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We always expect unplanned emergencies to happen – every homeowner knows the absolute truth of this statement. One month it is a flat tire, the next is when your AC breaks, the next is when you have to bring your child to the ER. It seems that unplanned emergencies are always waiting to happen, and we should expect the unexpected. This is where home insurance comes in. With this kind of experience, it is typically a question of when, and not if. Southwestern Louisiana, and especially Lafayette, are no stranger to natural disasters, and during certain times of the year, we can sometimes predict if it’s possible we will need to make a claim that year. Almost every homeowner does, and should, own a homeowners insurance policy, but sometimes that is not enough to cover every disaster or crisis that could befall on your home. Let’s take a deep dive on when, and why, you should consider other insurance policies.

What is Homeowner Insurance?
First, let’s talk about what homeowner’s insurance does cover. In certain events, home insurance will help repair your house, yard, other structures on property, as well as repairing or replacing your personal belongings. In some instances, it can also cover personal liability if you become legally responsible for injury or damage to another person. If you have taken out a loan for your home with a bank, of course you are going to be mandated to have a homeowner’s policy. It is important to note that it isn’t required by law, so theoretically someone could buy their home in cash and not have a policy. Of course this is not a good idea because even though you may not have a loan, events happen and you may need homeowner’s insurance at any given time.

What About Flood Insurance?
Most insurance policies will not cover damage to your home in the event of flooding. If you live in a flood zone, then your mortgage lender requires that you pay for flood insurance. But if you own your own home, you can choose not to purchase a policy, even if you live in a flood zone. However if you don’t live in a flood zone but you live in certain risk areas such as Louisiana, it is beyond necessary to purchase a policy. Typically the policy will not be too costly, around $500 a year, but it can be just too risky to own a home without one. Especially if you live in an area that is prone to natural disasters, heavy rain, or live at or below sea level, it is the best way to protect your home.

Consider the Umbrella Policy
What would you do if you do suffer a disaster or event that would exceed your homeowner policy? Most people would be in a very challenging situation, with no way to protect themselves. This is why we encourage clients to invest in an umbrella insurance policy. An umbrella insurance policy is a sort of catch-all policy that provides additional coverage in the event your home or car insurance is maxed out. Coverage can be anywhere from 1 million to 10 million. If your home hypothetically caught fire, the damage may be beyond what your home insurance’s maximum payout is, especially once you consider all the belongings inside the house. This is when your umbrella policy would kick in to reimburse everything that was destroyed.

Experts Who Understand Your Property
Insuring locally guarantees working with agents who understand your unique position as a Louisiana homeowner. As we have discussed previously, there is a special understanding to insure your home in the Southwestern region. At TSL Insurance, we take your unique circumstances into account to advise you. We have many years of experience in accurately and fully insuring homes and we wish to help you make sure every inch of coverage is included in your policy. Reach out to us for a free quote, and we’ll make sure you never have to worry if your home is lacking coverage.