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Natalie TodoroffWritten by
Lisa McArdleEdited by
Mark FriedlanderReviewed by
Lisa McArdleEdited by
Mark FriedlanderReviewed by
Updated Jun 01, 2024
Based on Bankrate's research, USAA, Allstate, State Farm, The Hanover and Progressive are writing the best homeowners insurance in Louisiana.
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On this page
Louisiana’s high hurricane risk can make finding home insurance a challenge, but Bankrate can help. Although Louisiana has seen a large volume of insurers be declared insolvent in recent years as well as many other providers either voluntarily leaving the state or not writing new business, our team put together a solid list of insurers that can work for a variety of homeowners based on our research. To choose the best home insurance companies in Louisiana, we looked at average rate data from Quadrant Information Services, third-party financial strength ratings, J.D. Power scores and other customer service metrics.
Bankrate knows that finding a great home insurance policy — especially in Louisiana — can feel like digging for a needle in a haystack, so we make it our mission to get you the information you need to shop with confidence. On average, Louisiana home insurance costs $6,140 per year for $300,000 in dwelling coverage, which is nearly 185 percent more than the national average. While the state’s history of hurricanes and tumultuous insurance environment may make it harder to find a cheap rate, Bankrate’s picks for the best homeowners insurance in Louisiana are an excellent starting place for shopping.
Best home insurance companies in Louisiana:
- Best for military-focused coverage: USAA
- Best for robust coverage: Allstate
- Best for local agencies: State Farm
- Best for educational resources: The Hanover
- Best for discounts: Progressive
Cheapest home insurance companies in Louisiana:
- Armed Forces, USAA, State Farm, The Hanover and Encompass
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On This Page
On This Page
- Compare the best home insurance companies in Louisiana for 2024
- Best Louisiana homeowners insurance companies in detail
- Additional Louisiana home insurance companies to consider
- Cheapest home insurance companies in Louisiana
- Best home insurance discounts in Louisiana
- How much is home insurance in Louisiana?
- What does home insurance cover in Louisiana?
- Additional home insurance coverage types in Louisiana
- Frequently asked questions
- Methodology
Compare the best homeowners insurance companies in Louisiana
Based on our analysis, USAA, Allstate and State Farm are the top Louisiana homeowners insurance companies, followed by The Hanover and Progressive. These carriers offer a mix of competitive rates, robust coverage, unique discounts, high financial strength ratings and good customer satisfaction scores from the 2023 J.D. Power U.S. Home Insurance Study. If you are in the market for the best Louisiana homeowners insurance, these companies are a good place to start gathering quotes.
Insurance company | J.D. Power | Average monthly premium | Average annual premium | |
---|---|---|---|---|
USAA | 881 /1,000 | $201 | $2,408 | |
Allstate | 809 /1,000 | N/A | N/A | |
State Farm | 829 /1,000 | $335 | $4,016 | Read ReviewArrow Right |
Progressive | Not rated | N/A | N/A | |
The Hanover | Not rated | $473 | $5,671 |
*Premiums are for $300,000 in dwelling coverage **USAA not officially ranked due to eligibility restrictions
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Jun 2024
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The top 5 home insurance companies in Louisiana
Best for military-focused coverage
4.7
4.7
Rating: 4.7 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read USAA reviewGet a personalized quote
Avg. premium for $300K dwelling
$201/mo
Avg. premium for $300K dwelling
$2,408/yr
Customer satisfaction
881/1,000
USAA does not qualify for an official J.D. Power ranking because it sells its insurance exclusively to active-duty military members, veterans and their qualified immediate family members. However, USAA consistently receives high customer satisfaction scores. If you qualify for coverage, the company’s home insurance features military-focused coverage, like uniform coverage, plus discounts for bundling and having a monitored alarm system. USAA is rated A++ (Superior) by AM Best, the highest financial strength rating possible. The company does not write its own flood insurance policies. However, USAA can help homeowners secure flood insurance through the federally-backed National Flood Insurance Program (NFIP) or through a private insurer.
