Where can I find the best homeowners insurance?

Finding the best homeowners insurance in New Orleans has never been easy.

Companies enter the insurance market with low rates only to follow up their renewal with a rate increase.

Some home owners feel like they have to shop their homeowners insurance every year to maintain an affordable home insurance rate.

The good news is we have more homeowners insurance companies wanting to write home insurance in South Louisiana today than we did before Hurricane Katrina.

 

Home insurance companies in Louisiana determine their rates based on your zip code

If you live in Kenner, La 70065 you will pay a different rate than if you live in New Orleans, La 70124 and you have the same exact house

with the same underwriting factors that affect the rate such as

  • Year built
  • Type of roof
  • Construction type
  • Credit Score
  • Claim history
  • Replacement Cost
  • Discounts such as monitored burglar and fire alarm
  • Year of updates to plumbing, roof, electrical and heating air conditioning

 

So what can I do to find the best homeowners insurance company? 

 

1.  Ask your friends, family or neighbors about their homeowners insurance.

If you know, like and trust someone is usually the greatest referral or source of information you can get.  

The best information is after they have had a claim

Insurance can be at a great rate but if the claim process is bad the policy is not worth the price you paid

 

2.  Find a Local Independent Insurance Agent in your community.

Independent Agents usually represent more than one company and know who is the most competitive in your zip code.

They should not have an allegiance to any one company so they should be able to provide you with an unbiased opinion and best option for you.

Multiple companies are now writing complete policies that include wind in South Louisiana

 

3.  Determine the length of time the insurance company has been writing in your area.

A recent trend when new companies start writing in New Orleans is they offer low introductory rates only to follow up the renewal with a rate increase.

Their thinking is to gobble up market share and start raising rates and just hope you don’t notice the rate increases.  

It is important you go with a company that has stabilized their rates and are not subject to large rate swings when you make no claims.

A good rule of thumb is at least 3 years writing new policies in your zip code

 

4.  Battle Tested during recent claim events.

Most homeowners want the lowest premium and the best coverage but one thing you may not think of is the company’s claim paying ability.

Low rates will prove very frustrating when the company can’t respond to your claim or have difficulty writing checks when you need them.  

If you have found the lowest rate on homeowners insurance, ask if the company has been through a hurricane or hail storm.  

If not, you probably have no idea if the company will still be around if another Katrina type event happens again.

 

Finding the best home insurance in New Orleans is possible if you just do a little homework on your end and don’t jump on the lowest quote proposal.

There are so many endorsements on a homeowners policy that can alter the rate you pay that you really may not be certain you are getting exactly what you want or need.

When I review a customer’s existing homeowners policy and explain to them what is not covered because the previous agent either left off a few endorsements or purposely reduced coverage to get the premium down, is when you can begin to understand what you are actually getting when you purchase a home insurance policy.

Homeowners insurance policies are not maintenance or home warranty policies.

Insurance policies are designed to protect you during claim events you could not recover from financially on your own.

 

Financially devastating events are…..

Can you afford to rebuild your house after a fire?

Probably not.

Get a homeowners insurance policy.

 

Can you afford to rebuild your house after a flood?

Probably not.

Get a Flood Insurance policy.

 

Can you afford to replace all of your contents after a theft?

Maybe.

Get your contents covered for the value of your property you have inside your house.

 

What’s this all about?

 

Finding the best home insurance policy in New Orleans is not about the cheapest price or lowest quote proposal.

You need to understand what is covered and what is not covered and make sure you are getting what you need to properly protect yourself in the event of a claim.

Buying the cheapest car on the lot may help your checking account but if it breaks down on the interstate, the savings will disappear once your roll it into the service department.

My name is Tim D’Angelo and I would like the opportunity to talk to you about your New Orleans area homeowners insurance.

You can call me at 504.348.3131 or complete the home quick form below to get started.

how to lower a mortgage without a refinance

5 WAYS TO LOWER YOUR MORTGAGE WITHOUT A REFINANCE

Question: What are the ways to lower a mortgage without a refinance?

