If you’re a Louisiana resident looking for insurance, you’re in the right place. We’ve compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.
We recommend you read it over, contact the Louisiana Department of Insurance at 800-259-5300 with any questions, and let us help you find the coverage you need today.
Auto Insurance
If you live and drive in Louisiana, state law requires you to carry minimum limits on your automobile, and you must purchase these minimums in order to register your vehicle. But insurers in your state recommend you purchase more than the minimums to ensure safe driving and adequate coverage in case of accident.
Basic coverage in Louisiana includes what is referred to as 15/30/25. Translated, this means drivers must carry a minimum of $15,000 liability coverage per person per accident; $30,000 total liability per accident and $25,000 property damage per accident.
If you’re involved in a mishap and don’t have enough coverage to pay for all accident-related expenses, you will be required to pay the amount over and above your policy limits. This can be financially devastating. Speak to a licensed car insurance agent to find out how much insurance you need to make sure you are well covered.
When shopping for an auto insurance policy, look for a financially sound company with a history of good customer service and fair rates. Remember, no matter how inexpensive a Louisiana auto insurance policy is, it does you no good if the company cannot cover your claim after an auto accident.
Your department of Insurance can tell you if any complaints have been filed against a particular company or agent, so make good use of this resource before making your final purchasing decision.
Health Insurance
Louisiana has taken great care to ensure that its residents have access to health insurance.
Here are some facts you may not be aware of in your state regarding health insurance:
- If you receive coverage from a group plan, Louisiana’s nondiscrimination policy prohibits you from being denied or receiving limited coverage because of your health status.
- If you become ill, guaranteed renewability ensures that your health insurance plan won’t get cancelled.
- If you are a small-business owner purchasing group coverage, the guaranteed issue ensures that you cannot be turned down for medical insurance on account of your group’s age, gender or health status.
- If you lose your group coverage and meet other qualifications, you may be able to purchase individual Louisiana health insurance through the Louisiana Health Plan (LHP). You won’t face a pre-existing condition period unless you have been previously denied coverage by two or more insurance companies.
- Your coverage will depend on what kind of Louisiana health insurance you carry. If you receive coverage through a group plan, your coverage may provide more extensive coverage.
- Individual health plans vary in benefits covered, so you’ll want to confirm what’s mandated by your state’s department of insurance before purchasing your policy.
The State of Louisiana has implemented some remarkable programs to help its 576,000 uninsured residents receive coverage. If you make a low or modest income, you may be eligible for free or subsidized health care through Louisiana Medicaid. Louisiana Medicaid offers coverage for pregnant women, families and the elderly and disabled.
The Breast and Cervical Cancer Treatment Program provides full health benefits through Louisiana Medicaid for women who are screened through the National Breast and Cervical Cancer Early Detection Program.
If your children are currently without Louisiana health insurance, you may receive full health benefits through the Louisiana Children’s Health Insurance Plan, or LaCHIP.
Home Insurance
Generally speaking, homeowners insurance protects the structure of your home and its contents. In addition, your insurance plan acts as a “package” policy because it covers both property and liability claims, as further defined below:
Property—Coverage against damage and loss to your home and its contents.
Liability—Coverage from law suits that may arise from someone who has gotten injured on your property.
There are three main forms of Louisiana homeowners insurance—Basic, Broad and Special.
Basic—Provides coverage against 11 basic perils, such as fire or lightning, windstorm or hail and theft or vandalism.
Broad—An extended form of basic; provides coverage against the basic 11 perils, plus six more including building collapse, weight of snow or ice and damage caused by home appliances.
Special—Provides coverage from all perils, except for specified exclusions like earthquake and flood.
While hurricane coverage is generally not included in Louisiana homeowner’s insurance policies, the Louisiana Department of Insurance recommends asking your agent about a hurricane deductible. Often times this can be written into your policy.
If you would like to purchase flood insurance, you should first ask your Louisiana homeowner’s insurance agent if they offer any type of flood insurance. If not, you should contact the National Flood Insurance Program (NFIP) to buy a policy.
Life Insurance
Life insurance will protect your dependants in the event of your death by providing funds for life’s necessities. Many experts consider it the underpinning of sound financial planning, and believe you should incorporate it into your long-term financial strategy.
If you have dependants, you will need to consider the short-term expenses for which your dependants will be responsible after you die.
Short-term expenses could include:
- Final expenses—funeral and burial costs
- Estate tax
- Outstanding medical bills or other debt
You will also need to factor in any long-term expenses your loved ones will need to account for, such as mortgage payments, college tuition and retirement for your surviving spouse.
If you do not have dependants, you will still want to consider your economic responsibility to others. You may want to purchase life insurance to save your family the financial burden of paying for your last expenses. Or, you may wish to leave money to family, friends or a charitable organization.
Once you have determined both short and long term expenses, you will want to consider any assets you already have to put toward those expenses, such as cash, savings, social security monies, pensions, real estate and investments.
Finally, subtracting your assets from expenses will give you an estimate of how much life insurance you should purchase.