How do you pay for homeowners insurance in Louisiana?
Just talk to a friend who bought a house after Hurricane Katrina did not flood of Katrina affected the insurance industry was $ 1,200 per year. Now, prices are $ 4,500 per year single cover same company. No fee. What's the deal? How can they do that? Flood Insurance covers if the house floods. So why are rates so high? What that everyone pays in Louisiana and in what part of Louisiana are you? Looking to buy a house but can not afford $ 375 per month just for insurance.
The deal is, everyone is trying to file claims wind. Because most people on the Gulf Coast do not have insurance against flooding, it is the only way they could hope to get money. Insurance companies have begun to challenge these claims. Saying that the damage was due to flooding, not wind. The courts have now begun to mandate insurance companies to pay, even if some claims that were destroyed by water blatantly. Insurance companies are terrified that if another disaster like this hit, they would be left to fit the bill regardless of any exclusion (floods) which have in their policies owner-occupier. So to defend itself from potential bankruptcy, they began to withdraw from the region together. Your insurance premium is very high, because frankly, they do not want your business. It's too risky for them through your local judiciary.
Insurance Facts : What Is Homeowners Insurance?