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CheapRenters InsuranceLouisianaThe Best and Cheapest Renters Insurance Companies in Louisiana for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceLouisianaThe Cheapest Renters Insurance in Louisiana
Cheap Renters Insurance Companies in Louisiana
For many renters, price is the most important factor when choosing insurance. On average, the two most affordable providers of renters insurance in Louisiana are State Farm and Allstate. For a typical renter, a State Farm policy costs an average of $122 per year or $10 per month. Similarly, an Allstate policy costs $197 per year or $16 per month on average.
These annual and monthly average premiums are based on quotes from a large range of ZIP codes in the state for a policy including personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
Personal Property Coverage:
$20,000
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MoneyGeek ranked the top renters insurance companies in Louisiana. Our scoring system takes into account price, customer satisfaction and financial strength to help you find the best provider for your needs.
Cheapest Renters Insurance Companies in Louisiana by City
State Farm offers the cheapest renters insurance in most Louisiana cities. In Baton Rouge, the cheapest company is USAA, but its policies are available only to military families.
Companies With the Cheapest Renters Insurance in Louisiana by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$127
- State Farm$120
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Best Renters Insurance Companies in Louisiana
The best renters insurance company in Louisiana is State Farm. MoneyGeek reviewed the renters insurance companies’ affordability, AM Best financial ratings and J.D. Power customer service scores. State Farm had the highest overall score of 99 out of 100, and Allstate came in second with a score of 89 out of 100.
Price should not be your only consideration when shopping for renters insurance in Louisiana. Though not the cheapest, some companies may offer the best balance of quality and cost. You want to choose a reliable company that offers timely and effective service during stressful times.
1
State Farm
Score:99
With perfect financial stability and affordability scores, State Farm is the best renters insurance company in Louisiana. It offers optional identity theft coverage to help restore your financial standing. It also has personal injury coverage that protects you against claims of slander or libel not covered by your other policies.
More About State Farm
Available in all 50 states, State Farm offers five optional coverages, less than the national average of seven. Two of these particularly help small business owners: Business owners insurance provides general liability and property insurance coverages, and incidental business liability insurance protects against lawsuits due to negligence or error while performing services. You can get a personalized quote from State Farm through its website. Customers can view their insurance policy info and manage payments through the mobile app.
Read MoneyGeek's State Farm renters Insurance Review2
Allstate
Score:89
The second-best option in Louisiana for renter’s insurance is Allstate, which has an overall MoneyGeek score of 89 out of 100. It offers discounts to retirees or those age 55 and older.
More About Allstate
Allstate offers its policies to all 50 states. It has four optional coverages: identity theft, scheduled personal property, personal injury and flood. Allstate also offers discounts if you have protective devices, other Allstate insurance products or make automatic payments. The retiree discount, rarely offered by insurers, gives those age 55 and older 25% off their renters insurance. You can get a personalized quote on the Allstate website. Customers can file and track claims and pay bills through the app. The company also offers access to personal financial representatives who can guide you as you make important financial decisions.
Read MoneyGeek's Allstate renters Insurance Review3
USAA
Score:76
With perfect scores on financial stability and customer service, USAA is another best option for Louisiana renters. However, this insurer caters only to current and former military members and their families.
More About USAA
USAA renters insurance policies are accessible in all 50 states and include flood and earthquake protection at no extra charge. USAA offers add-on protection for high-cost items, identity theft and cell phones. Military personnel currently residing on a base, barracks, or military housing are eligible for a discount of 28%.
Read MoneyGeek's USAA renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest policies do not always guarantee the best service. Paying a bit more to get the best renters insurance policy, one offering a balance of cost and customer satisfaction, could save you money in the long run.
Largest Renters Insurance Companies in Louisiana
Large insurance companies are typically well-equipped to offer good customer service and pay your claims quickly. They are financially stable and have more resources to invest in customer service and the user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 26.0% |
2. | Allstate | 10.8% |
3. | USAA | 6.2% |
4. | Liberty Mutual | 5.6% |
5. | Southern Farm Bureau | 4.7% |
6. | UPC | 4.0% |
7. | FedNat | 3.9% |
8. | Progressive | 3.9% |
9. | TWIMG GRP | 3.1% |
10. | GEOVERA HOLDINGS INC GRP | 1.8% |
Average Cost of Renters Insurance in Louisiana
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The average cost of renters insurance in Louisiana is $160 per year, or $13 per month, about the national average. These rates are for policies with personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
The price of your renters insurance will ultimately depend on the value of your personal property. The more valuable your personal property, the more your renters insurance will cost. You can use the calculator below to determine how much insurance you need based on your personal property.
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You can save money by comparing renters insurance quotes. For example, a typical renter can save $222 per year by choosing the most affordable policy from State Farm instead of the most expensive from USAA.
What Factors Impact Renters Insurance Cost in Louisiana
Several important factors, including where you live and the coverage level you choose, can influence how much you pay for renters insurance. Here are some important factors to consider when shopping for renters insurance in Louisiana:
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Renters Insurance in Louisiana: What You Need to Know
Renters insurance gives you a cost-effective way to protect your belongings in the event of a disaster or an unexpected contingency. It can be a good thing to have when dealing with theft, fire damage or destruction caused by natural disasters.
In Louisiana, 31.6% of the population are renters and the average rent price per month is $866. For a standard policy including $20,000 in personal property coverage, $100,000 in liability protection and a $500 deductible, the average monthly premium is $13. This is about 1.54% of the price of rent.
What Renters Insurance Typically Covers in Louisiana
Before purchasing renters insurance in Louisiana, it is important to understand the scope of your coverage. While some insurance plans will include extra benefits like identity theft protection, most plans cover personal property, liability insurance, medical payments and additional living expenses.
In Louisiana, personal property coverage can protect against damage caused by natural incidents like windstorms and lightning.
What Renters Insurance Typically Does Not Cover in Louisiana
It is important to carefully read the fine print to understand what your policy covers and what it does not. You can talk to your agent for further information. Understanding your policy can be the difference between a claim being accepted or denied.
While most emergencies are covered by renters insurance in Louisiana, certain situations are not. Here are some common issues not typically covered by your rental insurance.
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If you want to know more about renters insurance, the Louisiana Department of Insurance provides a helpful renter’s insurance guide. It outlines why you should get renters insurance and what renters insurance in Louisiana covers. The Louisiana Department of Insurance also enables consumers to file complaints and search for agents and insurance companies online.
You can reach the Louisiana Department of Insurance through the following channels:
- Office Address: 1702 N. Third St., Baton Rouge, LA 70802
- Consumer Help Line: 800-259-5300
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FAQs About Renters Insurance in Louisiana
MoneyGeek answered frequently asked questions about renters insurance in Louisiana.
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Renters Insurance in Louisiana Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Louisiana Department of Insurance. "Home Page." Accessed March 30, 2022.
- Louisiana Department of Insurance. "File a Complaint." Accessed March 30, 2022.
- Louisiana Department of Insurance. "Renter’s Insurance Guide." Accessed March 30, 2022.
- Louisiana Department of Insurance. "Search for Agents, Adjusters, Agencies and Appraisers." Accessed March 30, 2022.
- Louisiana Department of Insurance. "Active Company Search." Accessed March 30, 2022.
- State Farm. "Do I Really Need Renters Insurance Coverage?." Accessed March 30, 2022.
- State Farm. "State Farm Renters Insurance Discounts." Accessed March 30, 2022.