  • Recast or Reamortization
  • Request to remove PMI
  • Ask to recalculate your escrow
  • Review your Homeowners Insurance again

 

When you refinance in most cases you add years to your mortgage and you pay fees in thousands and at closing you probably pay 1% of the loan amount as the origination fee.

Before you consider a refinance or if you tried and didn’t qualify…here are some other options to try first

🏘️RECAST OR REAMORTIZATION

No mortgage lender will advertise this as an option to you because they don’t make much money

With low interest rates right now the money is in the refinance for them

But a Recast or Reamortization is an option that may be available to you

It allows you to lower your monthly payment and pay less interest over the life of the loan

How does a Recast work?

You offer to pay a minimum payment usually starting at $5,000

The remaining balance is then amortized or “Recast” the monthly payments

There is a fee for a Recast but it is minimal compared to a refinance and can be as low as $150

A Recast is not available from all lenders so you need to call and ask your lender if they offer a Recast

💡Tip: A recast does not shorten the length of your mortgage but it also does not extend the length like a refinance

 

Benefit of a Recast?

New principal balance is recalculated

Reduced principal balance equals lower interest

🏘️ASK TO REMOVE PMI

If you have less than 20% equity in your home or didn’t make at least a 20% down payment on your home purchase, you are paying PMI or private mortgage insurance

To meet the 20% equity threshold for your lender to consider removing PMI there are few things you can do

Get a new appraisal on your home if you believe the value of your home has increased

Did you increase the value of your home?

Added a room?

Did a kitchen remodel?

A new swimming pool?

Did the home values in your neighborhood increase?

Your home is now worth more than when you purchased it

Use the Loan to Value Formula to see if you can remove PMI

Divide the loan balance (amount you owe now) by the original appraised value (purchase price?)

ex) You owe $175,000 on a house that cost you $220,000 

$175,000/$220,000=.79

79% so you are under 80% it is time to request to cancel PMI

🏘️ASK YOUR LENDER TO RECALCULATE YOUR ESCROW

You can call your lender and ask for an escrow analysis

When to ask for this?

Property taxes have decreased

Home Insurance rates have gone down

You no longer have Flood insurance escrowed because you are now in a preferred flood zone X


💡Lower rates on Home insurance is the fastest way to lower your mortgage payment at no cost to you


The two best times to review your Home Insurance?

Escrow analysis

Home Insurance renewal

With over 25 home insurance companies writing new policies in South Louisiana now is the time to get a lower rate

Credit and Non Credit Home Insurance rates are available

🏘️Reasons to get a new home insurance quote?

You have been with the same company over 3 years

When you purchased your home the lender or real estate agent recommended you to their insurance referral partner

You have not reviewed your home insurance since you purchased your policy 

💰💰BONUS💰💰

When your home insurance is escrowed and you find a lower rate on home insurance

Your lender will perform a new escrow analysis based on the lower annual home insurance rate which will result in a lower monthly payment

You get a refund in the mail when you cancel your home insurance policy before the expiration date

💔WE HELP YOU BREAK UP WITH YOUR CURRENT INSURANCE COMPANY💔

Breaking up is hard to do

It can be awkward that is why we do all the work for you

We obtain the necessary paperwork so we can get you a refund sent directly to YOU not your mortgage company

We make it easy for you

When you do I will review your insurance protection and let you know if we can help you within minutes

Talk to you soon 

Agent Tim 504.348.3131

FM Agency Group has been helping homeowners since 2001 with their home insurance protection

When to buy accident forgiveness?

Accident Forgiveness is an additional coverage offered by Car insurance companies

 

It is only offered to drivers with no accidents

Accident Forgiveness is allowing you to purchase additional insurance that will prevent the car insurance company from raising your rate after your first at fault accident

The insurance company will remove accident forgiveness if you get into your second at fault accident and then charge your policy with 2 at fault accidents

When that happens its time to actively shop every car insurance for the best rate with two at fault accidents

 

What is the cost of Accident Forgiveness?

