The first step after purchasing your home is making sure it is protected for any and all scenarios. However, it can be a little daunting clearing through the noise and making sure everything you need is covered while ignoring the extras that don’t help you in the long run. Contacting a local expert such as TSL Insurance Group is the best way to make sure your home is completely protected without the unnecessary fluff. Residing in Acadiana, especially in Lafayette, LA makes a homeowner’s situation even more unique. Local insurance agents will understand the specific position Louisiana homeowners find themselves in, due to their location.
Flood, Flood, Flood!
We cannot stress this enough: if you are residing in Lafayette or other parts in Acadiana, you need to purchase flood insurance. One of the biggest mistakes homeowners make locally is when they find out they live in Flood Zone X, and their property hasn’t flooded before, they believe they do not need to purchase flood insurance. This cannot be further from the truth. Due to the weather conditions of Louisiana and its location below sea level, flooding is unfortunately possible for areas that have never flooded before. All it takes is a bad storm or hurricane bringing more water than usual to a particular area to completely damage your home. Flood insurance policies in Flood Zone X typically don’t run too expensive. You can expect to pay in the $500 tier for a whole year of flood insurance.
Pay Attention to Your Home Structure
A rookie mistake when choosing your insurance policy is choosing the first thing that is quoted to you. Instead, take a deep look at the policy and how much is being covered, specifically in regards to price amounts. If your home’s market price is $250,000, but the policy will only cover $200,000 in building costs, your home is not adequately insured. You’ll want to pay specific attention to local building costs and the square footage of your home. For Lafayette, Louisiana, the 2021 average building cost is $100-$200 per square foot. Multiply that number by the number of square feet your home has and you’ll get a generally accurate idea of how much money you should insure your home for.
Protecting Your Possessions
Now that we have discussed the exterior of your home, you will also want to take a catalogue of your interior as well. Most insurance plans will cover 60-70% of the home price for your interior belongings–but will this be enough for you? For many homeowners, it isn’t. One easy way to record all your possessions and decide how much you need insured for your interior items is by using a phone app. Check out this list of best home inventory apps, with the most highly rated one being Sortly. After you have a better idea about how much it would cost to replace the items in your home, make sure that is how much is insured for your interior on your insurance plan.
Considering Purchasing an Umbrella Policy
In short, an umbrella policy will provide over and beyond what your home and/or car insurance policies cover. The cost of this policy will be dependent on what your current liability insurance covers. The more liability insurance you have, the cheaper this policy will be. Experts recommend having at least around $300,000 of existing liability insurance to get the best rate.
Contact your local insurance expert
Local insurance agents, such as TSL Insurance Group, will know the exact coverage your home needs based on its location, exterior, interior and your individual needs. Scheduling a consultation is easy and TSL Insurance Group will determine what makes sense for you and your situation. Their aim is to provide peace of mind for you and your family, whether robbery, flood or hurricane happens to your home.