It’s raining lawsuits in New Orleans do you have an umbrella?

If you own a car, house, boat or rental property in New Orleans you need a personal umbrella policy

You don’t have to be a millionaire to be sued like one in this city

A customer walked into our office recently to ask to increase their uninsured motorists coverage on their car because they only had 25,000

She recently was hit in the rear by the driver of the other car and he had 50,000 of liability and it was not enough

She had back surgery before the accident but now her back is worse and she may need surgery again

That driver hit the wrong person

 

Although a car accident is the greatest risk to your financial assets it can happen at your house or on your boat or at your rental property

You can’t prevent accidents but you can use insurance to protect you from a devastating event you may not financially recover from

The one policy an attorney, a financial advisor and the insurance agent all purchased….

It is the personal umbrella policy and it starts at $300 a year

 

Get a Quote on a Personal Umbrella policy

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For most New Orleans homeowners insurance customers we recommend 300,000 of liability on their homeowners insurance policy but some insurance companies writing will offer 500,000 of liability insurance for as low as an additional $50 a year on your policy

Check your policy and if your insurance company offers 500,000 request the endorsement now

 

Liability insurance is the amount your policy pays for bodily injury or property damage to others you are legally liability for

  • slip, trip and fall
  • at fault car accident
  • fire at your house damages the neighbor’s house
  • you tenant’s friend slips in the kitchen 

 

To qualify for a personal umbrella policy in New Orleans you must have these liability limits 

250,000 Car insurance

300,000 New Orleans homeowners insurance

300,000 boat insurance

300,000 landlord rental property insurance

If you would like a quote on a New Orleans personal umbrella policy just complete the quick form and a licensed insurance advisor with FM Agency Group will contact you

Get a Quote on a Personal Umbrella policy

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2020 List of Homeowners Insurance Companies writing in New Orleans La

The list of homeowners insurance companies writing in New Orleans La is still growing each year

There was a time after Hurricane Katrina when maybe one insurance company was writing new homeowners insurance policies

but now the list is still growing…one good hurricane and this will change the trend

 

Insurance companies make money on homeowners insurance in New Orleans when the wind doesn’t blow

 

The current environment in New Orleans is still profitable to insurance companies from other states, mostly Florida, to enter the New Orleans Homeowners insurance market

Some insurance companies have unsustainable low rates in an attempt to grow their policy count 

This is a gamble that could pay off for you because if you get a policy that is below market rate and the wind doesn’t blow and the insurance company maintains their low rates for a few years….your savings could add up in the thousands $$$

If you go with an insurance company for an extremely low rate on New Orleans homeowners insurance and a hurricane strikes after year one you could be dropped or sustain a massive rate increase and be sent to the Louisiana Citizens Fair Plan because no other insurance companies are writing after a major weather event

 

Request a New Orleans Home Insurance Quote Proposal

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Here is an example from the Louisiana Department of Insurance website 

2020 List of New Orleans Homeowners Insurance companies writing new policies in Louisiana

New $400K Home
Coverage Level: Dwelling is less than 1-year-old with brick veneer construction, 2800 square feet, $400,000 building coverage, $200,000 contents coverage, 2% hurricane deductible/$500 all other peril deductible, clean claims history, 710 credit score, no wind mitigation features beyond the Louisiana building code requirements for homes built after January 2007, and no multiline discount.

