Find Affordable Homeowners Insurance In LA

The person next door spends an average of ​$164 a month.

Find Affordable Homeowners Insurance In LA

The person next door spends an average of $164 a month.

Cheap Louisiana Home Insurance Rates & The Best Companies

LOUISIANA STATS


On average, Louisianans are paying $1,234 every month on homeownership costs. 


There are 2 million homes in the Bayou State, 63% of which are occupied by owners.

  • Population: 4,659,978
  • Average value of homes that's occupied by owners: $152,900
  • Households: 1,737,645 
  • Average household income: $46,710
  • High school grad or higher, percent of people age 25 years +: 84%
  • Average travel time to work: 25 min

The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.

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Louisiana is a southeastern state of the United States, located on the Gulf of Mexico. Louisiana’s subtropical weather consists of sizzling, hot summers and gentle winters. With a vast selection of things to do outside from going to the swamp, hiking on a trail, biking around the city or tanning on the beach, there’s something to enjoy for everyone. New Orleans, Lafayette, Lake Charles, LaPlace Kenner and Shreveport are areas in Livability's best places to live in LA.


Louisiana face natural disasters though, such as hurricanes, thunderstorms, and floods, which have caused a lot of trouble in the recent years. In 2017 alone, LA was hit with three devastating calamities: Hurricane NateHurricane Harvey and Tropical Storm CindyHurricane Katrina left devastating effects in Louisiana in 2005, leaving nearly one million people without power for many weeks, Evacuations were conducted by boat or helicopter due to flooded or damaged roads with 800,000 homes affected by not having electricity.


A hurricane is not the only trouble for this state; recent unprecedented flooding also caused 13 deaths in the state. Approximately 60,000 homes were damaged in the area, which was declared a disaster zone.


Considering these adverse conditions, home insurance is surely in the minds of homeowners in the state. According to the Insurance Information Institute, Louisiana was on the third number in the nation for experiencing the most insured catastrophe losses in 2016. If you live in a state like LA, it’s advisable that you get your house covered due to the high-risk of natural disasters know to happen here. To find the most competitive rates, a comparison study should be done on all the insurers you can find in your area. Our free online tool will help you in that we’ll provide a list of home insurers in your area. Then you can collect quotes and start comparing to find the best rates for you.

New Orleans, Louisiana via GIPHY

Home insurance rates: LA vs nationwide


Louisiana is known as one of the most expensive states for getting your home insured. The average premium rate in Louisiana in 2016 (latest available data) was recorded at $1,967 annually by Insurance Information Institute (III). This means the average monthly cost for home insurance in LA was $164. The average annual rate in the US is lower at $1,192, which means a difference of $775 per year or $65 monthly. Hurricane Katrina in 2005 is one of the main reasons for the high insurance premium rate in this state as it left severe and costly damages to properties.

Average Louisiana Home Insurance Premiums

 201620152014
Monthly average$164$162$154
Annual average$1,967$1,945$1,847
National annual average$1,192$1,173$1,132
Rank133
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.


Popular Home Insurers In Louisiana


Below is a list of companies that are popular among Louisiana homeowners. We reviewed the companies that were the leading writers of direct premiums in 2017, according to III. These companies have the highest market share holdings in the state’s home insurance scene. We looked into the companies policies and financial ratings as well as what the consumers are saying. We are not able to review all of the companies in Louisiana, therefore further research is necessary to truly know which insurer is the right one for you and your home.


Allstate


Allstate has been in business since 1931 and has been serving its clients for decades. Its online resources, varieties of discounts and extended coverage policies make Allstate a smart option for homeowners insurance.


It provides coverage for theft, fire, hurricane and hail. For further guidance about what the homeowners insurance covers, you can call its local agent. Allstate agents can help you figure out which policy can cover all your needs and will assist you in finding discounts to save you money on premiums.


This company offers discounts for both its existing and new customers such as a Welcome discount which gives you 10% off on premiums, a Multi-policy discount where you can save 25% if you get insurance for both your home and car, and a 15% discount on your premium for installing security devices.


This company got a score of 822 out of 1000 in the JD Power customer satisfaction survey in 2018 and has been awarded an A+ (Superior) by AM Best. Allstate had an 11.8 percent share in the market by 2017.


Liberty Mutual


This company has been serving its customers with the best insurance policies since 1912. It got an A (Excellent) from AM Best and an A (Strong) from S&P. The JD Power survey shows it scored 797 out of 1000 for customer satisfaction. By 2017, this company had a 6.9% market share in the home insurance scene in Louisiana, according to III.


Like many other companies competing to serve their customers, Liberty Mutual offers discounts along with insurance policies. You are eligible for these discounts if you have protective devices installed at your home, if you have purchased a new house or if you go for bundle offers like home and auto policies. Its 24/7 emergency repair service is also a plus point through which an agent from the company can assist you in repairing your damaged home at any time.


This company is also famous among its customers because of its agent locator feature. This feature allows you to know which language the agent speaks and their availability and contact.


