Finding a well-rounded home insurance policy for an affordable price may be a necessary investment for homeowners in Louisiana to protect your home and possessions. It may also be a requirement of your mortgage provider. Using MoneyGeek’s rankings, compare the top Louisiana homeowners insurance companies on factors such as affordability, customer rating and their ability to pay claims against the state average to find the right policy for you. You can also find the best and most affordable choices for a pool, high-value property and low credit score.
The Best Homeowners Insurance Companies and Cheapest Quotes in Louisiana for 2021
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The 4 Best Homeowners Insurance Companies in Louisiana
To select the best home insurance in Louisiana, you need to evaluate each carrier’s price, coverage comprehensiveness, quality of customer service and ability to pay claims. You can make a shortlist of providers and select an insurance company you trust. This process can help you understand which providers will quickly process your claim and pay out the costs for any damage to your home.
To help with this, MoneyGeek ranked the leading four companies for the best homeowners insurance in Louisiana based on several factors, including J.D. Power customer satisfaction scores, affordability and AM Best’s financial stability rating, which indicates a provider’s ability to pay claims.
1
State FarmScore: 94
5/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm's homeowners policy offers coverage for accidental physical loss to your dwelling, medical payments to others and personal liability. Further, the policy presents coverage for your personal property for perils such as theft, hail, windstorm, lightning and fire, among others. Besides your dwelling, State Farm's coverage includes detached structures on your property such as guest cottages, barns, equipment sheds and detached garages.
Read MoneyGeek's State Farm Home Insurance Review2
AllstateScore: 92
4.9/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Allstate's standard homeowners insurance policies may help pay for repair damage caused by perils such as fire and smoke, theft, frozen plumbing, hail or windstorm, falling objects, and water damage from a cooling or heating appliance. Allstate also offers additional coverage options such as landlord insurance, manufactured and mobile home insurance, renters insurance and condo insurance.
Read MoneyGeek's Allstate Home Insurance Review3
USAAScore: 91
4.1/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
USAA's homeowners insurance covers your property for theft, most weather-related events, fire, identity theft, vandalism and liability. Additional coverages and protections include dwelling coverage, loss of use, personal belongings, personal liability, home-sharing coverage, earthquake coverage and other structures.
4
FarmersScore: 74
3/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
Farmers’ homeowners insurance presents customizable packages, and you can add coverage for multi-policy, home contents, Eco Rebuild and identity management. Specific customers are eligible for multiple discounts. Farmers also provides useful tools like a mobile app, online rate calculator, household inventory feature, and online claim application and bill payment.
Read MoneyGeek's Farmers Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Louisiana?
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$0
home insurance is 0.0% more than the average.
The average annual rate of home insurance in Louisiana is $1,625 for a dwelling coverage baseline amount of $100,000 — which is 22.7% less than the national average of $2,103. Home insurance costs may be higher in this state due to storms and other severe weather conditions, being near the Gulf of Mexico.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Louisiana
To calculate the price of homeowners insurance in Louisiana, providers consider multiple factors including your home’s age, dwelling value, location, roof quality, chosen deductible and more. Properties in locations that are closer to the potential risk of damage typically have higher home insurance costs.
Home Insurance Calculator
State
Louisiana
Dwelling Coverage
$100,000
Deductible
$500
Liability
$300,000
Personal Property
$20,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Louisiana
To get cheap homeowners insurance in Louisiana, you might consider a State Farm policy. This provider’s average annual premium is $901 for a dwelling coverage baseline amount of $100,000. This average price is about $724, or 44.6%, less than the state average. If you’re looking for extra coverage options than what State Farm offers, you might want to compare homeowners insurance quotes to find the most suitable plan for your requirements.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$100,000
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- CompanyAmountper year
- 1. State Farm$901
- 2. Allstate$1,024
- 3. USAA$1,740
- 4. Farmers$2,836
Best Cheap Homeowners Insurance Companies for Expensive Homes
If your home is expensive, there are options to find the best home insurance in Louisiana that covers high-cost residences. In this state, State Farm offers the most affordable average price for a $2 million house. Its average rate is $9,735 per year, which is much cheaper than the average annual premium of $68,323 — presented by Farmers, the costliest provider in the state. It’s a smart idea to compare quotes from several providers and select the best coverage for your property needs and budget.
Cheapest Homeowners Insurance Companies for High-Value Homes
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- CompanyAmountper year
- 1. State Farm$9,735
- 2. USAA$19,655
- 3. Allstate$25,253
- 4. Farmers$68,323
Best Homeowners Insurance Companies if You Have a Pool
A pool in your home is a wonderful luxury to have, but its maintenance costs can increase your annual home insurance premium. In Louisiana, State Farm offers the most affordable average price of $1,649 per year for pool properties, with an average dwelling cost of $250,000. This policy can provide coverage for your scheduled structure in the event of damage to your pool.
Cheapest Homeowners Insurance for Pool Home
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- CompanyAmountper year
- 1. State Farm$1,649
- 2. Allstate$3,061
- 3. USAA$3,435
- 4. Farmers$9,115
Cheapest Home Insurance in Louisiana if You Have Poor Credit
Most carriers use your credit score to determine your home insurance costs. You can maintain a good credit score by keeping your credit card debt low and making payments on time. Allstate provides the best homeowners insurance in Louisiana for those with poor credit. Its average annual rate is $1,411 for a dwelling coverage baseline amount of $100,000.
Cheapest Homeowners Insurance for Poor Credit
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- CompanyAmountper year
- 1. Allstate$1,411
- 2. State Farm$2,024
- 3. USAA$2,288
- 4. Farmers$3,803
How to Get Homeowners Insurance Quotes in Louisiana
To get home insurance in Louisiana, you will have to provide basic information to your carrier. In addition, you should know the value of your home and your personal belongings, as well as the worth of any add-ons you might have installed like solar panels. The insurance firm will determine your annual premium based on your responses.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Louisiana
To determine homeowners insurance rates in Louisiana, carriers also consider factors such as the average home value, weather risks and crime rate in your area. You can prepare for emergencies and hazardous weather conditions by getting adequate coverage beforehand. Louisiana homeowners should get information on the frequency of hurricanes and floods in their area and obtain proper coverage for these events to stay safe.
Louisiana ranks fourth among all U.S. states and Washington D.C. for crime incidents. In 2018, there were 25,049 reported violent crimes and 152,661 property crimes in the state, according to FBI statistics. Louisiana also ranks 40th for home value in the U.S., with an average home value of $166,565.
Do You Need Hurricane Insurance in Louisiana?
Louisiana ranks second in the U.S. for the risk of experiencing hurricanes. In this state, the reconstruction cost of damage due to a category 3 hurricane is estimated at $152,746. Besides hurricane coverage, you might also aim to get separate flood and windstorm policies to be fully protected.
Do You Need Flood Insurance in Louisiana?
Louisiana also ranks second for flood risk, and in 2020, 21.1% — or 477,100 — homes in the state are at risk of facing floods. You can get a government-supported National Flood Insurance Program (NFIP) policy through your home insurance provider. In addition, it’s smart to increase the coverage amount by purchasing an incremental private policy.
Do You Need Hail Insurance in Louisiana?
Louisiana ranks 29th for the number of hail events. Therefore, you may wish to include home coverage for possible hail damage to be prepared.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Louisiana that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Louisiana. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $xxx,000, liability coverage of $100,000 and personal property coverage of $100,000.
About the Author
sources
- AM Best. "Rating." Accessed July 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed July 10, 2020.
- FBI. "2018 Crime in the United States." Accessed July 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed July 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 27, 2020.