Pros
- Lower-than-average premium
- Superior AM Best financial strength rating
- High J.D. Power customer satisfaction score
Cons
- Strict eligibility requirements
- Few local agencies
USAA’s standard home insurance policies come with several already-included perks. In addition to dwelling, other structures, personal property, personal liability, medical payments and loss of use coverage, USAA home policies include loss assessment and identity theft coverage. Loss assessment comes in handy for homeowners who are part of ahomeowners associationand can help cover damage to community property.
Identity theft coverage is usually a policy add-on, but USAA home policies include up to $5,000 of coverage for the costs related to recovering your identity. If you’d like to bolster your protection, you can purchase personal cyber insurance through USAA. Or, to further round out your home insurance policy, consider the followingpolicy endorsem*nts:
- Home Protector:This raises your dwelling and other structures coverage limits by 25 percent in some situations, like if your home is damaged from a covered loss and the repairs exceed your coverage limits.
- Water backup:Also known as sewer backup, this covers water damage from a sewer line or a sump pump.
- Personal injury:Personal injury coverage helps with the legal expenses related to a libel, slander or defamation of character lawsuit levied against you.
Louisiana city USAA avg. annual premium for $300K dwelling Lafayette
USAA avg. annual premium for $300K dwelling
$1,759
Lake Charles
USAA avg. annual premium for $300K dwelling
$1,975
New Iberia
USAA avg. annual premium for $300K dwelling
$2,974
Slidell
USAA avg. annual premium for $300K dwelling
$3,049
Sulphur
USAA avg. annual premium for $300K dwelling
$1,905
Best for robust coverage
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read Allstate reviewGet a personalized quote
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
809/1,000
Although Allstate’s premium is higher than Louisiana’s average, it may be appealing based on the optional coverage types offered. You could personalize your policy by adding electronic data recovery, yard and garden coverage, water backup or musical instrument coverage. Allstate also offers aClaim Rateguardfeature, which may prevent your cost of homeowners insurance from increasing after a claim. The company is rated A+ (Superior) by AM Best for its financial strength.
Pros
- Numerous optional coverage types
- Several discounts
- Unique Claim Rateguard feature
Cons
- Higher-than-average premium
- Lower-than-average J.D. Power customer satisfaction score
Allstate offers a lengthy list of policy endorsem*nts, including:
- Identity theft coverage:Helps with the costs related to restoring a stolen identity, such as legal fees and lost wages, up to $1 million.
- Water backup:Water backup covers the damage that results from a broken sump pump or sewer line backup.
- Scheduled personal property:This extra coverage is specifically for appraised,high-value itemslike art or jewelry.
- Sports equipment: Similar to scheduled personal property coverage, Allstate’s sports equipment coverage provides protection for pricey items like skis, snowboards and golf clubs.
- Musical instruments:Just like Allstate’s sports equipment coverage, but for musical instruments.
- Green improvement reimbursem*nt:With this endorsem*nt, if your covered items are damaged or destroyed, Allstate provides the added cost of replacing them with a more eco-friendly version.
- Yard and garden:With a yard and garden endorsem*nt, you’ll have higher coverage limits for items like lawnmowers, snow blowers, landscaping tools and trees.
- Electronic data recovery:This helps with the cost of restoring computer data, including photos, videos and documents.
- Business property:If you store business-related items in your home, like inventory, this can add extra coverage.
- Flood insurance:Allstate offers policyholders two different ways to secure flood insurance. Policies are available from Beyond Floods, which are underwritten byNational General(which is owned by Allstate), or through the National Flood Insurance Program.
Louisiana city Allstate avg. annual premium for $300K dwelling Lafayette
Allstate avg. annual premium for $300K dwelling
N/A
Lake Charles
Allstate avg. annual premium for $300K dwelling
N/A
New Iberia
Allstate avg. annual premium for $300K dwelling
N/A
Slidell
Allstate avg. annual premium for $300K dwelling
N/A
Sulphur
Allstate avg. annual premium for $300K dwelling
N/A
Best for local agencies
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read State Farm reviewGet a personalized quote
Avg. premium for $300K dwelling
$335/mo
Avg. premium for $300K dwelling
$4,016/yr
Customer satisfaction
829/1,000
State Farm may be appealing if you like handling your needs in person through itsstatewide networkof exclusive local agents. The company’s average annual premium is below Louisiana’s overall average, although a few discounts may help lower your premium, like roofing discounts and multi-policy discounts. State Farm is a great option for those looking to house multiple policies under one roof, as the insurer also writes auto, umbrella and life insurance lines, in addition to offering banking products through US Bank.
