Cheap Homeowners Insurance in Louisiana in 2022

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average yearly

homeowners insurance

Premiums in Louisiana are $2,037, nearly double the national average, according to the latest data from the Insurance Information Institute.

Louisiana is home to severe hurricanes, floods and tornadoes. Homeowners can often experience wind and flood-related damage, which is reflected in the higher insurance premiums you’ll see in the state.

But even though homeowners insurance in Louisiana is expensive, you shouldn’t skimp on adequate coverage. You can get the most coverage at the best price by shopping around and comparing coverage.

Does Louisiana need homeowners insurance?

Homeowners insurance is not required in Louisiana, but if you have a mortgage on your home, your lender will most likely require you to have homeowners insurance. In Louisiana, consider purchasing flood insurance, as the state is prone to frequent flood damage. You also need to make sure your policy adequately covers wind and water damage.

Cheapest Homeowners Insurance in Louisiana

There are several factors that can affect your homeowners insurance cost, such as the age of your home and

credit score

The Insurance Information Institute recommends collecting quotes from three insurance companies to compare policies or using an online broker tool to compare multiple quotes at once.

Here are some of the cheapest homeowners insurance companies in Louisiana, according to data obtained from Goosehead:

resource: goose head

Best Homeowners Insurance in Louisiana Based on Customer Satisfaction

For homeowners, customer service and reputation of homeowners insurance companies are more important than price, according to new research from JD Power, a consumer research firm that conducts consumer surveys.

When consumers were asked about their overall satisfaction, homeowners insurers ranked as follows:

*USAA is only available to active duty military members, veterans and their families.

resource: JD Power 2021 Home Insurance Satisfaction Survey

Through S&P Global Market Intelligence, we have collected market shares for the following insurers in Louisiana. Market share refers to the total percentage of customers in Louisiana for each supplier. State Farm has the largest share of financial assets in Louisiana.

resource: 2019 data from S&P Global Market Intelligence

Cheapest Homeowners Insurance for Homes with Pools in Louisiana

Swimming pools are considered an “attractive nuisance” under “Other Structures” in your home coverage. Owning a swimming pool increases your responsibilities as a homeowner, which in turn increases your premiums.

Here are some of the cheapest insurance providers for families with pools in Louisiana:

resource: Insurance

Cheapest Homeowners Insurance for Homes Under 20 in Louisiana

If your home is less than 20 years old, your homeowners insurance premium may be reduced. Here are a few insurance companies that offer the cheapest coverage for homes under 20 in Louisiana:

resource: Insurance

cheapest homeowners insurance Louisiana For homeowners with bad credit

Your credit score can significantly affect your homeowners insurance rates. Fortunately, homeowners with low credit scores still have some options. Here are some of the most affordable homeowners insurance for Louisiana with a low credit score (below 669), according to Policygenius.

Frequently Asked Questions – Louisiana Homeowners Insurance

What does homeowners insurance in Louisiana include?

Homeowners insurance can protect you from financial hardship if you suffer a home-related loss.

A standard homeowners insurance policy has four parts:

  • Residential Coverage: Pay for repairs or rebuilding of your home
  • Personal property protection: Covers loss, damage or theft of your personal items
  • Personal liability insurance: Protect your assets if someone files a lawsuit for damage to your property
  • Additional living expenses: Covers your living expenses if you need to relocate temporarily because your home is uninhabitable.

What damages does Louisiana homeowners insurance cover?

Damage to your home and belongings must come from an “insurance risk”. A hazard is a specific event that causes damage to your home and belongings.

The table below shows the coverage included in a standard homeowners insurance policy. Standard homeowners insurance policies do not cover damage from earthquakes or floods, nor do they include protection for valuable jewelry, collectibles, and some electronics based on coverage limitations.

*Available as rider if not part of the policy

**Available through the National Flood Insurance Program and approved insurance companies

*** A storm rider may be required in hurricane or tornado areas

Who gets the best homeowners insurance rates in Louisiana?

Because Louisiana is highly vulnerable to damaging storms and flooding, residents in low-risk areas tend to have the best prices. Risks are higher in the Louisiana Gulf Coast, so policyholders living in the area may see higher rates.

If you’re having trouble getting coverage through a private provider, consider getting coverage through the Louisiana Citizens Property Insurance Company. While this policy tends to be a more expensive option, it’s a great option for consumers who have been denied coverage in Louisiana.

How to Lower Homeowners Insurance Rates in Louisiana?

Interest rates for policyholders in Louisiana tend to be higher than the national average. However, the last thing you want to do is reduce your coverage to lower your premiums. Here are three ways to save on your Louisiana policy without reducing your coverage:

  • Reinforce your home against wind damage: Reinforcing your home’s structure and roof against wind-related damage can qualify you for wind reduction discounts. This is especially important in Louisiana, where hurricane events are frequent and destructive.
  • Seeking a discount: Save on insurance premiums by bundling multiple products, such as auto and home insurance policies. Discounts can also reduce your premiums. Insurance providers usually list the discounts they offer on their website. Contact your insurance agent to find out if you qualify for lesser-known discount opportunities.
  • Maintain your home regularly: Claims can significantly increase your premiums and even be grounds for denial. Doing due diligence by making sure your systems are working properly and identifying early signs of underlying problems will reduce the likelihood of major damage.

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