National General Insurance review Lakeview New Orleans

A review of National General Insurance in the Lakeview neighborhood of New Orleans for homeowners insurance.

The New Orleans neighborhood of Lakeview was flooded during Hurricane Katrina after a flood wall was compromised and sent over 6 ft of water in the neighborhood.

Most homeowners who had lived there for many years, leveled their house and sold the vacant lots.

A younger generation of families began to move in and started building new homes with higher elevations.

A few insurance companies started offering very competitive homeowners insurance rates for newly built homes in the area.

One of the strongest companies offering a competitive rate is National General Insurance company for homeowners insurance in Lakeview New Orleans neighborhood.

 

THE GOOD.

They are A rated by AM Best and they are admitted in Louisiana.

An admitted insurance is protected by LIGA which is the Louisiana Insurance Guarantee Association.  LIGA is the protection you need if an insurance company can’t pay their claims and becomes insolvent (bankrupt).

They will cover your house up to 500,000 per property.

Not many companies writing new policies in New Orleans can claim an AM Best rating and are admitted.

In order to qualify for an AM Best rating you have the financial size to meet the requirements of AM Best and most companies are too small.

To understand the rating factors used by AM Best click here for an in depth analysis of their methodology.

national general insurance

UNIQUE COVERAGE OPTIONS

Service Line Coverage endorsement.

When you purchase a house, you also own the sewerage pipes under the land. A common claim is the pipes become compromised by root intrusion, rust or land movement and the repair or damage to the pipe itself is not covered, only the resulting damage.

With an endorsement premium starting as low as $28 per year, the service line coverage will pay to repair or fix the actual pipe including costs associated with excavation, expediting repairs and loss of use.

Here are a few examples of covered service lines.

  • Electric Power
  • Communication
  • Drainage
  • Fuel
  • Water
  • Sewer

Without this inexpensive endorsement, you would be left paying a large repair bill as this is a standard exclusion on a homeowners policy.

The coverage limits on the Service Line Endorsement are $10,000 or $20,000 limit.

 

Loss of use mandatory evacuation endorsement

After Hurricane Katrina most insurance companies did a great service by paying loss of use without inspecting the property. Due to the large swath of damage, they just assumed every homeowner had damage.

After the Hurricane Katrina experience most homeowners now believe if you evacuate for a hurricane the insurance company is going to send you money for your hotel or out of pocket expenses and the answer is they are probably not.

Your house must sustain damage to get reimbursed.

If you decide to evacuate and the Hurricane misses Lakeview and hits Lake Charles and you return home, your out of pockets expenses are not covered.

National General offers an endorsement Loss of Use Mandatory Evacuation.

This endorsement allows you to get out of pocket expenses if a mandatory evacuation is declared and you have to evacuate. It does not matter if your house sustains damage.

What is the definition of Loss of Use?

Loss of use coverage covers any additional expense you need while your home is being repaired not to exceed what you would normally spend.

 

Increase your Liability endorsement

Most homeowners insurance companies offer a maximum of 300,000 of liability on your homeowners policy. National General will offer 500,000. Your personal umbrella policy only needs 300,000 on your homeowners to protect you,but if you don’t have a personal umbrella policy, you should get 500,000 of liability.

The cost to increase liability from 300,000 to 500,000?

$4 annually

How much does homeowners insurance cost in Lakeview New Orleans?

I used a house built in 2009, two story, brick veneer.

Here are some sample rates but these are not the exact rate you will pay.

Listed, but in no way limited to, are some underwriting factors that can determine the price you pay.

  • Year built
  • Age of roof
  • Square foot
  • Brick or Frame
  • Credit worthiness
  • Claims history
  • Zip Code

National General will offer a named stormed deductible as low as 1% in our area.

[ultimatetables 9 /]

Other product offerings from National General

Most home insurance companies writing in New Orleans only offer homeowners insurance. Most of them originated in Florida and moved into Louisiana after Katrina

Many of them are smaller, regional companies, “but they are financially sound, reputable insurers that are writing policies for homeowners and businesses across our state backed by the international reinsurance market” Jim Donelon, Louisiana Insurance commissioner, said in the article.

National General Insurance company is not from Florida and is A rated by AM Best due to its financial size.

They offer more than homeowners insurance.

They can write 

  • auto
  • homeowners
  • rental property
  • flood
  • RV
  • Renter Insurance as endorsement on auto policy

 

Multiple product offerings means more discounts for you

If you purchase a National General auto and flood policy, you can get a much lower premium on your homeowners insurance policy.

One phone call for your auto, home and flood is a major benefit to a policyholder.

We talk with many residents that have each of their policies in 3 different places.

Consolidate your insurance with one company and one insurance agency is what FM Agency Group can offer you.

Want to see the benefits available to you and get a proposal from National General for homeowners insurance in Lakeview?

 

WE MAKE IT EASY TO CONTACT US

Call us at 504.348.3131

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