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Homeowners insurance provides protection for one of life’s biggest investments: a personal home. A typical homeowners insurance policy includes dwelling coverage for the home’s structure, personal property coverage for the homeowner’s personal belongings, and liability coverage for damage or injuries to a third party for which the homeowner or their family is found liable. Louisiana companies that offer homeowners insurance may also offer additional coverage that residents of this state may want to consider, such as for floods and hurricane damage. However, it’s imperative for homeowners to find a Louisiana insurance company that offers more than just the right coverage. When it comes to the best homeowners insurance, Louisiana residents will want to look for companies that offer the right coverage for their needs at a price that fits within their budget. In addition, the best companies will make it quick and easy not only to get insurance quotes, but also to file and resolve claims quickly.
- BEST OVERALL: State Farm
- RUNNER-UP: Allstate
- BEST FOR LOW RATES: Farmers Insurance
- BEST FOR SERVICE MEMBERS: USAA
- ALSO CONSIDER: SafePoint Insurance
What to Consider When Choosing One of the Best Homeowners Insurance Companies in Louisiana
When shopping for homeowners insurance, Louisiana homeowners will want to look for insurance companies that provide the right coverage for their needs at an affordable price. They will also want to search for companies that are easy to work with, from obtaining insurance quotes to paying premiums to filing claims.
Coverage Amount
Many homeowners wonder how much homeowners insurance they need. The answer depends on the policyholder’s needs; in general, though, a homeowners insurance policy will have sufficient coverage amounts to pay for the repair or replacement of the home as well as the homeowner’s belongings. Additionally, policyholders will want to ensure they have adequate liability coverage to protect themselves in the event they’re found legally liable for causing damage or injury to a third party. Louisiana insurance companies, like homeowners insurance providers in other states, generally put maximum amounts on the coverage their policies will provide. Therefore, it’s important that homeowners purchase insurance policies with enough coverage so the homeowner is not left paying hefty amounts out of pocket. For instance, if a policy has a dwelling coverage limit of $200,000, but it takes $275,000 to repair or replace the home, the policyholder would be responsible for paying the additional $75,000.
Policy Options
Homeowners insurance covers the home’s structure, the homeowner’s personal belongings, and the homeowner’s liability if they or a family member living in the house are found at fault for property damage or injuries to a third party. For other situations, it may be necessary for a homeowner to purchase additional coverage to ensure they have the protection they need. For instance, some insurance companies offer hurricane insurance coverage and flood insurance as options a policyholder can add to a homeowners policy, while other companies sell these as separate policies. Homeowners can also purchase optional coverage to protect high-value items such as jewelry, artwork, collectibles, musical instruments, and other items. Homeowners will want to talk with insurance companies to find out exactly what they offer for policy options to see if there is additional coverage that should be included with the homeowners insurance.
For homeowners looking for mobile home insurance, Louisiana insurance companies will sometimes sell policies designed specifically to cover mobile homes. Not all insurance companies will offer such coverage, so owners of mobile homes will want to talk with insurance agents to find out what, exactly, is necessary to adequately cover mobile homes.
Insurance Premiums
Insurance premiums are the payments homeowners make to maintain their homeowners insurance policy. Premiums can usually be paid monthly, quarterly, or annually, and this can vary depending on the company. The premium amount is based on a number of factors, including the size and age of the home, the home’s construction (brick, wood, stucco, etc.), and the home’s location. The type and amount of coverage purchased will also affect the premium amount. Unsurprisingly, the more coverage a homeowner purchases, the higher their premium will be. Another factor that affects the premium amount is the policy’s deductible (the amount a policyholder must pay out of pocket for each claim submitted). Typically, the higher the deductible, the lower the premiums, and vice versa.
Quote Process
The best way for customers to find affordable homeowners insurance is to compare quotes from different companies. The best homeowners insurance companies will make it quick and easy for customers to get quotes for insurance. Many companies offer Louisiana home insurance quotes online using a quote tool. Other companies require homeowners to call and speak to an agent or company representative to get a quote.
One thing homeowners will need to understand about online quotes is they may be estimated, but not exact, costs of coverage. This is because many online quote tools only ask for basic information to generate a quote. Speaking with an agent or company representative could provide a homeowner with a more accurate rate quote because an agent will use more specific and detailed information to generate a quote.
Claims Process
No one likes the hassle of filing an insurance claim, and that’s especially true for homeowners needing to have their home repaired or replaced along with their personal items. Being displaced or inconvenienced during this process can be a big disruption to a policyholder’s day-to-day life, so it’s important for them to find a homeowners insurance company that makes it easy to file and follow up on a claim. In addition, homeowners will want to look for a company that will process their claim quickly so they can work toward restoring their home life. As such, when researching companies, homeowners will want to talk with current and former customers who filed claims to find out how they were handled. Were they satisfied? If so, why? Homeowners can also read reviews on such sites as the Better Business Bureau to see customer experiences with the company’s service.
Deductibles
A deductible is the portion a homeowner pays toward the cost for repairs or replacement to the home and personal belongings. For example, if the policy has a $4,000 deductible and the cost of repairs is $50,000, the insurance company will pay $46,000 and the homeowner will pay $4,000. Many companies offer a variety of deductibles, ranging from standard fixed deductibles to a percentage of the policy amount. Some companies also may require the payment of a separate deductible for certain coverage options, such as for hurricane damage. It’s important for a homeowner to review all deductible options to find the one that best fits their needs and budget.
Homeowners will also want to remember that the deductible amount affects the policy premium. Generally speaking, the higher the deductible, the lower the premium, and vice versa. As a result, adjusting the deductible could make the premium more affordable.
Additional Policies
Insurance companies that sell homeowners insurance often sell other types of insurance as well. These include car insurance, life insurance, pet insurance, and more. Homeowners who choose home insurance from the same company that provides their other insurance may find it easier to manage all their policies with one company. After all, having just one insurance agent to contact can make updating policies, filing claims, and paying premiums easier than it would be if trying to juggle multiple agents and companies.
It’s important to note, though, that while some companies offer a variety of insurance policies, the different policies may not be managed the same. For instance, some companies may allow policyholders to buy policies or file claims for car insurance using their app, but not for home or life insurance. Homeowners will want to talk with the companies they’re considering to find out what they offer if managing all insurance coverage through one company is a priority.
Discounts
When shopping for home insurance, the best deals can be found when maximizing all available discounts on the insurance policy. A common discount is for bundling home and car insurance policies, but this discount is just the beginning. Insurance companies often offer a variety of discounts that can be used to reduce the cost of homeowners insurance. These include multi-policy discounts, early renewal discounts, and loyalty discounts for long-time customers. Other discounts may not be advertised but could include those for signing up for paperless billing, enrolling in automatic payments, and paying premiums annually instead of monthly or quarterly. Homeowners will want to ask the insurance company for a complete list of available discounts to make sure none are overlooked.
AM Best Ratings
Finding a trustworthy homeowners insurance company that will honor its policies and pay claims as agreed can be daunting. One way to for a customer confirm that the company could be the right choice is for them to look at the company’s AM Best ratings. AM Best, a credit rating agency that focuses on the insurance industry, reviews an insurance company’s credit ratings and financial data to evaluate the company’s creditworthiness and ability to pay claims in a timely manner. Based on this information, AM Best assigns ratings ranging from A++ (Superior) to D (Poor) for the company. Ideally, homeowners will want to look for insurance companies that have a rating of A (Excellent) to A++. However, companies with a rating of B+ to B++ (Good) also may be good choices if they offer the right type of homeowners insurance of coverage at a fair price.
Our Top Picks
When searching for the best homeowners insurance in Louisiana, we looked for companies with a wide range of coverage, discounts to help homeowners save money, and a variety of deductibles to allow homeowners to tailor their policy to their needs and budget.
Best Overall
State Farm
- Quote process: Online, phone, agent
- Claims process: App, online, phone, agent
- Deductibles: 0.5 percent, 1 percent to 5 percent, $5,000 or $10,000; Hurricane: 2 percent to 5 percent, 10 percent, 15 percent
- Discounts: Multi-policy, protective device, wind mitigation
- AM Best rating: A++
Pros
- High $1 million personal liability coverage option
- Fortified roof upgrade endorsement available
- Multiple convenient ways to submit a claim
- Wind mitigation discount available
- A++ AM Best rating
Cons
- Potentially high 15 percent hurricane deductible
Why It Made the Cut: State Farm offers fortified roof upgrade and wind mitigation discount options that may appeal to Louisiana homeowners, as well as an available $1 million personal liability coverage limit. State Farm customers can select personal liability coverage up to $1 million—a relatively high amount for a homeowners insurance policy. This would provide more coverage in the event that homeowners or members of their household are found liable for third-party property damage or injuries, including injuries on the insured property. Also, policyholders can sign up for a fortified roof upgrade endorsement that may appeal to Louisiana homeowners who would like an option to replace their existing roof with a fortified roof in the event that it is damaged by a covered peril. A similar wind mitigation discount is available to those who reinforce their homes (which includes sealing the roof deck, installing hurricane windows or shutters, and installing solid wood or hollow metal doors). This could come in handy given State Farm has a separate hurricane deductible that can run as high as 15 percent of the policy’s dwelling coverage amount. The company also boasts the highest AM Best rating possible and provides homeowners with several different ways to file a claim, allowing them to choose the best method for their needs.
Runner-Up
Allstate
- Quote process: Online, phone, agent
- Claims process: App, online, phone, agent
- Deductibles: 0.5 percent, 1 percent to 5 percent; $1,000 to $10,000; Windstorm/hail: 0.5 percent, 1 percent to 5 percent; $1,000 to $10,000; Tropical cyclone: 0.5 percent, 1 percent to 5 percent, 10 percent or $1,000 to $10,000
- Discounts: Multi-policy, protective device, responsible payment, claim-free, loyalty, new customer, home buyer, automatic payments, early signing
- AM Best rating: A+
Pros
- Wide range of extra endorsements
- Generous 25 percent multi-policy discount for bundling policies
- Low $1,000 hurricane deductible option
- Multiple convenient ways to submit a claim
- Wide range of additional policies available
Cons
- Relatively high insurance premiums
Why It Made the Cut: Allstate offers various extra endorsements customers can use to expand their homeowners insurance coverage, a low $1,000 hurricane deductible option, and a 25 percent discount for bundling home and auto policies. Allstate customers can purchase various endorsements to expand the coverage included with their homeowners policy. These add-on options include extended coverage for roof surfaces, water backup coverage, increased limits for yards and gardens, electronic data recovery coverage, and identity theft restoration. Also, Allstate customers in Louisiana can choose a hurricane deductible as low as $1,000, which could lower their out-of-pocket costs when submitting a hurricane damage claim. While Allstate may have relatively high insurance premiums in Louisiana, the company does offer a bundling discount for home and auto coverage that could save homeowners up to 25 percent on their insurance premiums, bringing the overall cost down for those who choose to keep both insurance policies with Allstate. Also, Allstate gives customers multiple ways to file a homeowners insurance claim, which includes filing online, using the mobile app, contacting the company by phone, or going in person. Customers can also choose from a wide variety of other insurance policies if they want to use one company for all of their insurance needs.
