Competition Increases in Louisiana Homeowners Market

11 Jun Competition Increases in Louisiana Homeowners Market

Louisiana Homeowners Insurance has had a complicated past. The Louisiana Department of Insurance says the state’s homeowners insurance market is much more competitive these days than it was a decade ago. The LDI reported that the homeowners market saw the lowest average statewide increases in a decade. The low increases caused a homeowners insurance rate change statewide was +1.6 percent in 2017.

28 companies are writing homeowners insurance in Louisiana but are not participating in the state’s market in 2005. The continued shrinking of the market share of Louisiana Citizens Property Insurance Corporation, the state’s property insurer of last resort is also a sign that the homeowners market is more competitive than in the past.

Here at AWS, we understand the importance of an affordable insurance policy. We know your house is one of your biggest investments and the place you and your family call home. We also believe in making the people of Louisiana aware of how homeowners insurance is calculated. Insurance carriers estimate the cost a home insurance policy by asking “how likely is that something bad will happen?”

Insurance carriers take the following into account:

Crime
The crime rate in Louisiana is higher than that national average, so homeowners should have secure and well-lit entrance.

Weather
Hurricanes and tropical storms cause a lot of difficulties for local homeowners. Residents should be sure they have proper coverage.

Home Values
The estimated cost to rebuild your home will play a significant role in how much your home insurance costs. The average home value in Louisiana is lower than the national average.

With a comprehensive home insurance coverage policy with AWS Insurance, we’ll create a custom tailored plan that’s specific to your needs to get you financial protection and compensation for all of your belongings. If you need an experienced insurance agent to help you find affordable and effective homeowner’s insurance, then trust none other than AWS!