The average cost of homeowners insurance in New Orleans, Louisiana, is $1,832 per year or $153 per month. However, these rates can vary greatly depending on which insurer you choose. Among the different homeowners insurance providers in New Orleans, State Farm offers the most affordable average premium at $889 per year, while the most expensive is Farmers, at $3,366 per year. This means that homeowners can save up to $2,477 per year by shopping around. If you want a balance between low costs and quality service, MoneyGeek ranked the best homeowners insurance companies in New Orleans.
The Best Cheap Homeowners Insurance in New Orleans, LA for 2022: Quotes and Reviews
The Cheapest and Best Homeowners Insurance in New Orleans
The Cheapest Home Insurance Companies in New Orleans
If you compare homeowners insurance companies in New Orleans, you will notice that most providers offer very similar core coverages. This makes cost a crucial consideration when choosing a policy.
For a policy with $100,000 in dwelling coverage, the cheapest homeowners insurance companies in New Orleans are:
- State Farm: $889 per year
- Allstate: $1,193 per year
However, the cheapest provider can change based on the coverage level you purchase. For instance, in policies for expensive homes with dwelling coverage limits of $2,000,000, the two cheapest home insurance companies in New Orleans are:
- State Farm: $9,606 per year
- USAA: $23,846 per year (only available for current and former military members and their families)
The dwelling coverage limits you choose significantly affect your home insurance premiums, and specific insurers might be more affordable for your needs than others. You can utilize the table below to see how costs change as you adjust your dwelling coverage limits.
The Cheapest Home Insurance in New Orleans, Ranked
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These sample home insurance policies have an initial baseline dwelling coverage of $100,000 and personal property limits of $40,000. Personal property limits increase to $800,000 for policies that include a dwelling coverage of $2,000,000. Liability coverage remains at $100,000 regardless of the dwelling coverage amount. People living elsewhere in the state can compare home insurance rates in Louisiana as a whole.
The Average Cost of Homeowners Insurance in New Orleans for 2021
The average cost of home insurance in New Orleans is $1,832 per year or $153 per month. This is higher than the average rate of homeowners insurance in Louisiana, which is $1,625 per year. However, the national average cost of homeowners insurance is $2,103 per year.
Calculate the Cost of Home Insurance in New Orleans
Location is only one of several factors that impact homeowners insurance rates in New Orleans. How much dwelling and personal property coverage you purchase, your credit score and other factors can affect your rates. You can make use of MoneyGeek’s home insurance calculator to compare home insurance quotes in the state of Louisiana.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in New Orleans
While cost is an important consideration when looking for homeowners insurance in New Orleans, you should also consider the customer service experience when looking at insurance companies. In the event of a crisis, you need quick and objective processing of your claim. Also, with a financially stable company, you know that they will pay legitimate claims.
According to MoneyGeek’s study, the companies with the best homeowners insurance in New Orleans are:
- Best Overall: State Farm
- Runner-up: USAA (only available for current and former military members and their families)
MoneyGeek uses a unique scoring system to rank homeowners insurance companies that considers financial stability, affordability and user satisfaction.
State Farm offers several unique coverage options that many other providers do not. With State Farm, you can include home system protection in your policy, which covers systems like heating, cooling and electrical systems. State Farm also offers service line coverage that protects against the cost of damages to electric and service lines and underground piping.
Our top pick for New Orleans is State Farm, with perfect financial stability and affordability scores. State Farm offers customers the ability to enhance limits on high-value personal items like jewelry and business property.Read MoneyGeek's State Farm home Insurance Review
In addition to offering replacement cost coverage, USAA also has unique coverages that can benefit homeowners. For example, by remaining claims-free and installing protective security systems at home, customers can get discounts on their policies. For those renting out their homes or rooms, USAA also offers home-sharing coverage that covers costs related to being a landlord.
A strong second in New Orleans is USAA, with high scores across the board and perfect financial stability and user satisfaction scores. USAA policies are only available to current and former military members and eligible family members.
