Category: Home Insurance

For condo owners, arguably, the most critical requirement is an insurance policy that protects them against financial losses from unforeseen damages to their units. The dedicated team at Multisurance in New Orleans, LA, can help elucidate the differences between homeowners and condominium insurance.

Define Condo Insurance

Condo owners require insurance coverage to protect not just the interior of their units but also their personal belongings. This differs from a homeowners’ insurance policy, which offers broader coverage. Homeowners are typically liable for all incidents occurring on their property. A standard homeowners’ insurance policy includes dwelling insurance coverage that protects the home, unattached garage structures, and other property structures from extreme weather conditions like fires, rainfall, hail, or ice storms. Like homeowners, condo owners can tailor their policy to include similar coverage that repairs all damage and replaces all personal items lost.

What is Condo Association Insurance Policy?

Most condominium owners maintain two separate insurance policies for their units: a personal condo insurance policy and a condo association insurance policy. While both protect your condo, a condo association insurance policy’s coverage is primarily for damages to the exterior. This includes the condo’s roof, siding, and common shared areas like walkways and backyard walls with other residents. It’s worth noting that you might have the ability to negotiate an extension of the association’s insurance coverage to include outside fixtures, interior walls, and ceilings, but it’s not guaranteed.

Loss Assessment Coverage

A savvy addition for condo owners is to include loss assessment coverage in their existing condo insurance policy. This offers protection against any personal payment for repairs that exceed the coverage limit of your condo association insurance policy. Once the association’s insurance policy reaches its limit, the owner first files a claim, and the loss assessment coverage is activated.

Condo owners always seek quality insurance coverage specifically tailored to meet their individual needs. The staff at Multisurance in New Orleans, LA is ready to help create a policy that provides lasting protection. Contact us to schedule an appointment today.

You may think that once you have homeowner’s insurance, you don’t need to change your policy. However, there are situations when it’s important to update your policy. At MultiSurance in New Orleans, LA, we offer homeowners insurance. 

Changes to Your Household

You should let your insurance company know if someone moves in or out of your household. Perhaps you’ve given birth or adopted a child. Maybe your child is ready to leave home and live on their own. Anytime the number of people in your home changes, you’ll need to update your policy. 

Buying or Selling a Valuable Asset

If you’ve recently purchased a diamond ring or sold a valuable antique, you’ll need to contact your insurance company. Generally, you’ll need to tell them if you have a high-value item within the home. This ensures that the item is adequately covered. 

Changes to the Value of Your Home 

If you’ve recently renovated your home or increased its square footage, you will need to update your policy. This increases the value of your home, and you’ll want to be sure you are adequately covered. 

If the value of your home changes due to fluctuating real estate values in the area, you should also update your policy. 

Adding Security 

If you install a security system, you should let your insurer know. Security systems decrease the risk of theft and vandalism, which means less risk for you and the insurance company. This may decrease your premium. 

Changes to Your Work Status

This is particularly important if you begin working from home. Most policies provide very limited coverage for business equipment. However, you can increase your coverage with a new policy or a Ryder. 

Homeowner’s Insurance at MultiSurance

If you need homeowner’s insurance in New Orleans, LA, contact MultiSurance. Our experienced agents can help you choose a policy that meets your family’s needs. 

You know you need home insurance as a homeowner in New Orleans, LA, but how much? One way to find out is by applying the 80 percent rule to your home insurance policy. The 80 percent rule recommends insured homeowners carry coverage equal to at least 80 percent of the total replacement cost of their home. MultiSurance explains how the 80 percent rule works and gives you tips on how to apply it to your home insurance policy.

How to Apply the 80 Percent Rule to Home Insurance

Step 1: Find the Total Replacement Cost of Your Home

The first step in applying the 80 percent rule is to understand the total replacement cost of your home. This cost is the amount it would take to rebuild your home in the event of a total loss. It is important to note that the replacement cost differs from your home’s market value. Your home’s market value includes the price of the land and other factors not included in the cost of rebuilding.

Step 2: Determine Your Coverage Limit

Once you have the replacement cost of your home, you can calculate your coverage limit by multiplying the replacement cost by 80 percent. For example, if your home’s replacement cost is $300,000, your coverage limit should be at least $240,000 ($300,000 x 0.8). It is essential to ensure that your coverage limit is equal to or higher than this number to prevent underinsuring your home.

Step 3: Contact An Experienced Insurance Agent

Finally, to apply the 80 percent rule to your home insurance policy, you need an experienced insurance agent. At MultiSurance, we are dedicated to providing our clients in New Orleans, LA and surrounding communities with insurance policies designed to meet their needs. Contact us today for more information.