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How to Lower Your Home Insurance Costs in New Orleans

Insuring a home in New Orleans can be a tricky and expensive process. Over the last few years and as a result of Hurricane Katrina, the costs of insuring a home have steadily increased. However, there are steps that can be taken by homeowners that can reduce your coverage costs. Satsuma Realtors is here to provide advice and help you keep some of that money in your pocket. 

The number one way homeowners miss out on saving money on their homeowners’ insurance is not receiving the discounts and credits they deserve. This is a simple fix, and only takes a few minutes of you answering some questions with the insurer about alarms, smoke detectors, a fenced yard, and whether you want to bundle your policy with auto, life, etc. Also, don’t be afraid to ask your insurer about any and all available discounts since not every discount is publicly advertised. Such things as updating a HVAC system or putting storm shutters on the windows could gain you a valuable discount.

The next option is simply to shop around and compare other plans’ coverage options and rates. This does take a little time, but please feel free to contact a Satsuma Realtor for contacts who can provide free sample estimates on different homeowners’ insurance policies in the New Orleans area. It’s good to shop around every few years, to make sure your old rate is still comparative.

Another way to save a little money is to choose a high deductible insurance plan. Homeowners who switch to a $1,000 deductible from a $500 deductible can save around 3%-4% per year. This might seem like nothing, but can add up over the years. However, homeowners must realize that if they increase the limit on their deductible they will be paying more out of pocket before the insurance coverage kicks in.

Shotgun House
Shotgun House

Lastly, flood damage is the number one claim in New Orleans and the United States. If you’re in a high-risk flood zone like New Orleans or other coastal cities, there are several steps you can take to reduce your insurance premium. These include installing proper flood openings, elevating your utilities above ground level and, if possible, elevating your home.

Brad Pitt’s Make it Right foundation has been building new homes in New Orleans so that they can withstand flooding and float in these Katrina like situations. So, if you have any questions about reducing your homeowners’ insurance policy, please feel free to contact a Satsuma Realtor today.

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