The Best and Cheapest Renters Insurance in Louisiana for 2022: Rankings, Reviews and Rates
Renters insurance can help protect your property from theft and unexpected damage at a low price. According to MoneyGeek’s data, the cheapest renters insurance in Louisiana costs $10 per month compared to the most expensive at $29 per month. This means that renters could save up to $19 per month by shopping around for coverage. The average cost of renters insurance in Louisiana is $13 per month.
To help you find the right policy, MoneyGeek ranked the top renters insurance companies in Louisiana. Our scoring system takes into account price, customer satisfaction and financial strength so that you can find the best provider for your needs.
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:
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Best Renters Insurance Companies in Louisiana
Price is not the only factor to evaluate when looking for renters insurance in Louisiana. Customers also need to know that their chosen provider can offer timely and effective service when a worst-case scenario occurs.
To help you find the best renters insurance providers in Louisiana, MoneyGeek scored companies on affordability, financial strength ratings from AM Best and customer service scores from J.D. Power and Associates. According to this research, State Farm is the best renters insurance company in Louisiana with 95 points out of 100. Allstate comes in second with a score of 86 points.
More About State Farm
In addition to standard renters insurance coverage that provides protection from many weather and non-weather events, State Farm provides many customization options for specific rare events, valuables and identity theft.
The online quote system is easy to use and the website also offers useful resources to help you learn more about renters insurance.
State Farm offers discounts if you bundle policies.
More About Allstate
Allstate scores high on affordability while maintaining respectable scores for customer satisfaction and financial strength. It is also feature-rich in terms of convenient online tools.
Beyond the standard coverage, they offer options for identity theft coverage and theft protection.
The online quote tool is simple to use. You can also use the Digital Locker tool to create photo logs of your belongings.
More About USAA
USAA provides renters insurance that is more comprehensive than many other companies. A standard USAA renters insurance policy typically covers identity theft, moving and storage, floods and earthquakes. The company also has solid financial strength and customer service ratings.
Keep in mind that that USAA only offers policies to active military members, veterans and eligible family members.
Largest Renters Insurance Companies in Louisiana
According to market share data, the top insurance providers in Louisiana are State Farm with 25.96% of the market share, Allstate (10.84%), USAA (6.18%), Liberty Mutual (5.56%) and Louisiana Farm Bureau (4.72%). Combined, these companies make up more than 53% of all renters insurance policies in Louisiana.
If you opt for a bigger company, you have the peace of mind knowing that your policy is backed by a financially stable company that would have no problem paying legitimate claims.
Southern Farm Bureau
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Average Cost of Renters Insurance in Louisiana
renters insurance is equal to the average.
The average cost of renters insurance in Louisiana is $160 per year, which is about the same as the national average. This means that the typical Louisiana renter pays an average of $13 per month. These rates are for policyholders who have personal property coverage worth $20,000, liability coverage of $100,000 and a $500 deductible.
It is possible to save money by comparing renters insurance quotes. For example, a typical renter can save about $222 per year by choosing the most affordable provider in Louisiana, State Farm, instead of opting for the most expensive provider, USAA. This is a savings of about $19 per month.
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:
Location: How much you pay for your renters insurance is based partly on your ZIP code since crime rates and weather patterns may influence your premium. If your apartment is in an area with a known risk of property crimes or bad weather, you might have to pay more for your insurance.
Coverage Amount: The more insurance a customer chooses to purchase, the higher their premiums might be. Before getting a quote, It is a good idea to do a home inventory so you know how much it would cost to replace your items after a qualifying event.
Deductible: A deductible is the amount you need to pay when your insurance provider approves a claim to replace your items. Plans with higher deductibles mean you have to pay more out of pocket and have lower monthly premiums. Plans with lower deductibles have higher premiums because the provider pays more to replace your belongings.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance companies can offer reimbursement after an accident with actual cash value (ACV) or replacement cost value (RCV). ACV policies account for depreciation when providing payouts. RCV policies pay you for a new item of the same kind and quality. AVC policies can help you save on monthly bills but will pay less when you make a claim. RCV policies pay more after a claim but can have pricier premiums.
Credit Score: Insurance providers may use your credit score to determine the probability of you making a claim. Companies have found that customers with lower credit scores are more likely to make claims. Therefore, customers with lower scores might get charged more for renters insurance.
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
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.
Flooding: Your insurance might cover water damage resulting from leaks, but flooding damage is usually not covered. High levels of precipitation and flooding can happen in Louisiana, so it might be smart to get additional flood insurance through the National Flood Insurance Program (NFIP).
Structural Damage: While your belongings are protected by renters insurance, the frame and structure of your rental home are not. These are your landlord’s responsibility.
Earthquake Damage: Earthquakes can occur in Louisiana. Unfortunately, damage resulting from earthquakes is usually not covered under renters insurance policies.
Expensive Items: High-end or expensive items are typically not covered by insurance. You will need to purchase additional coverage if you want to protect these items.
Roommate Property: Unless your roommate is specifically mentioned in your policy, their belongings will not be covered. Your roommate is responsible for purchasing their own policy.
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.
FAQs About Renters Insurance in Louisiana
There is no law that mandates renters must have insurance. However, your landlord might require you purchase it in order to rent their property.
Although renters insurance is not a legal requirement in Louisiana, it can protect your property at an affordable price.
Yes, your landlord can require renters insurance as a condition of your lease.
MoneyGeek’s data shows that the average cost of a policy with $20,000 in personal property coverage and $100,000 in liability coverage is $13 per month.
State Farm is the cheapest renters insurance provider in Louisiana.
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 the Author
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