Home Insurance Lafayette La — Top Rated Companies Want Your Business!
Shopping for a better rate on Home Insurance in Lafayette Louisiana or the surrounding areas?
If so, the agents of Jeff Davis Insurance can help out!
Please call 337-824-4455 or request an online rate quote around the clock when you click: Home Insurance inLafayette La.
As an independent insurance agency, we can help you find the coverage you need at a price you can afford.
Home Insurance Lafayette La — Price or Coverage, What Is More Important?
What do you think is more important when shopping for Home Insurance in Lafayette Louisiana?
Price or coverage?
It’s certainly not a question covered by television commercials, but nonetheless it’s a question that you should consider because there could be a distinct difference when you have a claim.
For homeowner’s insurance there are typically 6 different coverage forms:
- Broad Form (HO 2)
- Special Form (HO 3)
- Contents Broad Form (HO 4)
- Replacement Cost Form (HO 5)
- Condominium Unit-owners and Cooperative Owners Form (HO 6)
- Modified Coverage Form (HO 8)
And within those typical coverage forms there may be variances of endorsement coverage that take away coverage or give more coverage. (confused yet?)
Two of the coverage forms above (HO4 + HO6) only apply to condo or renters’ policies and include coverage for personal property or contents coverage principally since there is no need for you to also cover your landlord’s building.
Let’s focus our attention for this post on single family residential properties and consider the 4 Homeowners Coverage forms that apply:
- Broad Form (HO 2)
- Special Form (HO 3)
- Replacement Cost Form (HO 5)
- Modified Coverage Form (HO 8)
There can be a sizeable cost difference between the 4 options above and because Homeowners Insurance in Louisiana is among the most expensive in the country a homeowner could be tempted to purchase a Cheap Lafayette Louisiana Home Insurance Policy option versus one they actually need.
Let’s consider the HO2 Broad coverage form and break down some of the basics. First of all, what is covered for the home itself and personal property coverage?
Covered perils include:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Falling objects
- Weight of ice and snow
- Accidental discharge water damage
- Tearing apart of water systems
- Freezing of water systems
- Artificially generated current
- Volcanic eruption
The first step would be for us to determine what it means by the term covered perils?
A covered peril simply means what your policy covers. If your house catches on fire or it is struck by lightning and then catches on fire you would be covered under this policy form up to the limits you had chosen.
If your home is damaged because of high winds, a tornado, or hurricane you would also be covered. Although there may be a special deductible called a wind, hail, or hurricane deductible that would apply.
What happens if something happens to your home and the “peril” isn’t on the list?
Great question — this would be a time where it gets expensive for yourself because there would be no coverage!
Named peril policies are simply one Louisiana Home Insurance Policy option that are available for purchase. They are typically less expensive compared to the HO3 policy which offers greater coverage on the home itself, although under the HO3 your personal property is covered by named perils the same as the HO2.
The HO5 home coverage form eliminates named perils coverage for the home itself and personal property and offers the best level of protection.
In our next article we will dive in a little deeper discussing the named perils coverage options.
Home Insurance Lafayette La — Cal Jeff Davis Insurance Today!
When looking for Home Insurance in Lafayette Louisiana and the surrounding areas please call 337-824-4455 or request an online rate quote around the clock when you click: Home Insurance in Lafayette La.