Cheapest Home Insurance Companies in New Orleans for Newly Constructed Homes
Generally, newly built homes in New Orleans are cheaper to insure. New homes made with modern materials are less likely to face damage. As a result, homeowners are less likely to file a claim. It is also easier for insurance providers to replace newer materials. For a newly constructed home, homeowners insurance in New Orleans costs $1,556 on average, whereas coverage for a home built in 2000 costs an average of $1,832 per year.
If you are a homeowner with $100,000 in dwelling coverage for a newly built home, the two providers offering the cheapest home insurance in New Orleans are:
- State Farm: $667 per year
- Allstate: $1,115 per year
The Cheapest Home Insurance in New Orleans for New Homes, Ranked
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Cheapest Home Insurance Companies in New Orleans if You Have a Lot of Personal Property
Your homeowners insurance covers not just damages to your house but also your personal property inside the home. The higher the personal property coverage limits you choose, the higher your premiums will be. A standard home insurance policy in New Orleans with personal property limits of $250,000 costs an average of $1,934. In contrast, a policy with personal property limits of $100,000 only costs $1,832 on average.
For homeowners in New Orleans that choose to keep $250,000 in dwelling coverage while increasing the personal property coverage to $250,000, the two most affordable home insurance companies are:
- State Farm: $909 per year
- Allstate: $1,310 per year
Cheap Companies in New Orleans for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in New Orleans for High Deductibles
When you file a claim, the deductible is the amount you pay out of pocket when your home insurance provider pays that claim. Deductibles can significantly impact home insurance costs in New Orleans.
For instance, a policy with a $2,000 deductible costs $1,755 on average, while a policy with a standard $1,000 deductible costs around $1,832. Your premiums become lower as your deductible increases.
On average, the two providers with the cheapest home insurance in New Orleans for customers with a $2,000 deductible are:
- State Farm: $797 per year
- Allstate: $1,055 per year
The Cheapest Companies in New Orleans for High Deductibles, Ranked
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Cheapest Home Insurance Companies in New Orleans if You Have Poor Credit
Your credit score is one of the important factors home insurance providers in New Orleans consider when calculating premium costs. Insurers have found that customers with lower credit scores are more likely to file claims. Therefore, your premiums would be higher if your credit score is low.
For example, if you have a good credit rating in New Orleans, your policy would cost $1,832 on average. However, if you have a poor credit score, your policy would cost about $2,627.
If you have bad credit, here are the cheapest home insurance in New Orleans based on average premiums:
- Allstate: $1,621 per year
- State Farm: $1,997 per year
The Cheapest Companies in New Orleans for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in New Orleans
To get an online quote for homeowners insurance in New Orleans, here is some of the information you would need to provide:
- Home replacement cost – This is the cost of rebuilding your home using similar materials if it gets damaged. The replacement cost for your home determines your dwelling coverage limits. To get an accurate estimate of this cost, you can hire a building contractor or an independent appraiser.
- Personal property value – The value of your personal property in the home will determine the personal property coverage limits.
- Personal information – Insurance providers typically ask for information like your address, insurance history and the number of people in your home, among other details.
- Details about your house – It is important to provide information about your house, including when it was built, the total size and floor area and whether you have any security devices installed.
Homeowners Insurance in New Orleans Analysis: Methodology
For this study, MoneyGeek used as a sample profile a homeowner with a 2,500-square-foot home built in 2000, with a dwelling coverage of $100,000, personal property coverage of $40,000 and liability coverage of $100.000. Deductibles across all policies are $1,000.
MoneyGeek analyzed homeowners insurance premiums from four providers in New Orleans using data provided in partnership with Quadrant. Using quotes for a home with various coverage levels, we calculated affordability scores while using J.D. Power ratings for customer satisfaction. We gathered quotes from homeowners with newly built homes, increased dwelling or personal property coverage and poor credit scores to ensure accurate and reliable information for various situations.
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