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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.
Renters Insurance Covers:
Examples not limited to:
- Fire or Lightning
- Windstorm or Hail
- Freezing of plumbing system
- Bodily injury or property damage that is expected or intended by the insured
- Business pursuits
- Professional services provided or not provided
- Ownership, operation, use, or maintenance of aircraft, motor vehicles, and certain watercraft
The landlord of your apartment has insurance, but it probably only covers the building where you live — not your belongings or your liability for accidents. If your possessions are stolen during a break-in or damaged by a fire or severe weather, a renters insurance policy can allow you to recover their value. If someone is injured during an accident in your home, renters insurance can help protect you in the case a liability lawsuit.