As low as $50 every 6 months

 

Not sure if accident forgiveness is worth it?

If you do nothing and don’t purchase accident forgiveness and you have your first at fault accident

your current insurance company will raise your rate as high as twice what you currently pay

 

So you are thinking I will just shop it with another insurance company

Insurance companies share your claim history with each other in a CLUE report

Your driving record stays with you for three years

Each new quote with another company would be rated with an at fault accident

When is the best time to buy Accident Forgiveness?

When you have a clean driving record

Accident Forgiveness is basically buying insurance to protect your rate from an increase due to an at fault accident

 

Here is an example of the cost of Accident Forgiveness vs Insurance with one at fault accident over 3 years (time needed for accident to fall off your driving record)

 

CAR INSURANCE WITH ACCIDENT FORGIVENESS

Current 6 month rate is $982

with Accident Forgiveness $1032

$1032 x 6 terms (3 years) = $6,192

 

CAR INSURANCE WITHOUT ACCIDENT FORGIVENESS

6 month rate with an At fault accident is $1,473 (50% surcharge for accident)

$1,473 x 6 terms (3 years) = $8,838

 

💲💲Additional $2,646 over 3 years with an at fault accident

 

Which insurance companies offer Accident Forgiveness?

Most insurance companies offer accident forgiveness to good drivers

But most do not

Some companies offer it but you need to wait 3 years before it goes into effect and you need to pay for it for 3 years

But one company, National General, offers instant accident forgiveness as low as $50 every 6 months

 

If you are currently a good driver with no accidents now is the time to lock in your good driving record and prevent a 100% increase on your current rate if you have an accident

You can give us a call and get your Accident Forgiveness Car insurance quote or complete our quick form

Talk to you soon 504.348.3131

How much does Metairie Home Insurance Cost?

How much does Metairie home insurance cost?

Metairie Home Insurance can vary based on underwriting factors that are not limited to

  • Your credit score
  • The age of the house
  • Brick or Frame construction
  • Year of roof replacement
  • Gable or Hip shape roof

There are many underwriting factors that go into a home insurance premium. 

Throughout the years we have helped many residents with their home insurance needs all over the state of Louisiana.

The cost of home insurance can vary not only from parish to parish but from neighbor to neighbor

 

Here is a house in Metairie Zip Code 70005

It is a brick house with a hip roof built in 1978.

Replacement Cost 240,000

Hurricane Deductible 1% – 2%

All Other Peril Deductible 1,000 – 2500

*Average Premium $1200 to $2800

*homeowners insurance rates in Metairie could be lower based on, but not limited to, underwriting factors, home features, credit worthiness and claims history.

 

Homeowners insurance rates are usually based on many underwriting factors but not limited to credit worthiness, age of house, construction materials, roof shape, security features and claims history up to five years.

 

If you are searching for a new home purchase in Metairie

here are some house features you could look for that could reduce the home insurance premium.

 

Hip Roof Shape

– a roof where all sides slope downwards to the walls or gutters.

Brick House

-brick homes are less expensive than frame home insurance quotes

Year Built

-newer homes receive more premium credit than older ones

Monitored Burglar and Fire Alarm

-Premium credit for having both monitored

Renovated Property

-Electrical, Plumbing, Roof and Heating A/C

 

If you need a quote on new purchase in Metairie or have an existing Metairie home insurance renewal that you would like us to review

give us a call at 504.348.3131 or complete or quick form

 

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YOUR HOME POLICY IS WEAK

HOME INSURANCE FOR RENTAL PROPERTY

 

Home insurance for rental property

Buying a rental property can be a great investment in Louisiana

Only if you buy in the right neighborhood for the right price

If not what appeared to be a good investment can turn into a drain on your bank account

but if you choose the right rental property you can put together residual income for a long time and even could be your retirement plan

 

What we can do is help you lower your insurance expenses and provide you the protection you need

 

Two types of insurance policies you need

1) One policy for all your properties

This was not possible for many years but now you can add all your properties on one policy and get one insurance bill

 

2) Personal Umbrella policy

Once you purchase your first property you don’t want to lose after one claim

Most rental property investors believe it is the slip, trip n fall claim but what about your tenant starts a fire in your property and a few houses next to yours also catches fire?

