Louisiana Landlords-Insurance Question

Most of them are through specialty risk. I have them written on 1 policy and a separate GL policy. Total is about .75% of the appraised value (I think I did the math right in my head, but I could be a decimal point off)

Where in LA?
It’s a big state.
Look at American Modern.

Safeco or State Farm

im in lafayette and we write a lot throughout the state... markets are drying up very quickly. many surplus markets aren't giving out any more capacity. Progressive is about to highly limit the amount of new business agents can write.
this goes on and on.

i recommend binding what you can and be thankful for now. its not going to get better any time soon.

eta: if you are using a competent independent agent and he's telling you that he has gone to multiple brokers and has very limited options. he's likely not lying. just use someone you trust and take what they give you. service will outweigh any small premium savings down the line.

I had trouble finding a company.. State Farm really jerked me around…

Anyway I ended up with foremost … my insurance renew is in a few months so not sure if going up but not under the impression they are..

They carry my regular insurance and flood ( I am not required to carry flood and our hoa carries it.. I just got a little extra..

The company focuses on landlords. So liability , rent loss etc involved .

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I am looking at a property over there and am wondering if I will need HO3 or HO6 insurance.

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Is it a condo or a townhouse?

If its a condo and there's an HOA that's responsible for the insurance and maintenance of the building exterior and community common areas, you're looking for an HO-6. HO-6 is a condo unit owner policy and only insures the interior portion of your condo. HOA should be providing insurance for the exterior in this scenario.

If you're responsible for maintenance and insurance on the exterior, then you'd want an HO-3 (if owner occupied) or a DP-3 (if tenant occupied) since those policies would cover both interior and exterior.

quote:

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If its a condo and there's an HOA that's responsible for the insurance and maintenance of the building exterior and community common areas, you're looking for an HO-6. HO-6 is a condo unit owner policy and only insures the interior portion of your condo. HOA should be providing insurance for the exterior in this scenario

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Not necessarily, some do and some don’t…you have to read the contracts. Most companies have full and total replacement policies available for inside and outside should the HOA not have a policy. If they do, be careful when obtaining a policy to coincide with an HOA policy as the proper coverages can be quite nuanced.

Lighthouse is done. Ask your agent to move you ( limited options available) but lighthouse is broke. Not sure if anyone will buy their book or not. They acquired an Excalibur book that was pretty awful and probably put them in the situation they’re in.

I saw someone mention American modern. They aren’t currently giving wind coverage in Lafayette unless it’s a mobile home

Safeco is a good option but high deductible on rentals. It’s a “take what you can get” kind of market right now