Finding the Best Homeowners Insurance in Louisiana
Living in Louisiana comes with its ups and downs. Not only is real estate expensive in the state, especially in areas like New Orleans, but the state is also one of the hurricane hotspots in America. Hurricanes and coastal storms frequently hit it. If you already owned a house or are considering owning a house in the Pelican State, you can't do without homeowner insurance. About 60% of Louisiana residents are homeowners, with the median real estate price at $155,000. Houses don't come cheap in Louisiana, and you cannot afford not to have homeowners insurance. Without homeowners insurance, you are prone to losing your building and all your possessions without a way to replace them in a wink. Your homeowner insurance provides coverage on your building. In the years following the massive destruction of Hurricane Katrina in 2005, it's been a struggle to get cheap homeowners insurance in Louisiana. The extreme weather and its higher-than-average crime rate have made Louisiana homeowners insurance quotes higher than the national average. Even with the higher insurance rates, it is great to find the best homeowners insurance in Louisiana that will provide full coverage for your home. Due to the high risk that buildings face in Louisiana, cheapness alone doesn't cut it when looking for homeowners insurance for your building. You need to consider the coverage the homeowner's insurance will provide, customers satisfaction, and the ratings for that insurer.
| Louisiana Homeowners Insurance Cost Broken Down | Rates |
|---|---|
| Yearly Cost of Homeowners Insurance in Louisiana | $940.00 |
| Costs Per Month for Homeowners Insurance in Louisiana | $78.33 |
How Much is Homeowners Insurance in Louisiana
According to the Insurance Information Institute, the average annual cost of homeowners insurance in Louisiana is about $1,967, with the average monthly cost of homeowners insurance in Louisiana at about $165. This makes homeowners insurance rates in Louisiana one of the most expensive in the nation. The average cost of homeowners insurance in Louisiana is high because of its susceptibility to terrible weather conditions, especially hurricanes. The 2005's hurricane Katrina left massive destructions in its wake; the hurricane claimed many properties and life. The state also receives a high amount of rainfall yearly because of its topography and closeness to the Mississippi River and the Gulf of Mexico. So, it is very susceptible to flooding. The high crime rate is also a contributing factor to the high average homeowners insurance rates in Louisiana. Louisiana is the third most dangerous state in the nation, especially in cities like Hammond and Opelousas. Your building is prone to burglary and theft. Homeowners insurance rates vary from city to city, and you may pay as much as 76% higher than the state's average in some places. New Orleans is the most expensive city for homeowners insurance in Louisiana; the annual premium is about 76% more than the state average at $2,762. On the other hand, the least expensive city for homeowners insurance in Louisiana is Alexandria, with the annual premium cost at 29% lesser than the state's average. About 47.5% of people living in Louisiana spends more than 30% of their income on utilities and rents. Adding an expensive homeowners insurance to it might seem absurd, but you need that coverage for your building and possessions.
| City in Louisiana | Monthly Costs | Yearly Costs |
|---|---|---|
| New Orleans, LA | $230.17 | $2,762.00 |
| Baton Rouge, LA | $103.08 | $1,237.00 |
| Shreveport, LA | $99.17 | $1,190.00 |
| Lafayette, LA | $106.83 | $1,282.00 |
| Lake Charles, LA | $137.17 | $1,646.00 |
| Bossier City, LA | $98.08 | $1,177.00 |
| Kenner, LA | $227.42 | $2,729.00 |
| Monroe, LA | $101.67 | $1,220.00 |
| Alexandria, LA | $92.17 | $1,106.00 |
| Houma, LA | $163.17 | $1,958.00 |
| New Iberia, LA | $130.25 | $1,563.00 |
| Central, LA | $102.67 | $1,232.00 |
| Slidell, LA | $164.42 | $1,973.00 |
| Ruston, LA | $98.58 | $1,183.00 |
| Hammond, LA | $115.33 | $1,384.00 |
| Sulphur, LA | $123.00 | $1,476.00 |
| Natchitoches, LA | $106.83 | $1,282.00 |
| Gretna, LA | $212.25 | $2,547.00 |
| Zachary, LA | $102.33 | $1,228.00 |
| Opelousas, LA | $105.25 | $1,263.00 |
| Youngsville, LA | $120.58 | $1,447.00 |
| Thibodaux, LA | $154.33 | $1,852.00 |
| Pineville, LA | $94.25 | $1,131.00 |
| Baker, LA | $103.33 | $1,240.00 |
| Crowley, LA | $115.50 | $1,386.00 |
| Mandeville, LA | $157.83 | $1,894.00 |
| West Monroe, LA | $101.33 | $1,216.00 |
| Abbeville, LA | $155.17 | $1,862.00 |
| Minden, LA | $101.08 | $1,213.00 |
