Cheap Homeowners Insurance in Louisiana in 2022

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The average annual

homeowners insurance

premium in Louisiana is $2,037, which is almost two times the national average, according to the most recent data from the Insurance Information Institute. 

Louisiana is home to severe hurricanes, floods, and tornados. Homeowners may experience frequent wind and flood-related damage, which is reflected in the higher insurance premiums you’ll see in this state.

But even though Louisiana homeowners insurance is expensive, you shouldn’t skimp on sufficient coverage. You can get the most coverage at the best price by shopping around and comparing coverages. 

Is homeowners insurance required in Louisiana?

Homeowners insurance isn’t required in Louisiana, but if you have a mortgage on your home, your lender will most likely require you to purchase homeowners insurance. In Louisana, consider purchasing flood insurance as the state is susceptible to frequent flood damage. You’ll also want to make sure your policy sufficiently covers you against wind and water damage. 

The cheapest homeowners insurance in Louisiana

Several factors affect how much your homeowners insurance costs, like your home’s age and

credit score

. The Insurance Information Institute recommends gathering quotes from three insurance companies to compare policies or using an online broker tool to compare multiple quotes at once.

Here are some of the cheapest homeowners insurance companies in Louisiana based on data obtained from Goosehead:

Source: Goosehead 

Best homeowners insurance in Louisiana, based on customer satisfaction

The latest study from J.D. Power — a consumer research company that conducts consumer surveys — shows that a homeowners insurance company’s customer service and reputation are more important than price for homeowners.

Here’s how homeowners insurance companies ranked when consumers were asked about satisfaction overall:

*USAA is only for active military, veterans, and their families.

Source: J.D. Power’s 2021 home insurance satisfaction survey 

Most popular homeowners insurance companies in Louisiana based on market share

Through S&P Global Market Intelligence, we gathered the market share of the following insurance companies in Louisiana. Market share refers to the total percentage of customers for each provider in Louisana. State Farm has the largest share of financial assets in Louisana. 

Source: 2019 data from S&P Global Market Intelligence

Cheapest homeowners insurance for homes with swimming pools in Louisiana

Swimming pools are considered “attractive nuisances” under “other structures” of your dwelling coverage. Having a swimming pool can increase your liability as a homeowner, increasing your premiums.

Here are some of the cheapest insurance providers in Louisana for homes with pools:

Source: Insurify

Cheapest homeowners insurance in Louisiana for homes less than 20 years old 

If your home is less than 20 years old, it may decrease your homeowners insurance premiums. Here are several insurance providers that offer the cheapest coverage for a home less than 20 years old in Louisiana:

Source: Insurify

Cheapest homeowners insurance in Louisiana for homeowners with poor credit 

Your credit score can significantly impact your homeowners insurance rates. Fortunately, there are still some options for homeowners with low credit scores. Here are some of the most affordable homeowners insurance for those with poor credit scores in Louisiana (below 669), according to Policygenius.

Frequently Asked Questions — Louisiana homeowners insurance

What does homeowners insurance include in Louisiana? 

Homeowners insurance protects you from financial hardship if you incur a home-related loss.

A standard homeowners insurance policy has four parts:

• Dwelling coverage: Covers the cost to repair or rebuild your home
• Personal property coverage: Covers loss, damage, or theft of your personal belongings
• Personal liability coverage: Protects your assets if someone sues for injury on your property
• Additional living expenses: Covers your living expenses if you need to relocate temporarily because your home is uninhabitable.

What damages are covered by homeowners insurance in Louisiana? 

Damage to your home and belongings must be from “insurance perils.” A peril refers to a specific event that caused damage to your home and belongings.

The table below shows coverages included in a standard homeowners insurance policy. The standard homeowners insurance policy will not cover damages caused by an earthquake or flood and protection for valuable jewelry, collectibles, and some electronics based on coverage limits. 

* Available as add-on coverage if not part of policy

** Available through the National Flood Insurance Program and approved insurers

*** Windstorm rider may be required in hurricane or tornado areas

Who gets the best homeowners insurance rates in Louisiana? 

Because Lousiana is highly susceptible to damaging windstorms and floods, those in lower-risk areas tend to have the best rates. Areas in the Gulf Coast of Louisiana are at higher risk, so policyholders who live in that region may see increased rates. 

If you have difficulty obtaining insurance through a private provider, consider obtaining insurance through Louisiana Citizen Property Insurance Corporation. While this policy tends to be a more costly option, it is a good alternative for consumers who are denied coverage in Louisiana. 

How can you reduce your homeowners insurance rates in Louisiana? 

Louisana policyholders tend to see higher rates than the national average. However, the last thing you want is to reduce your coverage to lower your premiums. Here are three ways to save on your policy in Louisiana without lowering your coverage: 

• Fortify your home against wind damage: Fortifying your home’s structure and roof against wind-related damages can qualify you for wind mitigation discounts. Doing so is especially important in Louisiana, where hurricane events are frequent and damaging.
• Seek discounts: Get savings on your insurance premiums by bundling multiple products like your auto and home insurance policies. Discounts can also curtail your premiums. Insurance providers typically list the discounts they offer on their websites. Contact your insurance agent to see if you qualify for lesser-known discount opportunities.
• Routinely maintain your home: Claims may significantly increase your premiums and even be grounds for denial. Doing your due diligence by ensuring your systems are working correctly and identifying early signs of foundation problems will decrease the likelihood of significant damage.