Do Homeowners Insurance Rates Increase After a Hurricane?

According to local NBC news in New Orleans, homeowners in the area are experiencing significant increases in their insurance rates as the 2022 hurricane season heats up. The fact is that insurance premiums can rise in direct correlation to hurricanes and other risk factors, and staying abreast of increases in your home insurance premiums is critical.

If you have concerns about a homeowners insurance claim, don’t wait to consult with an experienced New Orleans homeowners insurance attorney.

Homeowners Insurance Rates in Louisiana

Residents in the New Orleans area report spikes in their 2022 homeowners insurance premiums, and the precipitating factor is 2021’s, Hurricane Ida.

Several insurance companies have stopped selling policies in the state, and others have gone out of business. According to the local CBS news – reporting on an LSU survey – all the following apply to the latest spate of storms:

• Among those surveyed, 47 percent of homeowners with claims were satisfied with the results, while 47 percent were not
• Among those surveyed, more than half of all homeowners have experienced increases in their insurance premiums post-Ida

Insurance companies are, of course, driven by profits, and when their profits drop due to increased risk, premiums tend to rise.

Finding Affordable Homeowners Insurance

If you’ve been affected by rising prices as they relate to your homeowners’ insurance, you can take some important steps to help keep your rates reasonable.

Read the fine print

When it’s time to renew your homeowners’ policy, give the paperwork a thorough going over. It’s not unheard of for insurance providers to tinker with the terms rather than increasing premiums, thus raising alarm bells. This tends to mean shifting risk toward the policyholder and away from the insurance company.

Talk discounts

Talk to your homeowners’ agent about any discounts they may offer in response to homeowners taking steps that proactively safeguard against damage. Because taking such steps is in your best interest, this can amount to a win-win.

Explore the possibilities

If the insurance company you’re currently with is gouging you on your premiums, you have options that are worth exploring. Not every insurance company uses the same formula for calculating risk, which means another provider may offer you a better price.

Further, you may find some enticing premiums for new customers – insurance companies bank on policyholders not bothering to shop around, but it is well within your rights to do so.

It’s important to note, however, that you should carefully compare each policy’s coverage and replacement values. It won’t do you much good to save money on your premiums but not be adequately covered in the event of a claim.

Have An Experienced New Orleans Homeowners Insurance Attorney on Your Side

If your homeowners’ insurance claim is being handled unfairly, the accomplished New Orleans homeowners insurance attorneys at Insurance Claim HQ have the experience, skill, and legal insight to help. To learn more, consider contacting us today.

The content provided here is for informational purposes only and should not be construed as legal advice on any subject.