Pros
- Lower-than-average premium
- Local exclusive agencies available through Louisiana
- Superior AM Best financial strength rating
Cons
- Fewer discounts than many competitors
- Does not offer many home insurance endorsem*nts
Despite the fact that State Farm is the largest home insurance provider in the country by market share, its advertised list of policy add-ons is on the shorter side. Louisiana homeowners may add the following to their insurance policies:
- Personal articles coverage:This raises coverage limits on your higher-value items like art, jewelry, antiques, cameras and other expensive properties.
- Farm and ranch insurance:As its name suggests, State Farm knows that farmers and ranchers have unique insurance needs. It offers physical damage, liability and personal injury coverage for these customers.
- Identity restoration coverage:State Farm’s Cyber Event, Identity Restoration and Fraud Loss Coverage (CEIDR) is available to Louisiana homeowners and can provide up to $50,000 of coverage for expenses related to restoring a stolen identity.
- Boat insurance: If you own one of the 315,000 boats registered in the state of Louisiana, State Farm offers physical damage and liability coverage for qualifying watercraft.
- Pet insurance:State Farm partners with Trupanion to bring medical coverage to your four-legged fur baby.
State Farm does not sell flood insurance policies. Unlike USAA and Allstate, State Farm does not partner with the NFIP to help its customers get flood insurance. If you are a State Farm policyholder looking to purchase flood insurance, you must purchase it directly from the NFIP or through a private flood insurance provider.
Louisiana city State Farm avg. annual premium for $300K dwelling Lafayette
State Farm avg. annual premium for $300K dwelling
$3,430
Lake Charles
State Farm avg. annual premium for $300K dwelling
$3,849
New Iberia
State Farm avg. annual premium for $300K dwelling
$3,532
Slidell
State Farm avg. annual premium for $300K dwelling
$3,304
Sulphur
State Farm avg. annual premium for $300K dwelling
$3,740
Best for discounts
Read
Read reviewGet a personalized quote
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
Not rated
Progressive Home Insurance has an impressive number of home insurance discounts to its list including new home construction, advance quote and paperless. Homeowners who already have a car insurance policy with Progressive may consider bundling their homeowners policy for a multiple-policy discount for even more convenience. Progressive doesn’t offer as many add-on options as some competitors, though, making it a bit more difficult to personalize your policy.
Pros
- Long list of discounts
- Lower-than-average premium
- Robust digital tools
Cons
- Lower-than-average J.D. Power customer satisfaction score
- Fewer endorsem*nts than many competitors
- Rates may vary between agency and online quotes
Progressive’s list of additional coverage is underwhelming compared to its insurance discounts. The insurer only advertises two policy add-ons: water backup coverage and personal injury protection.
However, Progressive partners with the NFIP to sell flood insurance policies. Meaning, that if you’re in the market for a flood policy, you can work with a Progressive agent to purchase an NFIP policy. The policy covers up to $250,000 of dwelling coverage and $100,000 for your personal property.
Louisiana city Progressive avg. annual premium for $300K dwelling Lafayette
Progressive avg. annual premium for $300K dwelling
N/A
Lake Charles
Progressive avg. annual premium for $300K dwelling
N/A
New Iberia
Progressive avg. annual premium for $300K dwelling
N/A
Slidell
Progressive avg. annual premium for $300K dwelling
N/A
Sulphur
Progressive avg. annual premium for $300K dwelling
N/A
Best for educational resources
3.6
3.6
Rating: 3.6 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read The Hanover reviewGet a personalized quote
Avg. premium for $300K dwelling
$473/mo
Avg. premium for $300K dwelling
$5,671/yr
Customer satisfaction
Not rated
The Hanover has online resources to help you with the process of being a homeowner, like buying, renovating and selling your home. The Hanover offers two savings packages — Hanover Platinum and Hanover Prestige — for homeowners looking to bundle their home and auto policies together. Hanover Prestige plan specifically caters to homeowners with higher-value homes and vehicles and offers slightly more coverage add-ons than the Platinum plan. The Hanover is represented by independent agents throughout the state, so it may not be the best insurer if you prefer working with an exclusive agent with more direct company insight.
