Why is my insurance premium on the rise?
Levi Kastner : Oct 18, 2023 3:13:32 PM
Have you heard of the Louisiana Fortify Homes Program?
This month the Louisiana Department of Insurance began accepting applications for $10,000 grants from the Louisiana Fortify Homes Program. So what does that cover?
The grant will cover the cost of reinforcing roofs using methods that meet or exceed the Fortified Roof standard to strengthen roofs in order to better withstand hurricane-force winds.
Commissioner Jim Donelon announced that the first round of grants will open at noon on October 2nd, stating:
"The best way we can prepare for hurricanes and other severe weather is to use stronger materials and construction methods when building and repairing our homes," said Commissioner Donelon. "Grant recipients can also take advantage of our new law requiring insurers to provide a premium discount to policyholders with FORTIFIED roofs."
The first of the money will be distributed to qualifying homeowners who are insured by the Louisiana Citizens Property Insurance Corporation, which is the state run insurance provider of last resort for Louisiana homeowners. The reason for this being that Citizens policyholders are paying the highest premiums & these updates may depopulate Citizens, allowing policyholders to be picked up by other providers.
The remaining grants will be available to all eligible homeowners across Louisiana.
So what are the qualifications?
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The grant money can only be used for your primary residence & you must verify that you have a homestead exemption on that property during the application process.
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Homeowners must provide proof of active residential insurance coverage that includes wind damage, & those who live in FEMA designated flood zones must also show proof of flood insurance.
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Homes must be in good repair as determined by a Fortified Evaluator, which is a roofing contractor certified in the construction of Fortified roofs, & that evaluation fee (between $300-$500) must be paid by the homeowner. For a list of those, click here.
- Work must be performed by a Fortified Contractor. For a list of those, click here.
Who doesn't qualify?
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New construction homes
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Condominiums
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Mobile homes
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Homes on a foundation constructed of unrestrained stacked masonry or stone (unless they have proof of foundation retrofit)
It's important to note that upon approval, the grants will be paid directly to contractors and will be limited to construction costs. Homeowners will be responsible for all costs beyond the full grant amount.
Fortified designations last 5 years & designation certificates are transferable upon home sale -- so if you're looking to list your home, now may be a good time to apply & qualify!
Click below for more information & a complete list of all eligibility requirements, or to get started on your profile!
As always, our team at Kastner Insurance Group is here to answer any questions you may have about this & more! We offer unbiased advice to make sure that our clients are fully covered and our customer service is unmatched.
Call us today or visit our website for a customized quote.
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