The Best Homeowners Insurance Companies in Louisiana
Homeowners insurance protects many people’s most valuable asset: their home. But finding a home insurance company you trust that balances affordable rates, good coverage and high customer satisfaction isn’t easy, so we ranked the best homeowners insurance companies in Louisiana. Here are our top picks:
State Farm: cheap rates and great customer service
We found that State Farm offers some of the cheapest rates in Louisiana. A typical policy costs an average $1,020 a year, about 37% below the state average. Furthermore, State Farm’s customer satisfaction ratings in Louisiana are very competitive.
State Farm received a 4/5 in overall satisfaction in J.D. Power’s 2019 home insurance study, putting it above most of its competition in Louisiana. Its NAIC Complaint Index, which measures complaints relative to a company’s size, was 0.20 in 2018, giving it one of the lowest — and therefore best — Complaint Indexes in Louisiana.
State Farm is the largest home insurer in the state, writing more than 26% of all home insurance policies. That means most people will be able to find a local agent or office to take advantage of State Farm’s affordable rates and great customer service.
Louisiana Farm Bureau: a local insurer that focuses on community needs
Louisiana Farm Bureau is a membership-based organization established in 1922 that offers an array of financial products and services. LA Farm Bureau is a great option if you’re looking for a homegrown insurer with a community mindset. Members gain access to Louisiana Farm Bureau insurance, banking and discounts on travel and at local retailers.
LA Farm Bureau provides the standard level of protection you’d expect in a home insurance policy, including coverage for:
- Your house and other buildings, like a garage.
- Your belongings.
- Liability and medical payments to others.
The primary drawback of Louisiana Farm Bureau is its price. Our study found its average annual rate to be $3,197, nearly twice the state average.
Allstate: fair rates and opportunities for discounts
Allstate doesn’t have the cheapest rates in Louisiana, but its average annual rate of $1,393 is among the cheapest in the state. Below-average rates combined with some of the most robust discounts in the industry make Allstate a good option for folks looking to save money.
It’s not often that we see a company with as many discounts as Allstate. Its website advertises discounts for:
- Bundling multiple policies (up to 25%)
- Setting up automatic payments (up to 5%)
- Having a claims-free history (up to 20%)
- New customers (up to 10%)
On top of those, Allstate has discounts for home security systems, owning a newly constructed home and installing storm shutters. None of these discounts are particular to Allstate, but the sheer number of opportunities means that most people will be able to find ways to save with Allstate.
USAA: the best company for veterans
USAA’s products are only available to military service members, veterans and their families. For those who qualify, we think USAA is the best home insurance option because it has top-notch customer service ratings and reasonable rates. As the fourth-largest home insurer in Louisiana, USAA serves a substantial number of military families in the state.
USAA was one of three companies to be awarded the maximum 5/5 in J.D. Power’s 2019 home insurance study. Additionally, its NAIC Complaint Index was the best we saw in Louisiana: 0.15. While USAA’s average rates of $1,772 a year are above the state average by 10%, we think the level of service is well worth the price.
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Homeowners insurance companies in Louisiana
State Farm is the most popular home insurance company in Louisiana, accounting for about a quarter of all home insurance policies. Most of the most popular companies are national insurers, including Allstate, Liberty Mutual and USAA.
| Company | Market share | Overall satisfaction (higher is better) | 2018 NAIC Complaint Index (lower is better) |
|---|---|---|---|
| State Farm | 26% | 4/5 | 0.19 |
| Allstate | 11% | 3/5 | 0.57 |
| Liberty Mutual | 7% | 2/5 | 0.16 |
| USAA | 6% | 5/5 | 0.15 |
| Louisiana Farm Bureau | 5% | – | 0.30 |
| Progressive | 4% | 3/5 | 0.35 |
| UPC | 4% | 2/5 | 6.58 |
| Lighthouse | 3% | – | 0.86 |
| FedNat | 2% | – | 5.40 |
| Farmers | 2% | 3/5 | 0.41 |
| *According to 2019 J.D. Power home insurance study | |||
To see how these top companies stack up nationally, check out our rankings of the best homeowners insurance companies in the U.S.
