multiple companies that want to write insurance in Kenner

You want to find a policy with a low hurricane deductible and low rate without lowering or removing important insurance coverage

Never find yourself in a situation of stripping away insurance coverage you need to get a lower homeowners insurance rate

Some of the benefits of the best Kenner homeowners insurance broker

  • Homeowners quote proposals from A rated insurance companies
  • Guidance and Coverage explanation in simple terms
  • Claims advice in your best interest not the insurance company
  • Annual renewal rate review so you can continue to get the lowest rate each year

If you own a home in Kenner La or want to buy a new home in Kenner complete the quick form to get started

Liability insurance for Laplace real estate investors

Real estate investors in Laplace need to know how much liability insurance is enough to protect their rental property investments and should use an insurance broker to help them find the best coverage at the lowest rate 

Most rental property policies start at 100,000 of liability or lawsuit protection and in our community we know 100,000 is not enough

 

The cost of hiring an attorney to defend you can exceed 100,000 so for as low as $20 a year you can get much more lawsuit protection 

No matter what you do as a landlord rental property owner you can’t prevent a tenant from having friends over and a guest trips, slips or falls

These are the most common liability claims presented to landlords

Since you can’t prevent your tenant from suing you regardless if you are actually liable you need to buy as much liability insurance offered

The standard liability lawsuit protection limits are 100,000 to 1,000,000

What is the cost of Liability insurance in Laplace for Real Estate investors?

A rental property insurance policy should included liability unless you purchase a Citizens Fair Plan dwelling policy because these policies do not include any liability protection just property coverage

The difference from 100,000 to 300,000 could be as low as $20 a year so if your policy only has 100,000 let your insurance broker know you want to raise it up to 300,000

A few insurance companies do offer 500,000 on their rental dwelling policies and your insurance company offers the 500,000 limit it is in your best interest you buy it

When you get a letter in the mail on behalf of your tenant from their plaintiff attorney that is the moment when you want as much liability as you can get

Most common claims against Laplace Real Estate investors

  • Slip, trip and fall from tenant or tenant’s guest
  • Tenant caused fire

Does Liability insurance cover a fire caused by a tenant?

If the damage results in property damage to others but not your tenants

Your tenant needs to carry their property insurance coverage for their personal property but if the fire causes damage to the neighbor’s house or vehicles parked in the driveway your liability insurance policy will pay for the neighbor’s property damage

Liability insurance is not just for slip, trip and fall claims

 

It also covers property damage you are legally liable for so if your tenant’s kitchen fire burns down the neighbor’s house your liability insurance limit needs to be high enough to cover property damage claims against you as well and the minimum of 100,000 is not going to be enough

If you are a Laplace Real Estate investor and need to lower your expenses or increase your insurance protection on one or one hundred properties FM Agency Group is the best Laplace insurance broker for real estate investors

Complete the quick form below to get started

 

 

Laplace insurance broker

If you are a Laplace Louisiana homeowner you have insurance options with top insurance companies that offer wind and hail on one insurance policy

You may experience a recent rate increase or you are just looking to lower your home insurance expenses

We offer the best homeowners insurance coverage in Laplace, La

And the good news is they can write your car, rental property, flood, boat, RV if you need them

One insurance company to consolidate your insurance protection is what we can offer you

A local insurance broker will allow you to see the rates from more than one insurance company and after the policy is sold is where you get the most value

 

After the policy is sold is when we get to work for you

  • We offer annual renewal reviews so you can decide each year if you are still getting the lowest rate with the best insurance protection
  • Claims advice when you need us most because we represent you not the insurance company
  • Coverage selection that is customized to your protection needs

In Laplace you should not have a two policies for homeowners insurance

One that is for wind and one for everything else

You can buy one homeowners insurance policy with a low deductible and low rate when you work with FM Agency Group

We recently helped a local homeowner with better insurance coverage, a lower deductible and a much needed lower insurance rate on her homeowners insurance policy

And as an added bonus she also had a rental property in Laplace

We were able to lower the insurance rate more than $800

A local insurance broker like FM Agency Group will represent insurance companies that specialize in the best insurance coverage not advertising

Complete the form below to get started so we can determine what you need to protect what you have

FM Agency Group is your insurance broker that will help you review your Laplace homeowners insurance so you can make the best insurance decision to protect your home

Am I covered on my New Orleans rental property policy if my tenant has a dog?

Most New Orleans rental property insurance policies do not offer any liability to a landlord if your tenant’s dog causes a claim

But…there is one insurance company that can but you need to qualify as a real estate investor

Best Practices with Tenants is not to allow pets not only for liability reasons but for damage concerns

Have them purchase an HO-4 policy to protect their personal property and provide them a layer of liability starting at 100,000 of lawsuit protection and also if they accidentally burn your property down

Intentional damage is not covered but accidental damage would be covered under their HO-4

Does your tenant have a car insurance policy?  

If so they can purchase the HO-4 policy from their car insurance company for as low as $10 a month and get a car insurance discount

Everyone wins

If your tenant does not want to purchase an HO-4 policy and has a dog we understand you may need a tenant in your rental property and you need to make an exception

Does the New Orleans Rental Property insurance policy have any breed restrictions?

