Best homeowners insurance in Louisiana for 2023

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 2022 J.D. Power U.S. Home Insurance Study. If you are in the market for the best Louisiana homeowners insurance, these companies might be a good place to start gathering quotes.

*Premiums are for $250K in dwelling coverage

**USAA not officially ranked by J.D. Power due to eligibility restrictions

The top five home insurance companies in Louisiana

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.

How much is homeowners insurance in Louisiana?

The average premium for homeowners insurance in Louisiana is $1,992 per year for $250,000 in dwelling coverage, which is 40 percent higher than the national average of $1,428 per year. The higher cost may be attributed, in part, to a record-level of hurricane activity impacting the Pelican State over the past two 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 $1,967 per year for the same coverage amount, and homeowners in Mississippi pay an annual average of $1,900. However, Louisiana homeowners pay slightly less for home insurance than they would in Arkansas, where the average cost for a policy with $250K in dwelling coverage is $2,123 per year.

How to find the best cheap home insurance in Louisiana

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. 

1. Shop around: You may receive very different quotes from different companies, even for the same coverage selections. Comparing quotes and discount opportunities from a handful of carriers may ensure you're getting the lowest premium for your circumstances. 
2. 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. 
3. Repair or replace your roof: An older roof or one in poor repair may easily become the reason for a costly claim. Newer roofs, especially those built with impact-resistant materials, may get you a lower rate or an extra discount with select carriers. 
4. 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.
5. Increase your deductible: Although most insurance professionals recommend exploring other savings strategies before adjusting your deductible, you will likely earn a lower premium if you agree to pay more out of pocket in the event of a claim. Note that you likely want to keep your deductible low enough that you could comfortably pay it at any time should you need to file a claim for covered damage.

Common 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:

Types of home insurance in Louisiana

In addition to the standard home insurance coverage types, like dwelling, 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 endorsement 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 endorsement to have insurance coverage. This type of damage is common in basements 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 2–10 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.

Because hurricanes are one of the biggest weather concerns in Louisiana, reviewing your hurricane coverage with your agent and being familiar with your homeowners declarations may be a good idea. With home replacement costs increasing this year due to rising costs of construction materials and labor, make sure that your policy’s dwelling coverage is adequate to rebuild your home in the event of a catastrophic loss. It may also be helpful to know what will happen to your homeowners insurance once a storm reaches “named storm” status or meets other thresholds, like a specific wind speed, so that you can be prepared in the event you need to file a claim.

Frequently asked questions