Your liability coverage would need to pay for the damage but if you only have 100,000 you could be paying out of your pocket

The umbrella insurance policy kicks in with an extra 1,000,000 of liability for property damage to others after your primary liability of 300,000 is paid

 

To protect your real estate portfolio you need to buy the right protection

You want coverage for the

  • Structure (fire, wind, hail, vandalism, theft, water damage and more)
  • Unattached structures
  • maybe some contents inside (appliances)
  • Liability protection for injury and property damage
  • Loss of rental income
  • Free legal representation from covered claims by your insurance company

 

You want your policy to be written in your personal name or an LLC

Standard policies cover 1-4 family properties for landlord property investors

If over 4 units, you would need a commercial property policy

 

Cost of insurance?

It depends on the property

Price varies in each zip code and construction type

You will pay less for Brick houses

Hip shape roof over gable roof will earn you a discount

Year built helps too (the newer the property, the lower the rate)

 

Landlord Rental Insurance for older homes

If you buy an older home but it was renovated you can get a discount on the rate

The updates the insurance company is looking for would be an update to the

roof

electrical

plumbing

heating air conditioning

If you update those four items on an older home you will get a reduced rate on the rental dwelling quote

 

What limit of liability can I get to protect myself?

You can get 100,000 but the minimum you should purchase is 300,000

Some companies offer 500,000

To qualify for a personal umbrella you need to have at a minimum 300,000 on your rental property policy

When you purchase a personal umbrella the liability limit starts at 1,000,000

The additional 1,000,000 of liability protection will be in addition to the underlying liability limit on your

  • house
  • cars
  • boat
  • rental properties

Protecting your real estate investments from property damage and liability claims is the most important 

If you would like a protection proposal for a rental property you want to buy or get a review on your existing real estate portfolio 

To get a quote click here www.fmagencygroup.com/#quote

Umbrella insurance for rental property

Umbrella Insurance for rental property investors

A common question from most real estate investors is LLC vs Personal umbrella policy?

I suggest a personal umbrella policy over an LLC and here is why

 

Only an attorney and your CPA should answer all your questions about an LLC

I speak to real estate investors every day

Some have each property in an LLC and some have all their properties in their personal name

Owning all your properties in your personal name only makes financial sense if you purchase a personal umbrella

If not, your entire real estate portfolio is exposed to a claim


I like to define a claim as “something that can never happen in a million years only takes a second”


Best Umbrella Insurance for Landlords

If you own your properties in your personal name here is the liability gameplan you must follow

 

Step 1

max out the liability limits offered on your primary rental property insurance policy

Insurance companies will usually offer 300,000 or 500,000 max liability limit

The cost difference between the two options can be as low as $25 a year

Max out the limit available

 

Step 2

Purchase a personal umbrella policy or an excess liability policy and schedule all your properties

Some of these type of policies will limit the number of properties you can add to the policy and may limit the amount of coverage you can purchase

A max limit can be 5,000,000 or 10,000,000 and it depends on the insurance company

 

How much does a personal umbrella policy for landlords cost?

It can start as low as $300 a year

and the minimum limit you can buy is 1,000,000 of liability

How much liability will I have after I purchase the personal umbrella policy?

You need 300,000 of liability on your primary policy to qualify for the umbrella policy

If you purchase a 1,000,000 limit you will have 1,300,000 of liability to shield you from a claim

You can purchase higher limits up to 10,000,000

 

Why a personal umbrella over an LLC?

