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

Top 5 mistakes made when buying New Orleans Homeowners Insurance

Buying homeowners insurance policy to protect your most valuable asset is something that you need because it financially protects you from an unexpected loss so it is important that you find the best New Orleans homeowners insurance company to protect what you have

If you choose the wrong policy or make a mistake,  

your policy could not respond to a claim and you could be financially devastated

What are some common mistakes when buying homeowners insurance?

 

1. YOU BUY THE WRONG COVERAGE

You decide to purchase a house, buy a homeowners insurance policy and intend to move into the property

After a few months, something changes and you decide to “flip the house” and put it up for sale

The problem?

There is a vacancy clause in a homeowner policy contract

The usual clause is between 30-60 days. Some policies will exclude theft and vandalism if the property is vacant over a certain time frame and other companies will exclude coverage and void any future claims    

If you buy a house and the intended occupancy is “vacant”

you need to purchase a Vacant Home Insurance Policy

Vacant Home Insurance policies can be purchased as month to month or 3,6,9 or 12 month terms

If you decide to move out of your property and lease it to tenants you would need to cancel your homeowners insurance policy and purchase a rental property insurance policy

 

2. YOU DON’T BUY ENOUGH COVERAGE

You get a great deal on a house and you borrow $100,000, but the replacement cost of the house is $300,000.  

You determine you only owe $100,000 so that is all you need to insure the house since that is the loan value.

The problem is homeowners and dwelling policies have a Coinsurance Penalty Clause built into the policy contract.

The clause will state you have to insure the property at least 80-90% of the replacement cost.  

If not, your claim payment will be reduced by the amount you under insured your property.

ex)  300,000 replacement cost of the house.  

You insure it for 100,000.  

You under insured the property by 50%.  

The house burns down and you expect a check for $100,000 but since you under insured the property by 50%, your claim check will be reduced by 50%.  

So $100,000 Dwelling Amount on the policy minus 50% penalty = $50,000 claim payment to you on a total fire loss.

You can purchase an extended replacement cost endorsement to give you an extra 25% of coverage if the rising cost of building materials results in a larger amount to rebuild your home

 

3. YOU PURCHASE A HIGH DEDUCTIBLE TO LOWER THE PREMIUM

This is a legitimate option to New Orleans property owners to lower your rate, but you must determine you can absorb the deduction (deductible amount) from a claim check.  

We have customers that take on a 10,000 deductible on properties to lower the premium, but this is not a good option for most homeowners and we don’t recommend a 10,000 deductible.

 

ex)  An overflow of an upstairs toilet floods the house.  

The flooring and sheetrock are destroyed on two floors.  

It results in a $15,000 claim,  but the company deducts $10,000 from the claim check.  

You now only have $5,000 to repair your house.  

If you don’t have the money to pay for the repairs, you will be left living in a damaged house.

4. YOU DON’T HAVE PROTECTION FROM THE LOUISIANA GUARANTY ASSOCIATION

In 1970, the Legislature created the Louisiana Insurance Guaranty Association (“LIGA”) as a private, non-profit entity designed to create a safety net for insurance consumers if their insurer becomes insolvent during the period of their policy coverage.   

Before you purchase a Louisiana Home Insurance policy,  you should ask if the insurance company is protected by LIGA.  

Why?

Every homeowners policy insured by an admitted insurance company in Louisiana is protected up to $500,000 insured value.

Think of your money in your local bank is insured up to $250,000 deposit if the bank becomes insolvent.

LIGA is the same protection for your house if the insurance company leaves the state and becomes insolvent and can’t pay any claims.  

 

5. MATERIAL MISREPRESENTATION ON THE APPLICATION

Most home insurance applications include this statement 

“Any person knowingly and with intent to defraud any insurance company files an application or statement containing false information could result in denial of future claim payments or result in the policy being voided”

Make sure you read the entire homeowners application before you sign it and answer every question accurately so you will be covered in the event of a claim.   

The fundamental principle of insurance is to be covered financially in the event of an unexpected and sudden loss.

Don’t make the mistake of blindly signing the insurance application the agent or company prepared.  

In Louisiana, you will be responsible for the statements on the application you signed.

A few days ago a customer asked us how he could find the best affordable homeowners insurance policy to insure his new home purchase. 

After speaking with the customer we agreed on a home insurance company that was able to fit his needs and he went on to the real estate closing happy as a new home buyer. 