Pros
- Helpful online educational resources
- Lower-than-average premium
- Numerous endorsem*nts
Cons
- No exclusive agents
- No online quotes
The Hanover offers a broad selection of home insurance endorsem*nts to help Louisiana homeowners craft a policy that fits their insurance needs. Its endorsem*nt offerings include:
- Equipment breakdown:This coverage can help with the costs related to repairing or replacing household appliances if they are damaged from a covered claim.
- Guaranteed replacement cost:If you need to rebuild your home after a total loss, guaranteed replacement cost coverage ensures that your home will be rebuilt with comparable materials and craftsmanship regardless of increased labor costs and material prices.
- Water backup:Ensure your home and belongings are protected from sump pump and sewer line-related damage.
- Waiver of deductible:This is a helpful add-on if you’re looking to bundle multiple policies with The Hanover. With this add-on, you only pay one deductible if your home and car are damaged from the same covered claim.
- Siding and/or roof restoration:If the materials on your roof or siding are no longer available following a covered claim, this coverage pays for both to be replaced with similar materials. This way, you can avoid having a mismatched roof and siding.
- Service line:A service line endorsem*nt protects against the damage related to service lines cables, sewer pipes and power lines.
- Scheduled personal property:Provides additional coverage for high-value items.
The Hanover does not offer flood insurance. If you are interested in purchasing a flood policy through the NFIP or a private flood insurer, a Hanover independent agent can help you obtain coverage.
Louisiana city The Hanover avg. annual premium for 250K dwelling Lafayette $4,245 Lake Charles $5,855 New Iberia $8,163 Slidell $5,955 Sulphur $5,880
Additional Louisiana home insurance companies to consider
Encompass
Who this may be best for
Homeowners looking for tiered coverage packages
Encompass review
At $6,691 per year for $300,000 in dwelling coverage, Encompass’s average premiums are below the average home insurance cost in Louisiana. Home and auto bundles are available in three tiers: Special, Deluxe and Elite. Each one has its own coverage limits, endorsem*nts and discount offerings. Encompass has an A+ (Superior) rating from AM Best, and its .22 NAIC complaint index for home insurance signals that it has strong financial backing and solid customer service. However, Encompass does not partner with other private insurers or the NFIP to offer flood policies. That said, Encompass is a subsidiary of Allstate and can help you obtain a flood policy.
Louisiana Farm Bureau
Who this may be best for
Homeowners wanting online flood policy management
Farm Bureau review
Louisiana Farm Bureau, part of the broader network of Farm Bureau insurance, sells home, auto, life, farm and, notably, flood insurance policies to residents of the Bayou State. Flood policies are sold through Southern Farm Bureau Casualty Insurance Company and can be managed online. Louisiana Farm Bureau also offers a debris removal endorsem*nt, which can come in handy when a hurricane blows through.
How Bankrate chose the best home insurance companies in Louisiana
To find the best homeowners insurance in Louisiana, we first obtained current premium information from Quadrant Information Services. After analyzing the data, we also considered each company’s coverage offerings, discounts and third-party metrics from agencies like J.D. Power and AM Best. A company’s performance in each of these categories determined its Bankrate Score. The better it scored in each category, the higher its overall Bankrate Score for a maximum score of 5.0 points.
Cheapest home insurance companies in Louisiana
Due to its high hurricane risk as well as its risk from severe convective storms, Louisiana homeowners insurance tends to be on the pricier end of the spectrum. A hurricane can completely devastate a home, which makes for a costly payout for an insurance provider. To help mitigate these potential losses, home insurance companies typically charge higher premiums. Although it’s a little harder to find cheap home insurance companies in Louisiana, shopping around and comparing multiple quotes can help you hone in on a good deal.