Cost of homeowners insurance in Louisiana
The average cost of homeowners insurance in Louisiana is $134 a month, or $1,607 a year, which is 32% higher than the national average. Extremely high rates along the Gulf Coast drive the state average high, but costs can be lower in the northern portion of the state.
| Louisiana | U.S. | |
|---|---|---|
| Average yearly rate | $1,607 | $1,215 |
| Average monthly rate | $134 | $101 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
The average cost of home insurance varies between companies. Below, we’ve highlighted some of the top companies in Louisiana and their average rates.
You can see how widely rates can vary, from $637 a year with ASI (which is owned by Progressive) to $3,197 with Louisiana Farm Bureau. One of the best ways to make sure you get the your cheapest rates and the right coverage is to compare homeowners insurance quotes from multiple companies.
Cost of homeowners insurance in Louisiana by city
Louisiana’s substantially higher rates are due in large part to sky-high rates along the Gulf Coast. New Orleans, for example, had average rates of $3,113 a year, while Shreveport, in the northwestern part of the state, averaged $1,080 a year.
| City | Average rate | Difference from LA average ($1,607) |
|---|---|---|
| Alexandria | $1,004 | -38% |
| Baton Rouge | $1,205 | -25% |
| Bossier City | $1,052 | -35% |
| Kenner | $3,128 | 95% |
| Lafayette | $1,374 | -15% |
| Lake Charles | $1,748 | 9% |
| Metairie | $3,046 | 90% |
| Monroe | $1,081 | -33% |
| New Orleans | $3,113 | 94% |
| Shreveport | $1,080 | -33% |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
The average cost of homeowners insurance depends on more factors than your location, including the characteristics of your home and your insurance history.
Home insurance perils in Louisiana
Louisianans need no reminder of how devastating natural disasters can be. Louisiana experiences some of the most severe weather of any state in the U.S., from hurricanes to cyclones to floods. Knowing the risks to your home can help you make sure you receive enough coverage.
Hurricanes and other storms
Homeowners insurance typically covers damage from windstorms including hurricanes, thunderstorms and cyclones. However, these protections can occasionally be omitted in high-risk areas. For this reason, we recommend double-checking with your home insurance company to make sure you have coverage.
There are ways to reduce or minimize your risk to damage from hurricanes. For example, we recommend all homeowners in Louisiana take the following precautions:
- Tie down external buildings like sheds and garages.
- Install storm shutters.
- Secure and reinforce windows and doors.
Lastly, creating a thorough home inventory is one of your best tools. By cataloguing your belongings, you can prove your loss if you have to make a claim.
Louisiana flood insurance
Homeowners insurance almost never covers floods. To have protection, you’ll have to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private company. NFIP flood insurance is by far the most common type of flood insurance, but private flood insurance is slowly becoming more common.
The average cost of flood insurance in Louisiana is $673 a year, according to FEMA data, as of June 2019. Flood insurance is not cheap, but the protection it provides can be extremely valuable for homeowners. The NFIP has paid out more money in claims to Louisiana than to any other state — more than $16 billion between 1996 and 2016.
Methodology
Our analysis of homeowners insurance in Louisiana included 3,002 quotes from seven companies: Allstate, ASI (Progressive), Lighthouse, Louisiana Farm Bureau, State Farm, UPC and USAA. The quotes we gathered were for a home worth $176,793 and built in 1980, which are the median values for the state.
- Dwelling coverage: $176,793
- Personal property coverage: 50% of dwelling ($88,397)
- Other structures coverage: 10% of dwelling ($17,679)
- Loss of use coverage: 20% of dwelling ($35,359)
- Liability coverage: $100,000
- Deductible: $1,000
All data relating to geographies, demographics and the insurance market was sourced through S&P Global Market Intelligence.
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