As Louisiana homeowners prepare for another hurricane season, many are also looking for ways to reduce insurance costs without putting their coverage at risk.
Veteran insurance agent Sean Way says one of the first steps is reviewing whether a home is insured for the appropriate amount.
"A lot of people may actually be overinsured when it comes to personal property coverage," Way said.
He recommends getting an updated replacement cost estimate and taking stock of what is actually inside the home.
One rule of thumb, he says, is estimating roughly $20,000 worth of personal property per room and comparing that figure to the amount listed on a policy.
"That can give homeowners a better idea of whether their current coverage lines up with reality," Way said.
He says adjusting coverage to more accurately reflect what's owned could potentially lower premiums and, in some cases, reduce deductibles.
Another recommendation is something homeowners can do every year: shop their insurance rates.
"If your premium increases by 14 percent or more, that's a good reason to start comparing options," Way said.
He encourages consumers not to limit themselves to one company or one quote.
Independent insurance agents, he notes, often work with multiple carriers and may have access to more competitive pricing.
"They can provide several different options and help homeowners find the coverage that best fits their needs and budget," Way said.
While insurance remains a major expense for many Louisiana families, Way says taking the time to review policies annually can help ensure homeowners are paying for the protection they need and not more than they need.
With hurricane season now underway, he says there's no better time to take a fresh look at coverage and costs.