Carrier | Monthly premium for $300k coverage | Annual premium for $300k coverage | Savings vs state avg. for $300k coverage |
---|---|---|---|
Armed Forces | $155 | $1,858 | - $4,282 |
USAA | $201 | $2,408 | - $3,732 |
State Farm | $335 | $4,016 | - $2,124 |
The Hanover | $473 | $5,671 | - $469 |
Encompass | $558 | $6,691 | + $551 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Jun 2024
Read our full methodology
How to get cheap home Louisiana insurance
Although average Louisiana home insurance rates are well above the national average, homeowners may still be able to save by being strategic with their insurance shopping. The following strategies may help you find lower rates in the Pelican State.
- Compare quotes: It's often beneficial to obtain quotes from multiple insurance companies, as rates could vary significantly for identical coverage. By evaluating several quotes and discounts, you may find a more cost-effective premium for your needs.
- Work on your credit score: Home insurance companies in Louisiana can consider your credit history when determining your insurance rates. Improving your credit score may help bring down your rates.
- Repair or replace your roof: The condition of your roof could significantly influence insurance costs. Older or poorly maintained roofs can lead to expensive claims. Upgrading your roof, particularly with impact-resistant materials, could potentially lower your insurance rates and may qualify you for additional discounts, as it enhances your home's resilience to windstorms.
- Bundle your policies: If you are happy with the company that carries your car insurance, you might consider purchasing your home insurance coverage from the same carrier. Most insurers offer a sizable discount to policyholders who carry more than one policy with them.
- Increase your deductible: Although most insurance professionals recommend exploring other savings strategies before adjusting your deductible, increasing your deductible might result in lower premiums. However, it's advisable to maintain a deductible amount that's manageable for you in case of a claim. Louisiana homeowners should be aware of the separate deductibles for standard home damage and hurricane windstorm damage related to named tropical cyclones.
Best home insurance discounts in Louisiana
Discounts may be one of the best ways to save money on your Louisiana homeowners insurance. Almost all insurers offer at least a few discounts, and many of them are not hard to qualify for. You may want to review your policy each year to see if there are any additional savings opportunities you qualify for. Some of the most common discounts include:
Many insurers offer potential savings for anything you do to make your home safer and less likely to sustain damage. This may include installing smoke detectors, security systems or in-home sprinklers.
Bundling is a very common discount offered by most insurance companies. Home and auto bundles are common, but you may be able to bundle your home coverage with boat, RV or landlord insurance.
If you purchased an older home and are doing a comprehensive renovation to bring it up to code, you may earn a discount. However, this will generally only apply if you are replacing home systems such as electrical and plumbing.
Insurance companies often provide discounts for homes that are newly constructed, typically those built within the last three years. These discounts are offered because newer homes are assumed to have fewer risks and modern safety features, reducing the likelihood of claims. Additionally, some insurers offer discounts to first-time home buyers, recognizing the investment in a newly purchased property.
How to save on home insurance policy renewals in Louisiana
Your policy’s renewal date can be an excellent time to take advantage of more savings opportunities. Consider the following strategies to lower your rate:
- Prevent damage: By Louisiana state law, insurance companies are required to offer discounts to homeowners who install damage mitigators like hurricane shutters, hurricane braces or secondary water barriers (to name just a few) and to those that retrofit their homes to comply with updated Louisiana construction codes. Retrofitting an entire home can be costly, but installing some smaller upgrades could help you earn big premium savings.
- Improving your credit: We know that improving your credit doesn’t happen overnight, but taking small steps to improve your credit record between renewal dates can help you lower your premium. Insurers view policyholders with strong credit histories as less likely to file claims based on actuarial data, and tend to offer better rates as a result.
- Improve your roof: A roof's home is a first line of defense against windstorm damage. Having a strong roof over your head not only gives you peace of mind but could also earn you a home insurance discount. Many of Louisiana’s state-approved hurricane mitigation efforts pertain to roofs: roof bracing, roof-to-wall strengthening, roof deck attachment and roof covering. These could all help you secure a lower rate.
How much is home insurance in Louisiana?