| Broussard, LA | $116.33 | $1,396.00 |
| Bogalusa, LA | $119.58 | $1,435.00 |
| DeRidder, LA | $102.92 | $1,235.00 |
| Gonzales, LA | $117.75 | $1,413.00 |
| Covington, LA | $122.58 | $1,471.00 |
| Morgan City, LA | $180.75 | $2,169.00 |
| Denham Springs, LA | $106.58 | $1,279.00 |
| Eunice, LA | $106.92 | $1,283.00 |
| Bastrop, LA | $103.42 | $1,241.00 |
Louisiana Homeowners Insurance Laws
Unlike insurances like car insurance, no federal or state law requires you to get homeowners insurance for your property. However, homeowners insurance helps to insure your building and possessions. It provides coverage for your building and properties in case of any catastrophe. If your building is hit by fire or hurricane, then your insurer is liable to release money for repairs or rebuilding of your home. All your properties lost should also be replaced by the insurer. Under the Louisiana homeowners insurance laws, your homeowner's insurance covers the structure of your home, your property, and your legal responsibilities (liability) like injuries to others while they are on your property. The Louisiana homeowners insurance requirements are that if your loss is caused by a natural out of artificial cause covered by your homeowner's insurance policy, then your insurer is liable to take care of the loss. The Louisiana Department of Insurance (LDI), created by the Louisiana Legislature in 2015, oversees attending to complaints and concerns against your insurer about your homeowner's insurance. The department also takes care of market conduct analysis and examination in the state of Louisiana. If you are not satisfied with your homeowner's policy, you can submit a complaint form online on their website.
What Does Homeowners Insurance Cover in Louisiana
Before you settle for a homeowner's insurance policy, you must understand what the policies cover and what it doesn't. This will help you know if you should get additional coverage for some insurance for your home. For example, most homeowners insurance in Louisiana doesn't cover damage due to flooding – natural or artificial flooding. But Louisiana is susceptible to flooding, and your home should be covered against it. For most insurers, you need to get additional coverage for that option. Generally, homeowners insurance contains two sections. Section I provides property coverage, and Section II offers liability coverage. Property coverage is divided into several sections that protect your building, other structures and your personal property in case of any destruction. The property coverage also provides a loss of use policy that helps with additional living expenses that are incurred during periods that you cannot live in your house after major damage. Section II is divided into personal liability and Medical payment to others. Personal liability provides coverage for you or any resident in your houses when you are responsible for others' injuries. The medical payments coverage pays for the medical expenses of anybody accidentally injured on your property. However, before you settle for any homeowners insurance policy, you must read through and be sure of what it covers and what it doesn't.
| Costs of Home Insurance in Louisiana by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Acadia Parish, LA | $115.50 | $1,386.00 |
| Ascension Parish, LA | $117.75 | $1,413.00 |
| Beauregard Parish, LA | $102.92 | $1,235.00 |
| Bossier Parish, LA | $98.08 | $1,177.00 |
| Caddo Parish, LA | $99.17 | $1,190.00 |
| Calcasieu Parish, LA | $130.09 | $1,561.00 |
| East Baton Rouge Parish, LA | $102.85 | $1,234.25 |
| Iberia Parish, LA | $130.25 | $1,563.00 |
| Jefferson Parish, LA | $219.84 | $2,638.00 |
| Lafayette Parish, LA | $114.58 | $1,375.00 |
| Lafourche Parish, LA | $154.33 | $1,852.00 |
| Lincoln Parish, LA | $98.58 | $1,183.00 |
| Livingston Parish, LA | $106.58 | $1,279.00 |
| Morehouse Parish, LA | $103.42 | $1,241.00 |
| Natchitoches Parish, LA | $106.83 | $1,282.00 |
| Orleans Parish, LA | $230.17 | $2,762.00 |
| Ouachita Parish, LA | $101.50 | $1,218.00 |
| Rapides Parish, LA | $93.21 | $1,118.50 |
| St. Landry Parish, LA | $106.09 | $1,273.00 |
| St. Mary Parish, LA | $180.75 | $2,169.00 |
| St. Tammany Parish, LA | $148.28 | $1,779.33 |
| Tangipahoa Parish, LA | $115.33 | $1,384.00 |
| Terrebonne Parish, LA | $163.17 | $1,958.00 |
| Vermilion Parish, LA | $155.17 | $1,862.00 |
| Washington Parish, LA | $119.58 | $1,435.00 |
| Webster Parish, LA | $101.08 | $1,213.00 |
Top Rated Homeowners Insurance Companies in Louisiana Based on Ratings