An LLC is a business and you must treat it as a business

You can not mingle your personal funds with the LLC funds otherwise you expose yourself personally to a claim

Did you “pierce the corporate veil“? would be a common conversation with your attorney after a claim 

Most attorneys in New Orleans will name you personally in any lawsuit to try to find deep pockets anywhere they can

You personally and your LLC would be named in the lawsuit

 

Tip:  a personal umbrella would exclude any coverage for business operations on behalf of your LLC

You would need to purchase a commercial umbrella policy and the underlying liability requirement is 1,000,000 

You would need to have your rental properties owned in an LLC on a commercial property form

 

The added benefit of having a personal umbrella policy?

Yes you can add your rental properties to your personal umbrella policy and get an additional 1,000,000 to start

but you also get liability protection for yourself

You get an additional 1,000,000 of liability over 

your home

you cars

your boat

your motorcycle

your condo

 

We all know the slip, trip and fall scenario that exposes real estate investors to lawsuits weekly in Louisiana but what about an accident you are responsible personally?


The most dangerous thing you do every day that exposes your bank account is when you get behind the wheel of a car


Inattentive driving accidents have skyrocketed over the years due to smartphones being connected to our hip 24/7

 

When you purchase a personal umbrella policy you must raise your liability limit on your car insurance to 250,000

This allows you to now have 1,250,000 of liability when the next accident occurs

 

There is no correct answer if you should own your properties in an LLC or in your personal name

Each option has pros and cons

As a real estate investor and an insurance advisor I prefer the personal umbrella for all my assets

I don’t want to have defend myself  and prove that I didn’t “pierce the corporate veil” on a rental property I own in an LLC with a plaintiff attorney

If there is a claim I turn it in to the insurance company on the property and I turn in the claim on my personal umbrella policy and let the insurance companies investigate and defend me

Bonus:  The personal umbrella policy not only covers my mistakes or accidents but my wife and kids too


The #1 goal of insurance is to protect you from a financially devastating event


The personal umbrella policy for Landlords and real estate investors is the one policy you must own

My name is Tim D’Angelo and if you want to discuss a personal umbrella proposal to protect your real estate portfolio

you can call me at 504.348.3131 or book an appointment with me at a time that is convenient for you

Talk to you soon

Your home insurance policy is weak

5 Home insurance endorsements you need but probably don’t have

There is a way to Hurricane proof your home insurance policy in South Louisiana

A standard home insurance policy is not enough here

You need to add some inexpensive coverage options to get your policy ready for Hurricane season 

We often recommend these 5 home insurance policy enhancements to our customers

Here are the 5 enhancements your policy probably does not have 

 

Service Line Endorsement ($30)

This replaces any piping or wiring the provides electrical power, heating, natural gas and waste disposal 

Why this is important?

It is the coverage that is added to pay for the replacement of piping

A standard policy excludes the replacement of the piping due to corrosion and tree root intrusion

Coverage that would have been excluded is now covered for Wear and Tear, Rust or Corrosion, Collapse, Tree root intrusion and Freeze

ex)  the sewer pipe running under your slab collapses due to age and wear and tear (standard exclusion)

Your policy would pay for the resulting damage the collapsed pipe caused but replacement for the pipe is out of your pocket

With this endorsement you get paid to replace the sewer line pipe under your house

Coverage includes $10,000 for damage and subject to a $500 deductible

 

Refrigerated Property ($10)

Loss of power to your property that is out of your control

ex) a car hits a telephone pole up the street and you lose power (normal Power Failure exclusion)

You will get $500 of covered property in your freezers or refrigerators on the residence premises (your house)

Also mechanical failure is also covered (normal exclusion)

Deductible of $100 applies

This coverage is great during a Hurricane Evacuation and when you return home all your contents in your freezer and refrigerator are spoiled

 

Hurricane Evacuation Reimbursement ($50)

Little know fact is when you evacuate for a hurricane and you return home and there is no damage

you don’t get loss of use or reimbursement 

You must have damage to your home for loss of use to kick in

This endorsement will provide $1000 to $1500 of reimbursement due to a mandatory evacuation

Damage to your home is not required to get reimbursed

 

Equipment Breakdown ($30)

This removes the Artificially Generated Electrical or Power Failure current exclusion

Lightning is covered under a home insurance policy but off premises power failure is not

If you can’t prove lightning destroyed your a/c unit or electronics you will not get coverage unless you have the Equipment Breakdown endorsement

The mechanical or electronic breakdown of equipment is covered here

Pro Tip:  Wear and Tear of your a/c unit or appliances is not covered under a home insurance policy or under this endorsement

here is an interactive Equipment Breakdown explanation

 

Why I like this coverage?

