Lafayette Homeowners Insurance

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Situated on the Vermillion River in southern Louisiana, Lafayette is a historic and diverse community that celebrates both Cajun and Creole culture. The city’s warm climate means its 125,800 residents get to enjoy outside activities year round. And because Lafayette is somewhat inland, the city seldom takes a direct hit from hurricanes.

But local homeowners know that they’re bound to see storm damage if a hurricane blows in from the Gulf – direct hit or not. The risk of named storms in the area means homeowners need quality Louisiana home insurance. Unfortunately, it also means coverage is costly, with the average Lafayette Parish resident paying $2,403 per year.

How Much Lafayette Homeowners Insurance Costs

Lafayette homeowners insurance companies look at all the same factors that insurance companies consider in any other part of the country, such as:

  • Location.
  • Square footage.
  • Building materials.
  • Age.

Age can be of particular importance because many Lafayette homes have historic architecture and details that can have a major impact on replacement costs. Additionally, newer homes tend to have more safety features and better building materials, making them less expensive to insure.

Insurers may weigh each of the factors they use to determine their premiums differently. As a result, premiums for homeowners insurance in Lafayette can vary between companies. The chart below provides the average homeowners insurance premiums for Kin and a few of our competitors based on our most recent data.

Average Lafayette Homeowners Insurance Rates by Provider

Kin Centauri Progressive Property SafePoint
Annual Cost $1,949 $2,098 $1,910 $4,147

What Homeowners Insurance in Lafayette, LA Covers

Lafayette homeowners insurance policies typically haves the following six coverages:

  • Dwelling coverage: Pays to repair or replace the structure of your home if it’s damaged in a covered event
  • Other structures coverage: Pays to repair or replace detached structures damaged in a covered event, including sheds, garages, and fencing
  • Personal property coverage: Pays to repair or replace your personal belongings, such as furniture, appliances, electronics, and clothing
  • Loss of use coverage: Assists with expenses like hotel costs if you’re forced to leave your home during a claim
  • Personal liability coverage: Covers your legal bills and settlement costs if someone sues you for their injuries or property damage
  • Medical payments coverage: Pays for reasonable medical expenses if a guest is injured on your property

While you can customize your home insurance simply by asking about available endorsements, you won’t need to ask about hurricane coverage. Policies placed through Kin cover wind damage caused by named storms. Water damage from storm surge, however, is often excluded. For that, you most likely need flood insurance, which you can buy as a standalone policy or add as an endorsement to your home insurance.

Lafayette Unique Risks

Every city has unique risks that its residents must prepare for. For Lafayette Parish residents, one of those risks is flooding. A flood map of the parish shows several flood zones throughout it, including:

The city itself does not have many flood zones, but the Vermillion River does run through it, so floods are possible.

Lafayette also has hurricane risk. As we mentioned before, the city isn’t on the Gulf Coast so it doesn’t face the full brunt of named storms as some of its neighbors do, but that doesn’t mean its homes make it through hurricanes without a scratch. Hurricane Laura, for example, caused more damage in other parts of the state, but it also brought trees down on homes and ripped off roofs in Lafayette. Moreover, the area can also see hail storms and tornadoes.

Sinkholes are another problem that Lafayette residents in the outskirts of town need to note. The ground has high salt deposits that get saturated if it rains or floods. This leads to erosion that can cause a sinkhole.

Tips for Lowering Lafayette Home Insurance Costs

You may be eligible for a discount if you:

  • Reduce your risk for wind damage.
  • Buy a home.
  • Manage your policy online.
  • Have a clean claims history.

You might also want to increase your deductible because that usually causes your premium to go down. If you go this route, make sure that you can afford the deductible amount you choose. You don’t want to fall short on your portion in a claim. We offer the following options for both your hurricane and AOP deductible:

  • $500
  • $1,000
  • $2,500
  • $5,000
  • $7,500
  • $10,000
  • Or 1%, 2%, 3%, 4%, 5%, or 10% of Coverage A

If you have any questions about getting homeowners insurance in Lafayette, call us at 855-717-0022.

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