Hurricane season has officially begun, and for many Louisiana residents, this is a troubling time of year. Many homeowners see hurricanes hitting the state more frequently—and with greater intensity—than ever before. Residents are also worried about dwindling wetlands that have provided a protective buffer.
According to the Louisiana Department of Insurance, insured losses in Louisiana from the 2020 hurricane season totaled $10.6 billion. The 2020 season was the most active storm season for Louisiana, with three hurricanes and two tropical storms hitting the state.
Louisiana residents know that hurricanes can be devastating and even the best home insurance won’t cover every kind of hurricane damage. To have adequate financial protection, homeowners need to know what their homeowners insurance will and won’t cover and what additional insurance coverage is necessary. Our team at the Protective Risk Agency can help you learn more about insurance for optimal hurricane protection.
What Is Hurricane Insurance?
There isn’t one specific hurricane insurance that can give you all the protection you may need. You may need separate insurance policies to protect yourself against hurricane damage. Some common types of insurance that may benefit you include:
· Homeowners insurance—This coverage can help protect your home’s structure from hurricane, wind or lightning damage.
· Additional living expense (ALE) coverage—If a covered risk, such as a hurricane, destroys your home, you’ll need to live somewhere else temporarily. Homeowners, renters and condo insurance policies usually cover other living expenses. However, if you experience a more significant loss because of a hurricane, you may need more than standard ALE coverage.
· Flood insurance—If a hurricane produces flooding, storm surge and wind-driven water, your standard home insurance likely won’t cover repair or replacement costs. Flood insurance may offer protection, even if you rent your home.
· Sewer backup—Hurricanes often cause sewer backups, but most home insurance doesn’t include this protection.
· Windstorm insurance—Hail and strong winds are often part of summer storms. Depending on where you live in Louisiana, you may need to purchase a separate windstorm insurance policy.
Many homeowners combine home insurance, flood insurance and other coverage, such as sewer backup and windstorm coverage. Whichever insurance you choose, you want to have enough coverage that allows you to rebuild your home and replace your belongings.
Don’t wait until a hurricane is in the forecast. Flood insurance policies usually impose a 30-day waiting period between when you purchase coverage and the time it takes effect. And many insurers won’t adjust your coverage with an impending storm.
The Protective Risk Agency can help you explore insurance coverage that can give you the financial protection you need to withstand the storm.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.