You buy the coverage to give you the greatest chance of a claim check being issued to you

The home insurance policy is over 100 pages and most of it is what is not covered

When you have the opportunity to buy some coverage back for about 8 cents a day….I recommend you buy it

 

Extended Replacement Cost ($180)

This provides an additional 25% of replacement cost to your policy

ex) your home is protected for 200,000 and with this endorsement the insurance company will pay an additional $50,000 (25%) if the cost to rebuild your home is over 200,000

Just about everyone except a residential home builder has no idea what it costs to rebuild a home

This number fluctuates and has nothing to do the value of the home or current real estate values

This is the cost of hiring a contractor to buy building materials and hire labor to rebuild

 

Why this coverage is important?

Following a major claim event such as a tornado or hurricane the cost of building materials will go up

So if you believe your current home is valued at $130/sq ft to rebuild

following a hurricane the cost could skyrocket to $145/sq ft

ex) Before the hurricane you could have rebuilt your 2200 sq ft home at $130/sq ft for $286,000

but after a hurricane that almost wiped out your home the quote from the contractor to rebuild is $319,000

The 25% extra on the insured value of 286,000 will allow you an extra $71,000 to rebuild your home so you will not have to pay any money out of your own bank account to rebuild and the cost to get the extra coverage on your policy is 49 cents a day

 

What can you do?

You are able to pick and choose which of the above home insurance policy enhancements you want or you can build a better home insurance policy by buying all of them

If you want to review your current home insurance policy just complete the quick form to get started

 

Talk to you soon

Tim D’Angelo FM Agency Group

 

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3 WAYS TO LOWER YOUR RATE

How much does Landlord insurance cost in New Orleans?

So how much does insurance cost on a New Orleans rental property?

The cost of protecting your rental property from claims can get expensive

The more money you give the insurance company the less money goes into your bank account

It is important for you to be successful as a real estate investor to monitor your insurance expenses

Pay $800 too much a year and owning a rental property may no longer make any financial sense

As we know repairs, maintenance and the cost of insurance eat into your monthly rental income

Keep your costs low and you make some easy supplemental income as a Landlord

Make enough money and you can buy another property

Build a real estate portfolio that can run on autopilot

Make enough and you can retire and live off your rental income

One question we always get is How much does it cost for Landlord insurance?

It all depends on the property

Underwriting factors that contribute to the price you pay are, but not limited to, age of home, roof shape, brick or frame, updates to electrical, plumbing, heating and air conditioning, roof

Most companies don’t use your credit score to determine the price you pay so bad credit is not a large factor unlike home insurance

If you are buying a new rental property, you will pay less for insurance if the house is brick with a hip roof than if it is frame with a gable roof

Buy a flood insurance policy and pay less

Are you over 54 years old?

That is a discount

Not all companies offer the same discounts

Our new Rental Advantage Program is producing some of the lowest rates for Real Estate investors

Let’s take a look at a rental property in Metairie 70002

It is a single family property built in 1978

It is a brick structure with a hip shape roof

Replacement cost is $225,000

COVERAGE

LIMIT

Dwelling

225,000

Other Unattached

22,500

Personal property

5,000

Loss of Rental Income

22,500

Liability

300,000

DEDUCTIBLES

1,000 All other perils (anything not a named storm)

2% Named Storm (claim as a result of a named storm)

(Lower Deductibles are available)

