On average, your neighbors pay $162 a month.See Your Rates
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.
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 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|
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.
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.
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.
Why contact every insurer in Louisiana when you can just answer a few questions about your home and desired coverage? Save time and money with QuoteWizard.
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|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%|
Source: A.M. Best (Ratings as of 8/24/2015)
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|4||American International Group||$354,566||3.4%|
|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|
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.
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.
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.
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.
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