Best Homeowners Insurance Agencies in Shreveport

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What do homeowners' insurance agencies in Shreveport mean when they discuss deductibles?

  When homeowners' insurance agencies in Shreveport talk about deductibles, they refer to the amount of money a homeowner pays out of their own pocket before the home insurance coverage kicks in. For example, if the covered claim is worth $10,000 and you, as the policyholder, have a deductible of $1,500, you will be responsible for paying the $1,500, while the insurance company will pay the remaining $8,500.

• How long do homeowners' insurance agencies have to pay claims in Shreveport?

  In Shreveport and other parts of Louisiana, homeowners' insurance agencies or companies have 30 days to pay a policyholder's claim that has received satisfactory proof of loss as required by the Louisiana Revised Statute 22:1892. If they fail to fulfill their responsibility within this period, then the policyholder/homeowner may file a formal complaint and the insurer would likely be required to pay for attorney fees and awarded bad faith damages.

• Do homeowners' insurance policies in Shreveport include coverage for flooding?

  Generally, no. Most home insurance policies in Shreveport do not provide coverage for water damage caused by flooding. However, homeowners are not left without any options, as they can obtain flood insurance from the National Flood Insurance Program. This insurance alternative was established in 1968 and is managed by the Federal Emergency Management Agency.

• How can one lower their home insurance costs in Shreveport?

  One of the things you can do to save money on homeowners' insurance in Shreveport is to purchase a newly built house instead of an old one. Houses typically develop issues over time and may require new roofing, plumbing, or wiring, which can drive up home insurance costs. Another tip is to choose a policy with higher deductibles, as this usually lowers the required monthly premiums.

• Do homeowners' insurance agencies cover damage if the property in Shreveport is mainly used for business purposes?

  In Shreveport and the rest of Louisiana, home insurance policies are not typically intended to cover damage if the property is primarily being used for business. This means that if the homeowner is using the property to earn money, such as renting it out through a peer-to-peer rental company like Airbnb, the insurer will unlikely cover any damage. The same applies to damage to a neighboring property caused by the renter or guest or any medical or legal costs incurred by the occupants while they are on the rented property.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.