The average home insurance cost in Louisiana is $6,140 per year for $300,000 in dwelling coverage, which is nearly 185 percent more than the national average of $2,230 per year. The higher cost may be attributed, in part, to a record-level of hurricane activity impacting the Pelican State during the 2020 and 2021 hurricane seasons. The state’s coastal positioning leaves it vulnerable to widespread damage caused by hurricanes and tropical storms, and its lower elevation makes most of the state prone to severe flooding.
Average Louisiana homeowners insurance premiums are in line with surrounding states. Texans pay an average of $3,773 per year for the same coverage amount, and homeowners in Mississippi pay an annual average of $2,820. However, Louisiana homeowners pay slightly less for home insurance than they would in Arkansas, where the average cost for a policy with $300K in dwelling coverage is $3,056 per year.
Louisiana homeowners insurance rates by city
Louisiana’s statewide average cost of homeowners insurance is $6,140 per year, but your exact insurance premium will vary based on your coverage limits and your location. Some areas of Louisiana are more prone to hurricane damage, while others are more consistently out of the path of a storm. The map and table below can show you average rates for different Louisiana cities.
- Tullos: $2,378 per year — 61 percent below state average
- Kelly: $2,399 per year — 61 percent below state average
- Delta: $2,402 per year — 61 percent below state average
- Start: $2,403 per year — 61 percent below state average
- Ruston: $2,406 per year — 61 percent below state average
- Grand Isle: $18,292 per year — 198 percent above state average
- Buras: $17,167 per year — 180 percent above state average
- Port Sulphur: $16,509 per year — 169 percent above state average
- Lafitte: $16,090 per year — 162 percent above state average
- Venice: $15,792 per year — 157 percent above state average
*Rates are for $300,000 in dwelling coverage.
What does home insurance cover in Louisiana?
Since 1822, 63 major hurricanes have made landfall in Louisiana, putting it just behind Florida and Texas in terms of the most storms per state. If you’re a Louisiana property owner, storm warnings, flooding and high winds have likely caused you distress more than once. To help you understand what additional coverage you may need to cover these events, we’ve provided a list of what coverage standard home insurance policies offer:
- Tornadoes: If a tornado blows through town, your home insurance policy should cover your dwelling, personal property and other structures.
- Hurricanes: Hurricane coverage is a bit tricky. The wind and hail damage from a hurricane are typically covered, but that damage may be subject to a separate deductible. According to Louisiana law, hurricane and named storm deductibles are between 2 and 5 percent of the total dwelling coverage limit. Flood damage that results from a hurricane is not covered unless you have a separate flood endorsem*nt or policy.
- Fire: Your dwelling and personal property are both usually protected from unintentional fire damage.
- Explosion: Explosions in or around your home are generally covered.
- Lightning: If lightning strikes and causes a power surge or fire, your home insurance policy should give you some coverage.
- Volcanoes: This doesn’t really pertain to Louisiana homes, but it’s helpful to know that most home insurance policies protect against ash, dust, shock waves and lava flow.
- Extreme cold: Although Louisiana winters are pretty mild if a cold snap causes a pipe to burst and damage your belongings, they should be covered by your home insurance policy.
Additional types of home insurance in Louisiana
In addition to the standard home insurance coverage types, like dwelling, additional living expenses, and liability and contents, you may want to purchase optional coverage to increase your financial protection. Some coverage types that Louisiana homeowners might want to consider include:
- Flood insurance: Damage caused by flooding is not typically covered by standard homeowners insurance and requires a separate flood insurance policy. These can be purchased from the federally-backed National Flood Insurance Program (NFIP) or numerous private flood insurers. Some property insurers may offer a flood insurance endorsem*nt that can be added to your standard homeowners insurance policy to provide dwelling coverage and personal property coverage. In many coastal areas, flood insurance is required if you have a mortgage on your home.
- Water backup coverage: If water damages your home after backing up in a sewer or drain line, you will need this endorsem*nt to have insurance coverage. This type of damage is common in basem*nts or crawl spaces, but can happen from any sewer or drain line and can also be caused by a sump pump failure or power outage.
- Equipment breakdown coverage: This optional coverage may not be available from every company, but provides coverage for damage to (or the breakdown of) your home’s mechanical systems, like your air conditioner and water heater.
