Louisiana Home Insurance Calculator
Owning a home is an exciting and rewarding undertaking. But like most things in life we work hard to attain, it is important to make sure we protect it to the best of our abilities. We know that things such as homeowners insurance can be overwhelming and daunting, so we have put together this Louisanna homeowners insurance calculator guide to help get you started.
What is covered under homeowners insurance?
Most homeowners insurance policies provide standard protection against things such as burglary, fires, some weather-related instances, and even protection should an accident occur on your property. Typically the home itself, your personal belongings within the house, some additional structures, and legal and medical bills as a result of an injury of a guest are covered items.
How much coverage do I need?
Numerous factors go into determining the exact coverage that each home needs. One of the biggest considerations to account for is the rebuilding cost of your home. The local cost of construction, as well as the square footage of your home, are all key figures needed. Additionally, things such as the types of building materials used and the style of the home are integrated into the coverage amount.
The quantity and quality of your possessions are also vital in calculating the amount of coverage you need. Most policies have a percentage structure for the cap of contents/possession coverage, so take inventory of your belongings, especially those expensive items to make sure you don’t need to take out any additional policies.
Finally, the amount of liability you and your family need affects the overall homeowners policy coverage. This portion of your insurance would be used as a result of having a bodily injury or property damage from you or your family members. This coverage needs to protect you and your assets in case of a lawsuit and damage.
How expensive is homeowners insurance?
The cost of your premium is determined by several factors. While the replacement cost and deductible amount of the policy are two of the main sources of a premium amount, there are numerous other elements that get taken into consideration. Some of the biggest additional effectors include location, age of your home, claims history, and your credit history.
How much it would cost to replace or rebuild your home is the biggest player in calculating a homeowners insurance quote. The more the house would cost to rebuild, the more coverage you need, which equates to a larger premium. Respectively, it is also important to remember that typically the lower the deductible (out of pocket maximum), the higher the premium and vice-versa (the higher the deductible, the lower the premium).
The location of your home is taken into consideration in several ways including the proximity to high claim areas, population density, weather and natural disaster occurrences, and distance from a fire station and adequate water supply.
The age of your home often has a direct correlation to the condition of the wiring and plumbing. If your historic home has antiquated electrical wiring or lack of smoke detectors, your rates are probably going to be higher.
Typically, there is a correlation between past claims and the possibility of additional future claims. So if you have made claims against a homeowners policy in the past, there is a high chance that your new policy rate will be affected. Not only is your personal claim history taken into account during the review for homeowners insurance, but the number of claims in the area you live may also affect your premiums. If you are insuring a home in an area that has been historically hit with numerous natural disasters or an area of high-crime and burglary claims, expect your rate to be higher.
Finally, in the state of Louisiana, insurance companies are allowed to pull your credit history when creating a home insurance quote. Factors potentially influencing your rate include payment history, outstanding debt, credit history length, the pursuit of new credit and credit variation.
Is there someone I can talk to more about specific questions I have regarding my Louisiana homeowners insurance calculations?
Absolutely! We hope this info guide would give you a better understanding of homeowners insurance, but we would love the opportunity to talk to you one-on-one. We can answer specific questions you may have and be able to tailor a quote for you that fits your custom needs. Feel free to send us an email at admin@insuranceshield.com or give us a call at 1-844-762-5085.