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Louisiana Home Owners Insurance Brokers Examined
The current homeowners insurance market in Louisiana can be hard to sort out. Post-Katrina, there are lots of claims still outstanding, and premiums have risen astronomically. Workers at the Louisiana Insurance Commission receive up to 15,000 complaint calls per month. It's getting harder and harder for homeowners to find an insurance broker that will insure them. People who are looking for a new house after the storm has destroyed their old ones are finding that even after they've put down money, many companies refuse to insure them. The insurance companies took a big hit from hurricane damage, and they're hesitant to insure many buildings. Rates are rising all over Louisiana as the insurance companies struggle to spread out their losses over the whole state. New homes are vital to keep any state growing and thriving. Because the major companies and brokers that dominate the Louisiana insurance market have raised premiums or even stopped writing new policies in certain New Orleans neighborhoods, this kind of growth has slowed. It could be in danger of stopping. For people already insured by Louisiana insurance brokers, premiums have gone up any where from 10 percent to more than 50 percent. These increases have been called devastating to the redevelopment of New Orleans and southern Louisiana. Some people are still able to work with insurance brokers. The companies have not stopped paying claims in Louisiana. Many of them are now writing most of their new policies in niche markets – homes over a certain value, for instance. Louisiana residents who live further away from the Katrina damage have an easier time getting insurance. The choice of last resort, but still available if insurance has been turned down elsewhere, is the state-sponsored Louisiana Citizen's Plan. You can get your home insured through this insurance plan if you can't find it elsewhere. But state law mandates that it be more expensive than the marketplace average, so most people prefer to look at private homeowners insurance first. Looking for insurance on a new home in Louisiana right now is difficult. If you need to do so, be sure that you can get insured before you put down money on a house. The state plan is available as insurance of last resort, but it can get expensive very quickly. If you need to purchase a home in the state of Louisiana, areas far away from New Orleans and the area affected by Hurricane Katrina are better. You might be able to get cheaper rates there, although the entire state has been affected by homeowners insurance rate increases. Check with individual brokers to find out what their policies are, so that you can avoid the trap of being unable to get a Louisiana homeowners insurance policy. Rates are rising and brokers are refusing to create new policies, so be careful and make sure that you protect yourself.
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