Access Home Ins Co (Preferred) $5472 

Access Home Ins Co (Standard) $6870 

Allied Trust Ins Co $2043

Allstate Indemnity Co $8175 

Allstate Ins Co $8941 

Allstate Vehicle and Property Ins Co $4741 

American National General Ins Co $9318 

Americas Ins Co $3728 

Anchor Specialty Ins Co $4211 

Armed Forces Ins Exchange $2364 

ASI Lloyds $2464 

Bankers Specialty Ins Co $3,479

Bankers Specialty Ins Co $4712 

Centauri National Ins Co (Elite-A program) $2716 

Centauri National Ins Co (Elite-C program) $2687

Centauri National Ins Co (Preferred program) $4377 

Centauri Specialty Ins Co $4377 

Encompass Indemnity Co $9256 

Encompass Ins Co of America $5230 

Encompass Property and Casualty Co $8305 

Excalibur National Ins Co $4812

Family Security Ins Co $3973

Federated National Ins Co $2547 

Gulf States Ins Co $2926

Gulfstream Property & Casualty Ins Co $7146 

Gulfstream Select Ins Co $7146 

Homesite Ins Co $5459 

Horace Mann Ins Co $5030 

La Citizens Property Ins Corp $7614

La Farm Bureau Casualty Ins Co $8833 

La Farm Bureau Mutual Ins Co $7362 

Liberty Ins Corporation $9436 

Liberty Mutual Fire Ins Co $6620 

Liberty Personal Ins Co $9436 

Lighthouse Property Ins Corp (Beacon) $3511 

Lighthouse Property Ins Corp (Standard) $5193 

Maison Ins Co $4447 

Metropolitan Prop and Cas Ins Co $2891 

Occidental Fire & Casualty of N.C. $3119

Progressive Property Ins Co $2464 

Safeco Ins Co of Oregon $6086 

Safepoint Ins $3546 

Service Ins Co $2495 

Southern Fidelity Ins Co $2355 

Spinnaker Ins Co $3569 

State Farm Fire & Casualty Co $3432 

The Automobile Ins Co of Hartford $6693 

The Travelers Indem Co of America $6477 

United Fire & Indemnity $7855 

United Property & Casualty $2322 

United Services Automobile Association $4029 

Unitrin Auto & Home Ins Co $4222 

Unitrin Safeguard Ins Co $1857 

USAA Casualty Ins Co $4033 

USAA General Indemnity Co $4366 

 

Request a New Orleans Home Insurance Quote Proposal

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If you would like a quote comparison from multiple insurance companies from one insurance agency click here to get started or complete the quick form below

New Orleans La homeowners insurance guide

Homeowners Insurance Deductible Guide: Transfer of risk strategy

Majority of customers don’t select their own home insurance deductible on their homeowners insurance policy

Their insurance agent does

When we meet with potential homeowners insurance  customers we often see the All Other Perils deductible at $1000 on their existing home insurance policy regardless of the value of the house.

A home valued at 750,000 should not have the same deductible as a home valued at 100,000.

As I discussed in previous blog posts about New Orleans homeowners insurance, a home insurance policy is not a maintenance policy or a home warranty policy.

 

To keep your home insurance rate at an affordable level, you should take the highest deductible you can afford.

Can you handle a $2500 deduction from a water damage claim check to replace your wood floors?

If not, you want a $1000 deductible.

Here is a quick rule of thumb guide to determine the correct amount of your All Other Perils Deductible

If the value of your house is

100,000 – 199,000 your deductible should be $1000

200,000 – 499,000 your deductible should be $2500

500,000 – 750,000 your deductible should be $5000

You should have at least the amount of your deductible available in your bank account

 

HOW MUCH RISK CAN YOU AFFORD?

1.  Have you ever made a claim that was the result of a hurricane or a tropical storm?

2.  Have you ever made a water damage, fire, theft, hail or vandalism claim?

If you are not a home owner that makes claims, you should take a higher deductible and pocket the rate savings if you can afford to do so.

 

TIP:  A home insurance deductible is not the amount you owe to the Insurance company if you make claim.

It is the amount deducted from the claim check.

It is also the amount you agree to pay for damages out of your pocket to the contractor making the repairs.

 

RATE SAVINGS TIP

You should keep your Hurricane Deductible as low as possible and adjust your All Other Perils Deductible based on your financial comfort level and claim history record.

 

How much can I save by taking a higher deductible?

This all depends on the home insurance company you are insured with.

Some companies may only offer a minimal premium savings by taking a higher deductible.

But other insurance companies understand the transfer of risk and will offer a much deeper premium discount.

Discussing your All Other Perils deductible with an insurance advisor is important because we can provide not only more than one deductible option but more than one deductible option from multiple homeowners insurance companies so you can choose the company YOU want and the premium discount that makes financial sense to you.

 

My name is Tim D’Angelo and I would like the opportunity to review some different deductible options with you.

Call me at 504.348.3131 or complete the quick contact form to get started

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