 

So if you are thinking about buying a new home…. 

 

What is the best way to find the right insurance policy for you? 

 

The single best option is to ask your friends or family where they have their insurance policy and if they are satisfied with the service and the coverages provided by the Insurance Company. 

 

But be careful who you ask. 

 

What if you decide your friend Bob is your best choice for advice. 

What if Bob makes every decision based on “price” or “the cheapest”? 

 

How do you know if Bob is cheap? 

 

Here is a old joke about your friend Bob.

After being away on business, Bob thought it would be nice to bring his wife a little gift.

“How about some perfume?” he asked the cosmetics clerk.

She showed him a $50.00 bottle.

“That’s a bit much,” said Bob, so she returned with a smaller bottle for $30.00.

“That’s still quite a bit,” Bob complained. Growing annoyed, the clerk brought out a tiny $15.00 bottle.

“What I mean,” said Bob, “is I’d like to see something really cheap.”

The clerk handed him a mirror. 

What is wrong with buying insurance that is the “cheapest” 

There will always be one company that is the cheapest

There will always be one company that will be the first to go out of business

There will always be one company that is the first to stop writing and leave the state

Be careful of the cheapest quote 

It could just be an introductory rate followed by a 25% rate increase at renewal

Rate Stability is a very important factor when shopping for New Orleans homeowners insurance

If you’d like to work with the best insurance broker who will listen to what you need and protect the assets you worked so hard to buy,

give us a call at 504.348.3131 or you can complete the form below to begin

What’s this all about?

Take your time and research the homeowners insurance company when you are looking to buy a new home insurance policy.

Claims service is sometimes more important than price.  

Rate Stability over the past few years may be something you need.

Don’t always buy the cheapest quote you get.  

Most clients call us with the goal of finding the cheapest home insurance policy, but claims service, insurance rate stability and insurance agency staff customer service are all key factors to consider.  

Be sure to avoid the above mistakes New Orleans Homeowners make each day. 

Protect yourself and more importantly your property you worked so hard to acquire

If you ready to work with the best New Orleans insurance broker complete the quick form below

 

Rental property insurance for Real Estate investors

Real Estate investors need insurance protection for different types of investment properties

 

VACANT HOME INSURANCE

Real Estate investors need to purchase a vacant policy when the property is no longer occupied by a tenant and is either up for sale or between tenants over a 60 day period

If the wrong policy is in place there is a chance of a denial of future property damage claims

You can purchase a vacant home insurance policy on a month to month term and only pay for 30 days of coverage at a time

The cost of the policy can be as low as $100 a month and it includes the insurance protection needed

The policy will include the standard coverage of fire, wind, hail and water damage but our program will also include theft and vandalism

HOME RENOVATION INSURANCE

If a property is purchased and there is work that is needed to either flip the property and get it back on the market or it needs a remodel project before a tenant can move in the policy that is needed is a Home renovation insurance policy

This policy will cover the current value of the home minus the land value plus the renovation amount you are going to put into the house

This will give the insurance protection you need during the renovation

You can purchase the policy one month at a time until the renovation is complete

The rates start as low as $100 a month

SHORT TERM RENTAL PROPERTY INSURANCE

Not all rental property insurance policies cover properties unless there is a long term annual lease signed by a tenant

A short term rental usually less than 30 days will require a special policy from an insurance company that will accept short term tenants

If you are a real estate investor the best insurance broker for real estate investors is FM Agency Group because we can offer you one policy for all your properties or customize an insurance policy for each investment property

 

How to get plumbing insurance in New Orleans for a new home purchase

When you buy a new home in New Orleans one major concern is the plumbing because water damage is one of the most common insurance claims on a homeowners insurance policy

Some common water damage claims after you buy a home

  • A busted water heater damages your flooring
  • The toilet or clothes washer will no longer drain
  • Busted pipe inside a wall damages a room

There are few things you can do to protect your bank account after you buy a new home from a water damage claim

 

SERVICE LINE UTILITY INSURANCE 

This coverage can be added to a homeowners insurance policy or a rental property insurance policy for as low as $5 a month

This will cover the replacement of the underground plumbing line that sends water to and from your home

When this pipe collapses water can no longer flow in and out of your home

Toilets don’t work

Showers don’t drain

Washing clothes will no longer be an option

 

What will Service Line Insurance Coverage actually cover?

