Looking for Better Options on Homeowners Insurance in Crowley?
If so the Jeff Davis Insurance Agency is one call or click away!
We offer great rates on life, business, car, and homeowners insurance in Crowley Louisiana.
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What Your Crowley Louisiana Homeowners Insurance Policy Covers?
In past articles we have discussed a number of topics related to the typical home insurance policy and we discussed a specific exclusion related to flooding from outside water sources and from floods caused by internal plumbing claims.
In this article we will consider the different types of homeowner’s insurance policies available in the state of Louisiana and the importance of picking the right one for your situation.
Because the price of homeowners insurance in Louisiana is very expensive compared to other states we may inadvertently choose the wrong policy and suffer significant financial consequences later.
We cannot emphasize enough the importance of paying close attention to the type of policy you buy.
Types of Home Policies You Can Buy in Louisiana:
- The Basic Form
- The Broad Form
- The Special Form
- The Tenants Broad Form (renters Insurance)
- The Tenants Broad Form (sometimes called an HO5)
- Special Condominium Form
- Dwelling Fire for Landlords (3 forms for landlords, basic, broad, and special)
The basic policy form is exactly like it sounds – It is basic coverage for your home and personal property such as furniture, carpeting and personal belongings.
However it only covers a limited number of claim events often referred to as named perils coverage.
For instance the Basic Form may cover damage due to fire or lightning, removal of property endangered by peril, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage and liability if you have added this to your policy. (There could be wind/hail exclusions in the policy dependent upon the location of your home)
Additionally the basic policy form normally settles losses on an actual cash value basis, not replacement cost. In a future article we will discuss the difference between actual cash value and replacement cost.
In our next article we will share a claims scenario to determine if the basic policy would cover that particular claim event for a homeowner purchasing a basic policy form.
Need Better Options on Homeowners Insurance in Crowley Louisiana?
For more than 50 years the Jeff Davis Insurance Agency has protected the needs of tens of thousands of policyholders throughout the state of Louisiana.
Why not call us today at 337-824-4455 or use our convenient online rate quote system that is available 24 hours per day. Click any of the links below to request quotes: