In Louisiana it seems like we are always dealing with with Floods, Rains or Hurricanes.
Unfortunately most standard home owner insurance policies do not cover flood and may have very high Hurricane/Named Storm deductibles.
So what do you do?
Even if you are not in a “Flood Zone” you should consider getting Flood Insurance.
How many times after a flood have you seen people saying they were told it did not flood where they lived?
Flood insurance comes in two major categories.
- National Flood Insurance Program
- Private Flood Insurance Markets
It is also important to understand a flood caused by a Hurricane/Named Storm is NOT covered under your home owner insurance
National Flood Insurance Program
The National Flood Insurance Program (NFIP) is a government run program that has specific conditions and limitations.
NFIP has maximum amount of coverage on dwelling and contents coverage. $250,000 for dwelling and $100,000 for contents.
If you require more coverage you may need to get Excess Coverage to make sure you are fully covered.
NFIP language and types of policies is standardized and is the same from one company to another.
One thing to always remember about NFIP it usually requires a thirty day waiting period, but in most cases the coverage for a new home purchase or a renewal are immediate.
Make sure you do not wait until the last minute, because it may be too late.
Private Market Flood Insurance
Private Market Flood Insurance use the same risk categories that NFIP program but vary in coverage that they may offer.
Private Market Flood Insurance will allow you to get coverage above the $250,000 dwelling amount and many offer additional coverage such as Loss Of Use. Private Market Flood Insurance may also help reduce the premiums paid by you. Unlike the NFIP they have the ability to adjust their risk evaluation which may help lower premiums.
In Louisiana we are slowly starting to see more Private Flood Insurance Carriers come into the market. As more come in, it will help reduce the overall cost of Flood Insurance Premiums for all consumers.
Home owner insurance policies normally have a “named storm” deductible which is usually referring to hurricane or tropical storm deductibles but could also refer to other types of “named storms”. I have personally see deductibles as high as 10% of the dwelling coverage or named storm is completely excluded and coverage is only available through the State run insurance program. This is usually with “Big Name” companies that spend billions in commercials trying to tell you that they have your best interest in mind. In most cases the consumers either did not know they had this high of a deductible or thought they could not find coverage that would be affordable. It is very important to review your insurance coverage and verify your deductibles and coverage amounts BEFORE a storm develops.
If your insurance deductible is so high you might need a loan to cover the cost or if you have a policy that splits your coverage with the State program shouldn’t you be shouldn’t you be working with an agency that has your best interest in mind rather than being on every college sports commercial?
Bourgeois Insurance Agency Is Here To Help
Bourgeois Insurance Agency will take a free look at all of your insurance policies. As an independent Agency we work for YOU not the insurance carriers. We will review your policies and search see if there are options that can help you find the best coverage and premiums.
Contact Us Today!!