Along with covering your property, it offers add-on protection for your valuables, water backup, and inflation protection. You can buy your policies online, but for that purpose, you must know certain details about your home like about its construction and renovation.


State Farm


State Farm is a well-known insurance company in Louisiana and among the highest rated ones in the market with strong ratings from agencies. This company got a financial strength rating of  A++ (Superior) from AM Best and scored 825 out of 1000 in JD Power’s survey. Its ratings and scores are evidence of its timely payments, simple claims process, and satisfied customers. According to III, by 2017, this company had a 27% share in LA’s home insurance market.


Its homeowners insurance provides coverage for extreme weather conditions such as storms, lightning, fire, wind, and floods and other situations such as wreckage and theft. This policy is suitable for people living in single-family homes, condominiums, farms, and manufactured homes.


This company allows you to keep in touch with a qualified worker who can repair damaged floorings in case of floods or other natural disasters through its Premier Service Program. You can also avail its Double Check Discount feature, where a discount is automatically applied if you are eligible for one. This offer can further reduce your insurance premium rate by 40%. It claims to be available for its customers 24/7 through the phone and online.

Louisiana Home Insurance Companies: Market Share and Summary of Ratings

RankInsurerMarket Share %AM BestS&PJD Power
1State Farm27A++AA3
2Allstate11.8A+AA3
3Liberty Mutual6.9AA3
4USAA5.9A++AA+5
5LA Farm5A-NRNR
6Progressive3.8A+AANR
7United Insurance Holdings3.5A-NRNR
8Lighthouse Property1.9NRNRNR
9Farmers1.8AA3
10Maison1.8NRNRNR
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power


After Hurricane Katrina, this state has faced a lot of difficulties in recovering from the damages. Recently, Tropical Storm Cindy, Hurricane Harvey, and Hurricane Nate hit the state in the same year and worsened the situation.


There is a strong need for people to understand the importance of getting their homes and businesses insured. Being at the Gulf of Mexico, hurricanes and floods are frequent in this state. Hence, the residents of Louisiana should get coverage so that they can be protected from these damages.


Three of some of the popular insurance companies are mentioned above to give an idea about their reputation, financial stability, and variety of coverage policies. While premium rates are relatively high, they are worth every penny when you can be free from any worry of bills and recovery in your time of need.


The Bottom Line


Each year, insurance companies pay approximately $75 billion for losses incurred from damage due to fires, hurricanes, robberies, dog attacks, and other incidents involving property loss. In Louisiana, one major cause of loss is tropical storms. Locations near the Gulf Coast are vulnerable to damage from hurricanes and have higher premiums than towns and cities located farther inland.


Louisiana home insurance can be expensive, but there are ways to minimize cost while still getting the protection you need. Read our 25 Tips to learn more. In this state, homeowners can choose from six types of policy packages. Each policy covers liability and property claims. Property claims are created when an individual suffers loss or damage to his or her home or personal belongings. Liability claims result from another person suffering harm on your property. In the worst case, liability claims may result in a lawsuit. A basic plan is the cheapest, while other plans generally cost more.


In storm-prone areas, choosing an insurance provider with special provisions for loss from hurricanes can save money. Due to the frequency of storms and their potential damage, some Louisiana insurance companies incorporate hurricane deductibles in their policies. This practice has increased in recent years. Hurricane deductibles can afford special financial benefits for loss incurred due to a tropical storm. For instance, a homeowner may purchase a 2 percent deductible that requires paying up to 2 percent of the home’s insured value, instead of a more costly deductible offered by most insurance plans. This type of insurance is best purchased long before a threat, however, as many companies restrict the sale of insurance when a hurricane or tropical storm is approaching. Keep in mind that Louisiana residents must purchase separate coverage for loss caused by flooding, surface water, water back-up in sewers and drains, earthquakes, nuclear damage, and warfare. This raises the cost of homeowners insurance, but it affords potentially critical protection in the event of an unforeseen disaster.

Drone footage of the French Quarter in New Orleans, Louisiana via GIPHY

When selecting an insurance company, Louisiana residents should keep several considerations in mind to find the cheapest and most effective plan. First, shop around to find a policy that meets your specific property requirements and budget. Keep deductibles in mind, and remember that a higher deductible translates to higher out-of-pocket costs in the event of a disaster. Review your plan annually to ensure that you are only purchasing coverage that you need. A rule of thumb is to insure your home for at least 80 percent of its replacement value. Burglar-proofing your residence by installing anti-theft devices can cut premium costs, as can installing secondary locking devices. When determining insurance price, companies may evaluate factors such as the home’s condition, whether or not there is a pool, and even the types of pets you have. Taking simple preventative measures – such as installing smoke and heat detectors and keeping the house free of combustible materials – can greatly reduce the risk of loss prevention, and in turn save money on insurance costs.


Resources:


United States Census Bureau  

Insurance Information Institute

Consumers Advocate

For more assistance, please contact your local state department of insurance:

Louisiana Department of Insurance

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