Louisiana homeowners are facing skyrocketing insurance premiums, with some experiencing dramatic increases in recent years. Well-known musician Steve Allen, who has lived in New Orleans for over 25 years and survived Hurricane Katrina, shared his personal experience with rising insurance costs. His annual premium for wind, fire, and comprehensive coverage escalated from around $1,100-$1,400 to over $6,500.
According to Lee Miller of Goosehead Insurance, insurance rates are influenced by multiple factors, including credit scores and property maintenance. ‘Lower your credit score, higher your insurance premium,’ Miller explained, highlighting the significant impact of credit ratings on insurance costs.
Miller also pointed out that homeowners often overlook simple maintenance issues that can affect their insurability. ‘Maintaining the property… hazards on the property, even as simple as a driveway being cracked, can make you uninsurable with certain companies,’ he said. By addressing these issues, homeowners can improve their insurability and potentially reduce their premiums.
Proactive steps that homeowners can take include:
- Trimming tree branches away from homes
- Repairing cracks in driveways
- Maintaining overall property condition
By taking these measures, homeowners can make themselves more desirable to insurance companies and potentially qualify for lower premiums. As Miller noted, ‘I frequently have to say to someone, ‘Listen, I can give you this policy for X amount, or I can give you a policy for a lot less if you’re willing to cut these tree branches back from your home.”
By being proactive and addressing potential hazards, Louisiana homeowners can increase their home’s insurability and potentially mitigate the impact of rising insurance costs.
