NEW ORLEANS — It doesn't matter if you own a home or are renting an apartment, you're paying for insurance. It's also very likely what you're paying has gone up tremendously.
Insurance is getting harder to find, but experts say the time is now to review your policy. It's something that may help you save some cash.
"You can find insurance you just need to shop around," Judy Pelitere said.
For people in Southeast Louisiana, finding home insurance right now is tricky.
"Basically, there are fewer companies writing than there were before Ida," she said.
Pelitere, a loan officer with Eustis Mortgage, says that's because insurance companies took losses after Ida and pulled out (in some cases permanently). So, not only is it harder to find a policy, but it's also getting very expensive.
Chad Combetta is the owner of Brightway Insurance. We asked him how much he thought premiums had gone up recently.
"At least 33% or so," he said. "I've seen some double. I haven't seen a single policy stay the same."
The cost of home insurance depends on many things like the building's value, how much it'd cost to rebuild, previous claims, location and more. Combetta says with another hurricane season less than two weeks away, right now is the best time to review your policy.
"I'd make sure you have the correct amount of coverage," he said. "You want to make sure your assets are covered, everything you worked hard for is protected."
And if you're not happy or without insurance to look around.
"This is an ever-changing market, so a policy you had five years ago may not be the correct, may not be what you need anymore," Combetta said.
"Shop around, because I have seen a large degree in differences in premiums from one company to the next," Pelitere said.
The process may take time, but experts say it'll pay off knowing you're protected when protection is needed.
It's recommended you look at both small and large insurance companies, because while you're more likely to be covered by larger ones, a smaller company may offer a better rate.
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