Standard exclusions of coverage under a homeowners insurance policy don’t apply

You can get coverage for the cause of damage below

  • Rot
  • Wear and Tear
  • Corrosion
  • Collapse
  • Rust
  • Deterioration
  • Tree root intrusion
  • Freeze
  • Animal Damage

YOU GET REPLACEMENT COVERAGE FOR THE ITEMS BELOW

  • sewer line
  • water piping
  • ground piping to a heat pump
  • drain lines
  • underground power lines or electrical wiring
  • communications or data transmission lines
  •  natural gas piping

 

The new Service Line Underground Utility Coverage is now available in New Orleans with our new Homeowners Insurance program and we include the coverage on all our policies if available from the insurance company

WHAT HAPPENS IF YOU DON’T BUY THIS COVERAGE?

Without this endorsement a common claim that happens is when an underground pipe collapses due to tree root root intrusion or wear and tear

The resulting damage such as water back up (if you have this endorsement) is covered but replacement of the pipe itself is not covered and excavation costs are also excluded

What is the average cost of these claims without the endorsement?

The average cost to repair these sewer lines including excavation can average $7500

What is the deductible on Service line insurance coverage?

The coverage will be subject to a $500 deductible which more than likely will be less than your all other perils deductible

Now you can get coverage to pay for pipe replacement, excavation costs and outdoor property that is damaged as a result

 

This coverage is available on homeowners insurance and landlord rental property insurance policies from a select group of insurance companies

Not all insurance companies offer this endorsement

The endorsement will provide coverage up to 10,000 of damage

 

PLUMBING INSURANCE FOR A NEW HOME PURCHASE IN NEW ORLEANS

You can buy a plumbing protection plan from Homeserve as an added protection after you buy a home or even ask the seller the buy one year of coverage as low as $20 a month if you have any concerns about the plumbing in the house

Homeserve will cover 

  • Locating the blockage or collapse
  • Excavation to expose pipe
  • Pipe replacement or repair
  • Repair or replacement of seals and joints
  • Unblocking
  • Fitting external valves
  • Fusing
  • Welding
  • Pipe cutting
  • Backfilling of areas disturbed by repairs
  • Leaking supply pipe to hot water heater
  • Repair/replace burst interior water pipe
  • Unblocking an overflowing toilet or sink due to clogged drains
  • Leaking wax seal
  • Blocked drain

Home Warranty plans will focus on appliances and heating a/c systems and their plans can cost about $50 a month

Homeserve will offer many options to choose from if you have more concerns than plumbing but a stand alone plumbing protection plan for $20 a month may be something to consider for your new home purchase

WHAT YOU CAN DO TO PROTECT YOUR HOME FROM PLUMBING ISSUES

  • Make sure your homeowners insurance policy has the service line endorsement
  • Buy the Plumbing and Drainage coverage plan from Homeserve

At FM Agency Group we are the best New Orleans insurance broker to help you get the coverage you need to protect what you have

If you want more information about the new Service Line Utility Enhancement Endorsement just complete our quick form and we will review the insurance companies in New Orleans that offer this important and inexpensive protection

What is recoverable depreciation on a New Orleans roof claim

After you make a roof claim in New Orleans the insurance company claim rep will provide you an estimate to replace your roof and the company will issue a check

But the claims check will not be for the full amount to replace your roof

It will have an amount that is deducted from the estimate

This is depreciation based on the age of your roof

Your first check will include a deduction for depreciation

It is ok to deposit your first claim check

 

This does not close your claim or prevent you from recovering the full amount to replace your roof

The second check you receive is called recoverable depreciation

In order to get the second check you must show the insurance company you replaced your roof

You can send photos and an invoice to your insurance company claim rep and they will issue the remaining amount needed to get your roof replaced

You must have Replacement Cost on your policy to receive the second claim check

Some insurance companies do write new homeowners insurance policies and place an ACV (actual cash value) endorsement on the policy

So check with the best insurance broker to determine if your have a replacement cost policy

If you have an ACV endorsement your roof claim check will be based on depreciation calculated on the age of your roof

The older your roof the more the insurance company will deduct from your claim check and you will not be eligible for the second check which is recoverable depreciation

THE BEST HOME INSURANCE COMPANIES NEW ORLEANS

Not all insurance companies will pay for roof replacement after a hurricane

Some only pay for repair or replacement of missing shingles

If you need to find an insurance companies that pays for roof replacement at FM Agency Group we work with over 20 insurance companies as the best insurance broker in New Orleans and we can let you know which companies responded the fastest and paid for roof replacement after a hurricane

Not all insurance companies are the same

Complete the form below to get started

What is the difference between a Wind deductible and a Hurricane deductible in New Orleans?