- Windstorm coverage: While coverage for hurricanes and windstorms are included in most standard homeowners policies, there may be some caveats. Depending on the severity of a tropical system and whether it becomes a “named storm,” some companies may have a percentage deductible rather than the traditional dollar deductible. This means that your deductible would be a percentage of your dwelling limit, typically ranging from 2 to 5 percent. There is also just one windstorm deductible assessed per hurricane season, even if you sustain losses from multiple named storms. Additionally, if your home is in a particularly high-risk area and you are having a difficult time finding insurance, you may be able to opt for the Louisiana Citizens Property Insurance Corporation, which is a FAIR plan intended for temporary coverage while you look for a permanent solution.
Related content:
Louisiana flood insurancePreviously Read
Windstorm insurancePreviously Read
How to prepare your home for hurricane seasonPreviously Read
Common Louisiana home insurance problems
Louisiana has seen its share of home insurance woes. Its position along the Gulf Coast and its low-lying southern border makes the state prone to hurricanes. However, costly storms are not the only thing that plagues the Louisiana home insurance industry:
- Difficulty securing coverage: Following a slew of hurricanes from 2020 to 2021, several Louisiana home insurance companies have been declared insolvent, voluntarily withdrew from the market or stopped writing new business. Louisiana homeowners have fewer options when it comes to home insurers, which makes it all the more difficult to lock in coverage.
- High rates: Louisiana home insurance is undoubtedly expensive. As long as hurricanes and severe convective storms continue to bombard the state, high home insurance costs will continue to plague Louisiana homeowners.
- Expensive last-resort plan: Similar to Florida, Louisiana has a last-resort property insurer called Louisiana Citizens Property Insurance Corporation. Citizens is a government-backed “Fair Access to Insurance Requirements'' (FAIR) plan carrier. It is meant to act as a short-term solution for homeowners who cannot find insurance in the private market, but following the home insurance exodus, an increasing number of homeowners find themselves obtaining coverage through Citizens. As a result of the plan growing at a rapid pace, Citizens implemented a 63 percent rate increase beginning January 2023.
New
Recent news in Louisiana homeowners insurance market: Louisiana insurers struggle to manage risks in hurricane-prone state
It's no surprise to any Louisiana resident that the state is known for fierce weather, especially in the southern coastal areas facing the Gulf Coast. The 2020–2021 hurricane season saw four storms — Laura, Delta, Zeta and Ida — that did a collective damage of more than $76 billion in the state and caused a handful of insurers to cease their operations there.
Bankrate took a close look at the insurance situation in Louisiana. Here are our key insights:
- According to the Insurance Information Institute (Triple-I):
- 12 property insurers operating in Louisiana were declared insolvent between July 2021 and February 2023.
- 12 insurers voluntarily withdrew from the market after the 2021 hurricane season.
- 50 carriers stopped writing new business in hurricane-prone parishes.
- Because of market volatility, Louisiana's backstop insurer, Louisiana Citizens Property Insurance Corp., has quadrupled its policies in force since 2021.
- The primary cause of insurer failures was undercapitalized companies with inadequate reinsurance.
- It's likely that more frequent and stronger hurricanes are on the horizon, based on the National Climate Assessment. This will likely lead to even more volatility in the insurance market.
- To stabilize the situation, the Louisiana legislature passed a $45 million bill in February 2023 to create an insurance incentive program, which is intended to incentivize new insurers to enter the market.
- Homeowners may see an increase in rates, especially those who are in high-risk areas. Those who have a difficult time securing coverage may need to purchase their insurance from Louisiana Citizens, the insurer of last resort in the state.
- Beginning October 2023, Louisiana homeowners will be able to apply for grants from the Louisiana Fortify Homes Program, which was established by the Louisiana legislature in 2022. The program will grant approved homeowners up to $10,000 to retrofit their roofs to meet the fortified standards set by the Insurance Institute for Business and Home Safety. Homeowners can apply online with the Louisiana Department of Insurance.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze June 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
5
Rating: 5 stars out of 5
Overall Score
Cost & ratings50%
Coverage & savings30%
Support20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
Written by
Natalie Todoroff
Writer, Insurance
Read more from Natalie
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.