Homeowners insurance policies contain all kinds of terms. One type of term that tends to get a great deal of attention from the public are terms regarding insurance premium amount. There is quite a bit of variation among states when it comes to what level such premiums tend to be at.
How high are homeowners insurance rates here in Louisiana? Statistics suggest they are among the country’s highest.
The statistics come from a recent report by the National Association of Insurance Commissioners. The statistics regarding the average annual premium amount for the different states when it comes to one particular standard class of homeowners insurance policy. This class is referred to as HO-3.
According to the statistics, in 2014, this class of policy cost an average of $1,847 here in Louisiana. This exceeds the national average by quite a bit; the national average was $1,132.
Louisiana came in with the third highest average of any state. Only Florida and Texas had higher average rates. Florida took the No. 1 spot with an average rate of $2,055, while Texas held the No. 2 spot with an average rate of $1,947.
What impacts do you think the high homeowners’ insurance premium levels, and the underlying causes of these high levels, are having on policyholders and insurers here in Louisiana?
Now, terms regarding premiums are far from the only homeowners insurance policy terms that can end up having some very big impacts. Another class of terms that are incredibly important are the terms regarding what the policy does and doesn’t cover. What the coverage terms of a homeowners insurance policy are, and what these terms mean, are among the things that can be at the center of disputes over claim denials.
When a homeowners insurance company is in a dispute with a policyholder over whether a claim the policyholder has made is covered under the relevant insurance policy, skilled attorneys can assist the company with protecting its well-being and interests over the course of the dispute.
Source: Protecting Your Pocket – Palm Beach Post, “Florida home insurance costs lead nation again,” Jan. 23, 2017