Understanding your wind deductible on your homeowners insurance policy

There is no standard deductible on a New Orleans homeowners insurance policy in Louisiana for wind damage.

Some companies offer a wind deductible.

Others offer a hurricane deductible and other policies may have a named storm deductible

Three common deductible options issued on Louisiana Homeowners Insurance policies

  • Wind or Hail Deductible
  • Named Storm Deductible
  • Hurricane Deductible

HOMEOWNERS INSURANCE DEDUCTIBLE TYPES

 

Wind Deductible

This deductible is applied to all wind and hail events regardless if caused by a named storm or hurricane. Just a windy day and a tree falls on your roof, the claim would be subject to the wind deductible.

The amount could be a value such as 1000, 2500 or a % of the insured amount.

Your policy might have a 1%, 2%, 3%, or 5% Wind deductible

Example)   200,000 house with a 2% wind deductible would result in a wind claim subject to a $4,000 deductible.  So a $4,000 deduction off of your claim check would apply to a wind loss.

 

Named Storm Deductible

This deductible applies when a weather event has been declared by the U.S. National Weather Service to be a tropical storm or a hurricane.

The force of wind must have been caused or resulted from the “Named Storm” event. Only when the storm is a given a name will the named storm deductible apply.

If you sustain just strong winds and there is damage to your house, your all other perils deductible would apply and not the named storm deductible.

This deductible is only triggered if damaged is sustained from a named tropical storm or a hurricane.

The most common Named Storm deductibles are 1%, 2%, 3% or 5%

Example)   200,000 house with a 3% named storm deductible would result in a wind claim subject to a $6,000 deductible as a result of a “Named Storm”

 

Hurricane Deductible

This deductible applies when a weather event has been declared by the U.S. National Weather Service to be a Hurricane only.

Deductibles usually range from 1%-5% as well and some companies depending on the location of your house will offer a flat deductible as low as 1000.

Example)  200,000 house with a 5% Hurricane Deductible would result in a wind claim subject to a $10,000 deductible as a result of a Hurricane claim.

If you have a Named Storm Deductible or a Hurricane Deductible and you sustain wind or hail damage not as a result of a Named Storm or Hurricane, your policy would be subject to the “All Other Perils” deductible which usually start at $500.

If your homeowners insurance policy has a hurricane deductible and your property sustains wind damage from a Tropical Storm, your claim check would not be subject to the Hurricane deductible deduction. Only the all other perils deductible would apply. 

It is best you check your New Orleans homeowners insurance policy and review your policy with the best New Orleans insurance broker and determine what type of wind deductible you have

This may not be an issue if you don’t live in a coastal area where wind damage is very common.

Hurricanes, tropical storms and hail damage are very common in Louisiana.

Depending on the type of wind deductible you have could determine the difference in you getting your roof replaced or basically self-insuring your roof out of your own pocket.

CHOOSING THE RIGHT HOME INSURANCE DEDUCTIBLE FOR YOU

If you have a wind deductible, you should consider a policy with a named storm or a hurricane deductible.

Depending on the location of your house will determine the deductible options available to you.

You don’t have to wait until your policy expires to move to another homeowners insurance company offering a lower wind deductible in your area.

Some companies may also lure you in with a low wind deductible only to raise your deductible at renewal.

Something to consider is ask how long the insurance company has been writing in your area and how long they have been offering a low wind deductible.

Underwriting guidelines can change very quickly.

Rate stability and claims paying ability are key factors you need to consider when you are considering moving your homeowners insurance.

At this time if you have a 5% hurricane deductible, you should consider moving your homeowners insurance and review your coverage with the best insurance broker so you get the protection you need for the best value you want

Unless you live in a coastal area such as Grand Isle or Lafitte, 

you should be able to get a much lower hurricane deductible

Understanding your deductible on your homeowners policy is important.

Examples of Deductibles on home insurance policies.

Here are some types of deductibles offered in South Louisiana

2%, 3% or 5% hurricane deductible

2%, 3% or 5% named storm deductible

2%, 3% or 5% wind/hail deductible

Let’s assume you have a quote for 250,000 dwelling amount on the proposal.

