Lafayette, Louisiana-it's the heart of Cajun Country and home to great jazz, unique scenery, and plenty of culture and entertainment. Louisiana is also the second most expensive state to insure a home, mainly due to the effects of hurricanes. Most people remember the devastation of hurricanes Katrina and Rita. While Lafayette is considered safer than cities such as New Orleans, which are located below sea level, it is still not immune to hurricanes and the damage caused by them.
That's why having the right homeowner insurance policy is crucial. But wading through home insurance requirements and policies can be as difficult as wading through a marsh in the bayou. In order to make sure your Lafayette insurance coverage is adequate, there are a few things you need to know:
HO-3 vs HO-5Homeowners insurance is categorized in 7 forms. The most common for single family homes is HO-3. Most people find that it will provide adequate coverage for their needs and risks, including 17 perils such as wind damage, theft, and so forth. HO-5 takes it a step further, covering everything HO-3 covers plus the contents of your home, including jewelry, electronics, and so forth. You'll notice that your Lafayette insurance quotes will be about 15% more for HO-5, but this can be invaluable if the contents of your home are destroyed, particularly if you have a large home or expensive items.
Unfortunately, many people found out from Hurricane Katrina that damage caused by flooding is not covered in homeowner insurance policies. Flood damage can be devastating; according to the Federal Emergency Management Agency (FEMA) website, just 2 inches of water causes an average of $7800 in damage. FEMA regulates flood insurance, so it must be purchased separately. Lafayette is situated on the Vermillion River and is located just 40 miles from the Gulf of Mexico, and flood insurance is highly recommended. When getting Lafayette insurance quotes for flooding, keep these things in mind:
- Basic flood insurance only covers the structure of the home, not the contents. However, the majority of the damage in Lafayette from flooding occurs to the contents of the home rather than the structure. Make sure your furnishings and personal property are covered.
- There is a 30-day waiting period. Before your flood insurance policy becomes active, you have to wait 30 days from time of purchase, so don't wait until a week before hurricane season or the rainiest months to cover your home.
Exclusions and Exceptions
Your Lafayette insurance policy may include exclusions or exceptions. For example, let's say you buy an HO-3 policy that includes coverage for wind damage or hail storms, common effects of a hurricane. Then you find out that there is an exclusion to your policy stating that insurance will not cover wind damage that results from a hurricane. So make sure to read the fine print.
Finding Lafayette Insurance Quotes
As you can see, there is a lot to know when it comes to your homeowner insurance policy. Luckily, NetQuote.com can provide you with everything you need to know, from homeowner insurance basics to Lafayette insurance quotes in seconds, so you can compare rates and find the best priced policy available.