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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 Nate, Hurricane Harvey and Tropical Storm Cindy. Hurricane 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.
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.
|National annual average||$1,192||$1,173||$1,132|
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 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.
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 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.
|Rank||Insurer||Market share %||AM Best||S&P||JD Power|
|7||United Insurance Holdings||3.5||A-||NR||NR|
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.
For more assistance, please contact your local state department of insurance:
Department of Insurance