Best for Low Rates
Farmers Insurance
- Quote process: Online, phone, agent
- Claims process: Online, phone, agent
- Deductibles: 0.5 percent, 1 percent to 5 percent; $1,000 to $10,000; Wind/hail: 1 percent to 5 percent; Hurricane: 2 percent to 5 percent, 10 percent
- Discounts: Multi-policy, protective device, nonsmoker, preferred payment plan, claim-free
- AM Best rating: A
Pros
- Relatively low insurance premiums
- High other-structures coverage available up to 100 percent of dwelling coverage limit
- Standard declining deductible
- Claim forgiveness after 5 years of claim-free coverage
Cons
- Online quote may not be available for all ZIP codes
Why It Made the Cut: Farmers Insurance has potentially low insurance rates available for Louisiana customers, high available coverage limits on other structures, and the declining deductible that comes standard with every policy. Farmers Insurance may offer relatively low insurance premiums for homeowners insurance in Louisiana, although rates will vary depending on the coverage options selected and the level of risk involved. Not all Louisiana residents may be able to receive a quote using the company’s online quote tool, so customers will want to be prepared to call for a quote—however, this is likely to result in a more accurate estimate than an online quote would provide. In addition, Farmers homeowners policies feature declining deductibles as standard offerings, so policyholders could receive additional savings in the event they file a claim. Plus, if customers go at least 5 years without filing a claim, they will qualify for claim forgiveness. This means that if they do file a claim at that point, Farmers will not increase their insurance premiums. Also, Farmers allows customers to purchase other-structures coverage up to 100 percent of their policy’s dwelling coverage limit. This covers detached structures such as garages, barns, and gazebos that require more extensive coverage than a standard policy might provide.
Best for Service Members
USAA
- Quote process: Online (for USAA members), phone
- Claims process: App, online, phone
- Deductibles: Unknown
- Discounts: Multi-policy, protective device, connected home, loyalty, claim-free
- AM Best rating: A++
Pros
- Standard replacement cost coverage
- Standard identity theft coverage
- No deductible on lost or damaged military equipment for active-duty members
- A++ AM Best rating
Cons
- USAA membership limited to service members and their families
- Unknown deductible options
Why It Made the Cut: USAA policies come with standard replacement cost coverage and identity theft coverage, plus extra perks for military members such as replacing uniforms, equipment, and personal property under certain conditions without requiring payment of a deductible. Available to active and former military members and their families, USAA offers homeowners insurance policies with standard replacement cost coverage that does not account for the depreciation of covered property when the company is determining the size of a claim payout, leading to higher payouts. USAA’s policies also include identity theft coverage as part of their standard conditions to help policyholders restore their identities should they be stolen. USAA does not make information regarding deductibles on homeowners insurance readily available to nonmembers, so it’s unclear how much policyholders will pay in the event of claim. On the other hand, the company does not charge a deductible in the event active-duty members need to replace their uniforms, military equipment, or personal property under certain circumstances, which can be a huge benefit to policyholders. And, providing peace of mind to policyholders, USAA has an A++ rating from AM Best, which is the highest grade possible from the credit rating agency.
Also Consider
SafePoint Insurance
- Quote process: Phone, agent
- Claims process: Online, phone, agent
- Deductibles: $500 to $10,000; Hurricane: 2 percent or 5 percent
- Discounts: Unknown
- AM Best rating: C++
Pros
- Specialty in property insurance for coastal areas
- Stand-alone dwelling fire coverage available
- Low $500 deductible option
Cons
- No online quote option
- Limited additional policies available
- Low C++ AM Best rating
Why It Made the Cut: SafePoint Insurance specializes in coverage for coastal areas, offers a low $500 deductible option, and provides the option of stand-alone dwelling fire coverage for certain properties. SafePoint positions itself as an insurance company that specializes in property insurance for coastal regions, and its coverage area focuses mainly on the Gulf Coast. And while SafePoint offers a separate dwelling fire insurance policy (designed to cover fire only), which is less comprehensive than a standard homeowners policy, the company doesn’t offer much else in terms of additional insurance such as car or life insurance. As such, policyholders would have to work with more than one insurance company to get the variety of coverage they may need. The company’s low AM Best may be concerning to homeowners, however, given the implications regarding its long-term outlook and financial status. Also, SafePoint Insurance doesn’t offer an online quote tool, which could be a turnoff for some customers. On the other hand, the company offers a low $500 deductible option, which could help homeowners reduce their out-of-pocket costs when they file a claim, resulting in a larger payout.
Our Verdict
State Farm earned our vote for Best Overall for home insurance in Louisiana thanks to its option for $1 million personal liability coverage and possible discounts for wind mitigation and a fortified roof upgrade. We chose Allstate as the Runner-Up because customers can expand their coverage with the company’s extra endorsements, plus save as much as 25 percent for bundling home and auto policies.