COVERAGE INCLUDED

Fire

Wind

Hail

Theft

 intentional Tenant damage

Loss of Rental Income

busted water pipes

Vandalism

Slip,Trip and Fall

Liability protection

COVERAGE ADD ON INCLUDED

Equipment Breakdown

Water Backup 5,000​

COVERAGE EXPLAINED

Equipment Breakdown is the replacement of appliances and air conditioning units if complete breakdown is not caused by wear and tear

Water Backup is a standard exclusion on all dwelling policies but this add on gives you 5,000 of coverage when water backs up into your property from the outside drain/sewer line​

ESTIMATED PRICE FOR PROTECTION YOU NEED

$1,714 – $2,034

To Get a Quote with our new Rental Advantage Program click here

Does your home insurance have mold insurance coverage?

MOLD COVERAGE HOME INSURANCE

Mold is often excluded under a home insurance policy because it is not sudden and accidental damage in the event of a claim,

but if the mold is the result of a claim it is possible it would be covered.

A recent endorsement is being added into most new Louisiana home insurance policies.

This endorsement is usually mandatory to the HO-3 home insurance policy here in Louisiana.  

Not all companies include this endorsement.

The endorsement is “Limited Fungi, Wet or Dry Rot, or Bacteria Coverage – Louisiana”

If this MOLD INSURANCE COVERAGE endorsement is on your home insurance policy,

it basically will limit the amount of Mold coverage available to you on your policy.

Limits are often 5,000 or 10,000.

We view these endorsements as providing limited coverage for “mold” as a result of a covered loss.

So it is “in addition to” your claim damages, you also have mold coverage.    

Making a stand alone Mold claim with no other cause of loss is going to be a difficult claims experience for any home owner.

 

Flood Insurance policies have a broader coverage for mold as a result of a flood loss.    

If you have discovered Mold, take photographs of the damage before you contact a licensed contractor to remove the bacteria.

Louisiana Contractors must be licensed for “Mold Removal” or “Mold Remediation”.

If you want to attempt to remove the Mold yourself,

the Louisiana Agricultural Center has a pdf for “Mold Removal Guidelines” that may be helpful.

 

If you are not sure if Mold is covered, check your homeowners insurance policy for a special endorsement that will reference “Fungi, Wet or Dry Rot or Bacteria”.

 

HERE ARE THE MOST COMMON AREAS TO DISCOVER MOLD IN YOUR HOUSE

  • Underneath kitchens and bathrooms sinks
  • Area around the refrigerator
  • Behind the walls where a plumbing leak is possible
  • Around air conditioning units
  • Drywall around windows
  • Under carpet or flooring that may have become wet

 

When you discover Mold in your home you need to remedy the situation as soon as possible.

It is possible you have a slow plumbing leak behind the walls.

Depending on the amount of mold in your house will determine if you need to get a mold remediation company to your house.

Mold Insurance coverage is very limited on a homeowners policy so don’t depend on your homeowners insurance company to take care of the damage.

If you want to learn more about mold, here is a website that may give you the information you need www.removemoldguide.com

 

If I raise my home insurance deductible how much can I save?

So how much can you save taking a higher deductible on your home insurance policy?

The term is transfer of risk

The insurance company does not want you to make small claims

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

Consider moving the risk from the insurance company to you

When you do this the insurance companies offers you a lower rate on insurance

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

Do you make home 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 about my hurricane or named storm deductible?

Over the past few years this deductible which was once as high as 5% of your insured replacement cost value

Due to many home insurance companies entering the Louisiana home insurance market 

the named storm and hurricane deductibles can be as low as 1,000

Consider the rate difference on a 1000 deductible and a 1% hurricane or named storm deductible

If there is a savings you may consider the higher deductible

I’m sure another Hurricane Katrina and this low deductible option will go away

If the insurance companies are offering a low hurricane deductible you may want to get it while it is still being offered

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 home insurance rate

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

not to keep you up at night.

My name is Tim D’Angelo and I can review your deductible savings strategy on home insurance

You can contact me at 504.348.3131 or complete the quick form