Compare Homeowners Insurance Quotes In Louisiana

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Best Home Insurance Rates In Louisiana

The state of Louisiana was originally a French territory, purchased by the United States in 1803. Nowadays, Louisiana is a cultural hub, where Spanish, French, American, African, and Indigenous cultures coexist. The Pelican State is known for many things, including jazz, bayous, Mardi Gras, Creole culture, and hurricanes (the drink and the weather event). However, Louisiana’s hurricanes are not the only homeowners insurance risk.

Average Louisiana Homeowners Insurance Rates

Louisiana has average home insurance premiums that are extremely high compared to the rest of the US. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Louisiana was $1,847, compared to a national average of $1,132. Only Florida and Texas have higher average home insurance rates than Louisiana.

Louisiana Average Annual Homeowners Insurance Rates
  2012 2013 2014
Louisiana Annual Average $1,742 $1,822 $1,847
Louisiana Price Per Month $145 $151 $154
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 2 3 3
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Louisiana should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Louisiana from multiple companies.

Best Louisiana Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Louisiana. Out of the 16,377 Louisiana homeowners that used QuoteWizard to request insurance quotes last year, 1,254 had no home insurance.

  1. Allstate Insurance
  2. Progressive Casualty
  3. Liberty Mutual
  4. Geico
  5. USAA
  6. Farmers Insurance
  7. AAA Insurance Co.
  8. Safeco
  9. American Family
  10. 21st Century Insurance
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Why contact every individual company in Louisiana that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Louisiana Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $227,751 13.0%
2 Liberty Mutual $124,987 7.1%
3 LA Farm Bureau Mutual Insurance Co. $94,800 5.4%
4 ARX Holding Co. $87,609 5.0%
5 USAA Insurance Group $80,654 4.6%
6 Lighthouse Property Insurance Corp. $46,197 2.6%
7 LA Citizens Property Insurance Corp. $40,246 2.3%
8 Farmers Insurance Group of Cos. $40,014 2.3%
9 Southern Fidelity Insurance Co. $29,910 1.7%

Financial Strength Ratings of Top Louisiana Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • Allstate: A+
  • Liberty Mutual: A
  • LA Farm Bureau Mutual Insurance Co.: A
  • ARX Holding Co.: NR
  • USAA Insurance Group: A++
  • Lighthouse Property Insurance Corp.: NR
  • LA Citizens Property Insurance Corp.: A
  • Farmers Insurance Group of Cos.: A
  • Southern Fidelity Insurance Co.: NR
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Rating Guide

Louisiana Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $734,095 7.1%
2 Liberty Mutual $608,602 5.9%
3 Progressive Group $540,751 5.2%
4 American International Group $354,566 3.4%
5 Geico $337,129 3.2%
6 Travelers Companies Inc. $319,461 3.1%
7 United Service Automobile Assurance Co. $266,878 2.6%
8 Zurich Insurance Group $241,883 2.3%
9 Southern Farm Bureau Insurance Co. $212,955 2.1%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Louisiana.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price usually means higher premiums in that state. For Louisiana, the average listing price is $212,236 as of July 2015, quite a bit lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Louisiana’s average burglary rate was 890.4 per 100,000 people, which is significantly higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Louisiana, there are 35.8 law enforcement personnel per 100,000 total citizens, almost exactly the same as the national median of 32 per 100,000.

Home Insurance Hazards

Louisiana’s unique geography of bayous, inlets, marshes, and deltas combined with its exposure to extreme weather and hurricanes make for a state with considerable home insurance hazards.

Hot, humid summers: Not only are summers in Louisiana hot and humid, they are also long. Summertime average high temperatures of about 90 degrees last until September, and average October temperatures are about 80 degrees. Temperatures around 80 degrees start as early as April. What’s more, the high humidity lasts through autumn; the state averages about 90% humidity through October. Precipitation peaks during summer, contributing to Louisiana’s reputation for wet summers, and a majority of the 55 inches of rain the state receives on average per year. The heat and moisture can have a large effect on your home insurance premiums, as they can cause damage to the foundation and structure of homes.

Thunderstorms: Louisiana experiences 67 days of thunderstorms per year, second only to Florida. Its proximity to the Gulf of Mexico combined with the humid, subtropical climate are to blame for the many strong thunderstorms. New Orleans experiences 20 days of heavy rain per year, more than any other state. Thunderstorms are most common during summer months, when rain is both strong and long-lasting. Among other things, thunderstorms can lead to flooding. It is important to note that while standard insurance covers against thunderstorms themselves, the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Hurricanes: According to NOAA, Louisiana has been hit by 57 hurricanes, 20 of which have been “major,” meaning category 3 or above. Louisiana’s ratio of major to hurricanes to total hurricanes is unprecedented, meaning that their hurricanes are much more extreme, on average.

Its location on the Gulf Coast ensures that Louisiana experiences hurricanes periodically. The hurricane season of 2005 was particularly devastating to Louisiana, especially its most populous city, New Orleans. Hurricanes Katrina and Rita caused extreme flooding, the evacuation of many citizens, and around two thousand deaths. Katrina alone is estimated to have cost $81 billion. Obtaining the right type and amount of homeowners insurance is absolutely essential to protecting yourself, your family, and your home from the dangers of hurricanes.

Tornadoes: Unlike most of the US, peak tornado season in Louisiana runs from January to March. While the entire state is vulnerable, the southern region is slightly less likely to be hit by a tornado.  According to the National Oceanic and Atmospheric Administration, Louisiana averages 27 tornadoes per year, and the National Weather Service ranked Louisiana as the #11 most tornado-prone state in 2012.

Louisiana Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Jim Donelon
Insurance Hotline:
(800) 259 - 5300
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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