How We Chose the Best Homeowners Insurance Companies in Louisiana
When determining the best homeowners insurance companies in Louisiana, this curated list was developed from extensive research on a variety of factors. For example, we looked at both standard coverage and add-on options, especially those that might appeal to residents of the state, such as hurricane coverage and wind damage mitigation. We also considered eligibility factors, cost considerations including deductibles and available discounts, and the claims process for each company. Customer experience concerns, including getting a quote, factored into our research and rankings as well. We also weighed the creditworthiness and financial standing of reviewed companies using AM Best ratings as a reference point.
Before You Choose One of the Best Homeowners Insurance Companies in Louisiana
Given the massive size of the insurance network of Louisiana, it’s important for customers to recognize that these five companies featured here may not be the right fit for every homeowner. Homeowners will want to do their own independent research to determine which insurance company provides the best coverage for their needs. This will ideally start with their local insurance company and expand to include other insurance companies in the state. Asking friends and family for referrals also could be helpful. This allows homeowners to see what, exactly, is available in their area. While this does take time, it’s an important part in shopping for the best homeowners insurance in Louisiana. In addition, customers who rent out a second home will want to consider landlord insurance vs. homeowners insurance to determine which type of coverage they need.
Cost of Opting for One of the Best Homeowners Insurance Companies in Louisiana
While everyone wants cheap homeowners insurance, Louisiana residents will want to shop around to find the best rates. The companies listed here are a great starting point, but they may always not be the most affordable for all homeowners. It’s important that customers get quotes from a minimum of three different insurance companies to compare homeowners insurance costs. For the best comparison, homeowners will want to try to get quotes on the same day, providing the exact same information to each company and requesting the same coverage. Rates can fluctuate frequently, so this is important for a fair comparison. Homeowners may find that one of the best homeowners insurance companies in Louisiana does offer the best rates for them.
The Advantages of Opting for One of the Best Homeowners Insurance Companies in Louisiana
The best homeowners insurance companies in Louisiana provide reliable coverage at a price that falls within the homeowner’s budget. Choosing one of the best insurance companies for coverage means homeowners can choose from a variety of coverage options that fit their needs, allowing them to customize and tailor their policies. Many of the best insurers offer discounts to help customers save on insurance premiums. Some additional examples of the advantages of choosing one of the best homeowners insurance companies in Louisiana include the following:
- The best homeowners insurance companies in Louisiana generally have Excellent and Superior AM Best ratings.
- Many homeowners insurance companies offer a range of deductible options, so homeowners can find one that fits their budget.
- The best insurers offer policyholders several ways to file a claim, making the process a more straightforward one.
FAQs
There is a lot to know about homeowners insurance, from coverage to discounts to filing claims, and much more. It’s important for customers to research all aspects of homeowners insurance so homeowners get the coverage they need to best protect their home and belongings. The following questions and answers to some of the most common questions asked about homeowners insurance will provide additional information.
Q. Is homeowners insurance required in Louisiana?
Louisiana state law does not require homeowners to carry homeowners insurance, but lenders may require homeowners insurance to finance a mortgage.
Q. What is the average cost of homeowners insurance in Louisiana?
Homeowners pay an average cost of $2,905 per year for homeowners insurance in Louisiana.
Q. What is not covered by homeowners insurance?
Homeowners insurance usually doesn’t cover water damage caused by flooding, normal wear and tear on the home, and damage due to neglect.
Q. Does homeowners insurance cover flood damage?
No, homeowners insurance does not typically cover flood damage; flood insurance is required to cover damage that’s caused by flooding. Flood insurance costs can vary, but they are generally higher in areas at greater risk of sustaining major damage from a hurricane or tropical storm.
Q. Do I pay for homeowners insurance annually or monthly?
That depends on the arrangement made with the homeowners insurance company.
Q. How long does it take for homeowners insurance to become active?
That depends on the insurance company and a homeowner’s previous claims on the home. It could be just a few minutes or a few days, but it may take longer.