The home quote includes a 2% Hurricane deductible.

The Hurricane deductible is 2% of 250,000.

If you have to make a claim for damage as a result of a hurricane, your deductible will be $5,000.

The insurance company will deduct $5,000 from your homeowners insurance claim estimate

Take a look at your insurance cover declarations page and determine the insured value of your policy and the % of your hurricane, named storm or wind/hail deductible.

Check your policy to determine not only the percentage % of your deductible but the type.

Does your neighbor have a tree that could fall on your house?

If you think your neighbor’s homeowners insurance policy will pay the damage to your house,  you are more than likely wrong.

If you have a high wind/hail or a named storm deductible and would like a low hurricane deductible, we have a variety of home insurance options for you.

Unless you live in a coastal area, you should not have a 5% hurricane, named storm or wind/hail deductible on your policy.

Complete the form below to get started

When should I buy Renovation insurance in New Orleans?

There are a few reasons you need to purchase a home renovation insurance policy in New Orleans and we can discuss a few here below

  • Remodel a new home purchase
  • Remodel a home before you list it up for sale
  • Renovate a vacant property

Not every home you buy is ready to be occupied or ready to lease to a new tenant

For Real Estate investors buying and selling investment property often requires a renovation project

If you just need to paint and clean and you or a tenant can occupy the property in 30 days you are probably ok

HOME RENOVATION INSURANCE AND HOW DOES IT WORK

You want to determine the cost of the renovation to your home and the purchase price to determine the insured value or the insurance amount you want to buy

$100,000 purchase price

$50,000 renovation

$150,000 insured valued or the cost to rebuild your property

You would want to buy a 150,000 renovation home insurance policy

WHAT IS THE LENGTH OF THE POLICY?

You can purchase a policy on a month to month basis

Pay for one month of renovation and keep buying each month until the project is complete

The policy should include most of the insurance coverage you need like wind, hail, fire, theft, vandalism and water damage and also you want to make sure you have Lawsuit liability protection up to 1,000,000

Our new Home Renovation Insurance program is for home sellers of a single property or Real Estate investors that are buying homes and flipping them a month or two later to turn a profit

NEW ORLEANS RENOVATION INSURANCE 

Buying homes in New Orleans may require a renovation project and a standard policy will not cover any remodeling to the property when the property is vacant

You need to find the best New Orleans insurance broker who can specialize in renovation insurance for rental property insurance or homes going up for sale

If you want to review our Home Renovation Insurance program complete quick form so we can get started

When do I need New Orleans Vacant Home Insurance?

One of the most common reasons to get a vacant home insurance policy in New Orleans is when your home is up for sale but unfortunately many homeowners forget to tell their insurance agent

When you vacate a property and leave it unoccupied for over 60 days you risk all future claims being denied

But unoccupied is not often the same as vacant

Go on vacation for a month and your home is unoccupied and your homeowners insurance policy is still good but buy a new home and put your previous home up for sale and it doesn’t sell right away and you have a problem

Unless you purchase a Vacant Home Insurance policy 

You can buy a Vacant policy for one month at a time if you need to

The policy will include fire, wind, hail, water damage and often include theft and vandalism but not all policies include theft and vandalism

You want to check the policy coverage form and ask your Insurance broker

TYPES OF PROPERTIES THAT NEED A VACANT HOME INSURANCE POLICY

  • Homes up for sale
  • Homes in the name of an estate of
  • Rental properties between tenants and vacancy over 60 days

HOW MUCH DOES A VACANT HOME INSURANCE POLICY COST

You can purchase insurance protection for your vacant property for as low as $100 a month with or new vacant insurance program

Most insurance policies for vacant risks make you buy 3,6 or 12 month and one the 3 month policy it is fully earned which results in no refund if you sell the home before the policy is expired

HOME IN THE ESTATE OF

A very common reason for your need of a vacant policy is when the owner of the property passes away and the surviving children inherit the house and have no intention of moving in

The home is placed in the estate of the deceased and the home remains vacant until the family can decide what to do with the home

During this time you can’t keep the deceased homeowners insurance policy active because the owner of the home no longer resides in the property and the home is vacant

A homeowners insurance policy has a vacancy clause that excludes coverage after a certain time and if the homeowner is deceased the insurance company will cancel the policy or not cover any future claims

If you need a Vacant Home Insurance policy complete the form below to get started