Best Home Insurance Rates In Louisiana

On average, your neighbors pay $162 a month.

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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. However, Louisiana’s hurricanes are not the only homeowners insurance risk.

Average Louisiana Homeowners Insurance Rates

How much is home insurance in Louisiana? Average home insurance premiums in Louisiana are extremely high compared to the rest of the US. The average cost of homeowners insurance in the state of Louisiana is $1,945. The national average is $1,132. Only Florida and Texas have higher average home insurance rates than Louisiana.

Louisiana Average Annual Homeowners Insurance Rates
  2013 2014 2015
Louisiana Annual Average $1,822 $1,847 $1,945
Louisiana Price Per Month $151 $154 $162
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 3 3 3
Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance

The graph below shows the change in average Louisiana home insurance rates from 2011 to 2015. According to the III, Louisiana homeowners insurance rates increased from $1,672 in 2011 to $1,945 in 2015, a jump of $273 dollars, or 16.33 percent.

Louisiana average homeowners insurance rates

Choosing a homeowners insurance company in Louisiana should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance comparison in Louisiana from multiple companies.

Best Home Insurance Companies in Louisiana

Most Popular Insurance Companies

These were the most common home insurance companies reported by QuoteWizard users is Louisiana last year. Out of the 16,377 Louisiana homeowners that used QuoteWizard to request insurance quotes last year, 1,254 had no home insurance.

  1. Allstate
  2. Progressive
  3. Liberty Mutual
  4. Geico
  5. USAA
  6. Farmers
  7. AAA
  8. Safeco
  9. American Family
  10. 21st Century
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Best Homeowners Insurance Companies

The above list shows Louisiana’s most popular home insurers according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Louisiana Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Allstate A 13.0%
2 Liberty Mutual A 7.1%
3 LA Farm Bureau Mutual Insurance A 5.4%
4 ARX Holding NR 5.0%
5 USAA Insurance A++ 4.6%
6 Lighthouse Property Insurance NR 2.6%
7 LA Citizens Property Insurance A 2.3%
8 Farmers Insurance A 2.3%
9 Southern Fidelity Insurance NR 1.7%

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.

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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. That's because the likelihood that someone will need to file a claim is higher.

In 2013, Louisiana’s average burglary rate was 890.4 per 100,000 people. This was much 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 and extreme weather and hurricanes make for a state with huge 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. This contributes to Louisiana’s reputation for wet summers. A majority of the 55 inches of rain the state receives occurs during the Summer. The heat and moisture can have a major effect on your home insurance premiums. That's because damage the foundation and structure of homes.

Thunderstorms: Louisiana has 67 days of thunderstorms per year, second only to Florida. Its proximity to the Gulf of Mexico plus the humid, subtropical climate are to blame for their strong thunderstorms. New Orleans sees 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's important to note that standard insurance covers against just the thunderstorms themselves. The only way to get 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 hurricanes to total hurricanes is unprecedented. This means their hurricanes are much more extreme, on average.

Its location on the Gulf Coast ensures that hurricanes hit Louisiana. The hurricane season of 2005 was very 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. Having the right homeowners insurance is 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.  Louisiana averages 27 tornadoes per year,. 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
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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