Insurance in the Pelican State
Louisiana is a state known for its rich culture, diverse landscapes, and unique history. But with the state's coastal location and high risk of natural disasters, insurance is a critical consideration for Louisiana residents. From hurricane and flood coverage to rising rates in auto insurance, here are some important insurance topics to consider in Louisiana.
IZC is ready to offer quotes for your insurance needs in Louisiana including homeowners insurance, wind insurance, flood insurance, auto insurance, umbrella insurance and commercial insurance. Regardless of your assets or risks, IZC is here to help.
Wind Coverage: Hurricane Insurance In Louisiana
Louisiana is no stranger to hurricanes. In 2020, the state experienced five named storms, including Hurricane Laura, which made landfall in Cameron as a Category 4 storm, and Hurricane Delta, which hit Creole just six weeks later. With such frequent and powerful storms, it's important for Louisiana residents to have adequate hurricane insurance. For locations like Jefferson and Orleans parish and Lake Charles, most residents have been personally impacted by hurricanes during their lifetime.
Louisiana is one of the most hurricane-prone states in the country, with an average of 1.7 hurricanes making landfall per year between 1851 and 2017, according to the National Oceanic and Atmospheric Administration (NOAA).
Many insurance policies in Louisiana include a hurricane deductible, which is a percentage of the insured value of the home that the policyholder must pay before coverage kicks in. It's important to review your policy to understand the specifics of your hurricane coverage and deductible.
Flood Coverage: The Challenges of Insuring Flood in Louisiana
In addition to hurricanes, Louisiana is also prone to flooding, as evidenced by the Baton Rouge floods of 2016. Much of the state is at or below sea level, and it's estimated that more than 60% of Louisiana residents live in areas at high risk for flooding. While homeowners insurance policies typically cover some water damage, they do not typically cover flooding caused by natural disasters like hurricanes.
To protect against flooding, Louisiana residents should consider partnering with IZC Insurance and purchasing a separate flood insurance policy through the National Flood Insurance Program or a private flood insurer. It's important to note that there is typically a 30-day waiting period before flood insurance coverage takes effect, so it's wise to purchase coverage well in advance of hurricane season.
Rising Rates: Auto Insurance In Louisiana
While natural disasters are a major concern for insurance in Louisiana, rising rates in auto insurance are also a challenge for many residents. Louisiana has some of the highest auto insurance rates in the country, with an average annual premium of more than $2,000. The state's high rates are largely due to a combination of factors, including high rates of uninsured drivers, high rates of car theft, and frequent auto accidents. In fact, Shreveport, LA has one of the highest rates of motor vehicle theft in the nation.
In 2020, Louisiana ranked second in the nation for the number of National Flood Insurance Program (NFIP) policies in force, with over 494,000 policies, according to the Federal Emergency Management Agency (FEMA).
To save money on auto insurance in Louisiana, consider working with IZC Insurance Agency to shop around for quotes from multiple insurance carriers, taking advantage of available discounts, and maintaining a clean driving record.
Laissez Les Bon Temps Rouler!
Insurance is a critical consideration for Louisiana residents, particularly when it comes to protecting against natural disasters like hurricanes and flooding, as well as dealing with the challenges of rising rates in auto insurance. By understanding your insurance options and working with an experienced insurance agent like IZC Insurance Agency, you can help ensure that you and your family are protected against whatever risks may come your way and you can continue to "let the good times roll"!