First you need to understand no liability will ever extend to a prohibited breed of dog

Prohibited breeds of dogs include:

  • Akitas Inu
  • Alaskan Malamute
  • American Bull Dog
  • American Staffordshire Terrier
  • American Pit Bull Terrier
  • Beauceron, Boerboel, Bull Mastiff American Bandogge
  • Bully Kutta (any other Mastiff breed)
  • Cane Corso Caucasian Ovcharka (Mountain Dogs)
  • Chow Chow
  • Doberman Pinscher (miniature Dobermans acceptable)
  • Dogo Argentino
  • English Bull Terrier
  • Fila Brasileiro (aka Brazilian Mastiff)
  • German Shepherds
  • Giant Schnauzer
  • Great Dane
  • Gull Dong (aka Pakistani Bull Dog)
  • Gull Terrier
  • Husky or Siberian Husky
  • Japanese Tosa / Tosa Inu / Tosa Ken
  • Korean Jindo
  • Perro de Presa Canario
  • “Pit Bull”
  • Rhodesian Ridgeback
  • Rottweiler
  • Staffordshire Bull Terrier
  • Thai Ridgeback Wolf or Wolf hybrid

and any mixed breed dog containing any of the aforementioned breeds

Here is a sample of the policy form you need on your rental property policy

You can purchase up to 1,000,000 of lawsuit protection on rental property to protect you as a landlord

Our new rental property insurance program for real estate investors can give you the coverage you need for

For New Orleans Real Estate investors you need the best insurance broker with FM Agency Group so complete the form below to get started

 

Tenant damage not covered by your New Orleans rental property insurance

When is damage from your tenant covered under your New Orleans rental property insurance policy is a common question we get…

A rental dwelling landlord insurance policy on a dwelling three (DWG-3) does provide coverage for theft and vandalism but the policy includes two types of tenant damage that is excluded

 

INTENTIONAL DAMAGE

Any intentional damage by your tenant should be covered in your lease and protected against with the collection of a security deposit

You should provide your tenant with a list of items that can reduce the security deposit if you have to repair or replace

Here is a sample list you could provide to your tenant(s) 

You can use this sample list Security deposit deductions

Any intentional damage caused by your tenant such as spray painting the walls or punching holes in the drywall would not be covered by your insurance policy

WEAR AND TEAR

Any maintenance issue is not a covered claim by an insurance policy

Damaged blinds, stained carpet, nail holes in drywall, scratched hardwood flooring

They are wear and tear issues caused by daily use of your property

These two types of damage would be covered by your security deposit not your landlord rental dwelling insurance policy

What is covered under my rental property insurance policy due to tenant damage?

Recently there was a tenant evicted from an apartment complex in New Orleans

Upset about being evicted she burned down the apartment complex

Fire is a covered claim loss under a policy but arson committed by the named insured (owner of the property) or by the direction of the property owner is not

Accidental fire damage caused by your tenant is covered

Leaving a candle burning and the unit goes up in smoke or running a bath and falling asleep were two actual claims filed recently 

This is considered accidental damage and fire and water damage are covered under a dwelling 3 (dwg-3) policy form

 

Not all Rental Property policies cover water damage so it is best to understand your policy

We have a new Rental property insurance program for Real Estate Investors

Some of the most important coverage options that are available on our new Rental Property insurance program include

  • Lawsuit Protection
  • Theft 
  • Vandalism
  • Water Backup
  • Loss of Rental Income
  • Sewer Line replacement
  • Air Conditioning Heating System Mechanical Breakdown

To find the best insurance broker for Real Estate investors you can complete the quick form below and FM Agency Group will review your insurance protection to help you lower your expenses so you can keep more of your rental income

The best rental property insurance policy for New Orleans real estate investors

The Best Rental Property insurance for real estate investors will depend one the type of property you need insurance for

You need the best insurance broker to help real estate investors choose the insurance coverage needed to each type of property

  • Single family properties
  • Multi family properties
  • Apartment Complex
  • Condo Association
  • Under Renovation
  • Vacant Properties
  • Short Term Rentals
  • Tenant Occupied on an annual lease

New Orleans real estate investors are always looking to lower their expenses so they can keep more of their rental income or buy more rental property

When you find the best real estate investor insurance program in New Orleans it will allow you to keep your expenses low and give the opportunity to expand your real estate investment portfolio

FM Agency Group builds value into your Rental Property Insurance policy

Here are some of the advantages of our new Real Estate investors rental property insurance program can provide:

  • We can offer up to 12 months of loss of rental income
  • Every policy includes 1,000,000 of liability to defend you from slip, trip or fall claims
  • Vandalism, Water Damage, Theft, Fire, Hurricane and Lawsuit protection included on one policy
  • Get liability coverage if you own your property in an LLC or your personal name
  • Schedule all your properties on one policy and get one bill 
  • Pay Month to Month on properties that are a Vacant property, Home renovation, short term rental or tenant occupied on an annual lease

FM Agency Group builds policy protection for Real Estate investors

The Best Rental Insurance policy protection can be provided for a property valued at 100,000 and we can go up to 10,000,000

If you own a single family home or a 4 plex or maybe an apartment complex, office building, condo building or a strip center, we can help you customize a policy for you and your investment real estate portfolio

We can help real estate investors with their Landlord Rental Property insurance in Louisiana

Give us a call 504.348.3131 or complete our quick form