There are several companies offering homeowners insurance in Louisiana; some are cheap. However, cheapness is not the only factor to consider when picking homeowners insurance. The best homeowners insurance companies in Louisiana offer useful and great coverage options, friendly customers services, amazing discounts, all mixed with affordability. The top-rated homeowner's insurance companies in Louisiana on our Louisiana homeowners insurance companies list include State Farm, UPC Insurance, Louisiana Farm Bureau Insurance, and Allstate Farm. Insurance companies areas of strengths and weaknesses. For example, Allstate farm has the best online homeowners insurance policy, but when it comes to customer ratings, they have a relatively high In-state compliant rate, with an NAIC score of 1.14 and a J.D Power rating of just 3 out of 5. State Farm is the best rated by most people and is recommended as best for most people. They offer a balance of affordability, a great coverage policy, and a good customer policy. They have a high customer satisfaction score with an NAIC score of just 0.40 and J.D Powers rating of 5 out of 5. However, they offer a lesser discount than some insurers. USP Insurance offers the cheapest homeowners insurance in Louisiana; they charge almost 50% below the state's average. Their coverage is fairly standard, and they offer additional coverage. Louisiana Farm Bureau has the highest customer satisfaction rate, with an NAIC rate of just 0.06. But they do not offer many discounts, and they have the highest average rate on the list.
| Louisiana Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Louisiana Farm Bureau Ratings for Homeowners Insurance in Louisiana | N/A | 0.06 |
| ASI Lloyds Ratings for Homeowners Insurance in Louisiana | N/A | 0.32 |
| State Farm Ratings for Homeowners Insurance in Louisiana | 3/5 | 0.57 |
| USAA Ratings for Homeowners Insurance in Louisiana | 5/5 | 0.58 |
| Gulfstream P&C Ratings for Homeowners Insurance in Louisiana | N/A | 0.61 |
| UPC Ratings for Homeowners Insurance in Louisiana | N/A | 0.91 |
| Allstate Ratings for Homeowners Insurance in Louisiana | 3/5 | 1.14 |
| Lighthouse Property Insurance Corp Ratings for Homeowners Insurance in Louisiana | N/A | 1.98 |
| Maison Ratings for Homeowners Insurance in Louisiana | N/A | 2.23 |
How to Lower Homeowners Insurance in Louisiana
Efforts are being made by the Louisiana insurance commissioner to reduce the rate of homeowners insurance in Louisiana; this years alone have seen a 3.5% decrease in State Farms homeowners insurance policies. But even at that, Louisiana homeowners insurance rates are still one of the highest in the country. You might get few Louisiana homeowners insurance discounts here and there, but that doesn't cut the chase. However, there are ways with which you can lower your homeowner's insurance rate by yourself. Ensure you compare several homeowners insurance policies before you decide on one. One way to reduce your homeowner's insurance rate is to get multi-policy insurance from an insurer, get your car insurance and homeowners insurance from one insurer. Make sure that you keep a good credit record and try to stay with the same insurer. Improve your home security and make your house less disaster-prone. Replace old plumbing, upgrade your fire alarm system, and buy better home security. All these will help save some money on your premium rate. Most insurance offers several discounts to help save up on the annual premium rate you pay for your homeowner's insurance. Louisiana homeowners insurance discounts available for you may include loyalty discounts for long-term customers, referral discounts, multi-policy discounts and several more.
Compare Homeowners Insurance in Louisiana Before Buying
It’s okay to do a little research before settling for a homeowners insurance policy for your home. Your house is a huge investment, and for a high-risk state like Louisiana, you need a good homeowners insurance to secure it. Before you sign up for any homeowners insurance, ensure that you have compared several homeowners insurance in Louisiana. It is okay to look for affordable homeowners insurance in Louisiana, but ensure you don’t trade coverage for a cheap insurance rate. Shopping for homeowners insurance in Louisiana can be hard because of several things to consider. But there are resources available to make it easier for you; you can use trusted rating systems such as the J.D. Power ratings and NAIC ratings to help you review several homeowner insurance policies available. Most of these companies have been reviewed by third-party websites; these reviews can help with your research. Ensure that you are certain of what the homeowners insurance covers and if there are options for additional coverage before you sign up for it.