Best Homeowners Insurance In New Orleans, LA 2024

We looked at average rates and policy options from different insurance carriers, and we determined that State Farm is the best home insurance company in New Orleans.

min read
Updated: 21 May 2024
Written by
Bob Phillips
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If you’re a homeowner in New Orleans, you also know how difficult it is to find quality home insurance in The Big Easy. Many carriers have pulled out of the state because of the huge amount of claims they’ve paid out because of hurricanes and tropical storms, and those that still write homeowners policies have increased the rates substantially.

You’ve come to the right place if you’re shopping for home insurance in New Orleans. Below, you’ll find comprehensive information on six companies that are writing policies and that might be a great choice for you.

Best Home Insurance Companies In New Orleans 2024

Best Home Insurance, New Orleans 2024

Compare The Best Home Insurance Companies In New Orleans

Overall Rating AM Best Rating (A++ Best) J.D. Power Customer Satisfaction Rating Online Experience Cheapest/Best For Get A Quote
State Farm
4.9

A++

829

9/10

Best Overall

Instant Quote
Travelers
4.6

A

794

9/10

High Deductibles

Instant Quote
State Farm
4.9

A++

809

7/10

Newly Constructed Homes

Instant Quote
Farm Bureau
4.8

A

Not Rated

8/10

Cheapest Overall

Instant Quote
Allstate
4.6

A+

815

9/10

Poor Credit

Instant Quote
Liberty Mutual
4.5

A

805

8/10

Discounts

Instant Quote
Scroll to see comparisons

Our Methodology

To determine the best cheap home insurance companies in New Orleans, I relied on objective data from rating services AM Best (financial strength) and J.D. Power (customer satisfaction). In addition, I took into account feedback from various consumer sites and my personal experience as a former agent who sold home insurance.

When reading these reviews, keep in mind that I’m recommending the “best cheapest” home insurance companies. In some categories, you’ll see that my recommendation is not necessarily the cheapest, but what I believe is the best company for that particular category.

98

Quotes Analyzed

15+

Years Of Industry Experience

31

Brands Reviewed

30+

Research Hours

Best Homeowners Insurance Companies In New Orleans


Best For High Deductibles

Overall Rating
4.6

Key Statistics

9/10 Affordability
6/10 Customer Reviews
7/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Homeowners insurance premiums in New Orleans continue to rise. Every year, New Orleans homes sustain substantial damage caused by tropical storms, hurricanes, tornados, hail, frozen/broken water pipes, and numerous other causes. This results in large claims being paid by insurers, which raises everyone’s rates.

One way to combat this as a consumer is to carry a higher deductible. Travelers’ commitment to affordability through unique deductible savings stands out. Travelers offers nine deductible options, from $1,000 to $50,000, giving policyholders extensive control over the cost of their premiums.

Benefits & Drawbacks

Benefits
  • Less than average number of complaints reported to NAIC
  • 24/7 claim filing
  • Data breach notification with optional identity theft protection
Drawbacks
  • Below-average score on J.D. Powers’ overall customer satisfaction ratings
  • No coverage for mobile or manufactured homes

Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
8/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

State Farm has been chosen best overall based on its competitive homeowners premiums and strong customer satisfaction rankings..

Many New Orleans homeowners who have experience with catastrophic claims have war stories to tell about how difficult their insurer was to deal with and settle their claims promptly. This is not the case with State Farm. Though the company doesn’t have perfect online customer ratings (no company does), it has an exceptional 829/1000 rating from J.D. Powers, which is the highest of all the companies reviewed in this article.

State Farm also writes hurricane coverage into standard policies for Louisiana, which is a valuable addition for Gulf Coast residents. Note that you must meet a separate hurricane deductible before State Farm pays for an applicable loss.

Benefits & Drawbacks

Benefits
  • Strong network of personable and knowledgeable agents
  • Library of online resources to explain insurance to beginners
  • Hurricane coverage included in Louisiana policies
Drawbacks
  • Discount eligibility and savings vary by location
  • Coverage details not available without getting a quote

Cheapest Overall

Overall Rating
4.9

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
7/10 Coverage Level

Why We Like Them

Available only to New Orleans and Louisiana residents, Farm Bureau provides basic home insurance coverage at competitive rates, including older homes. The company has a strong customer service reputation in the city and offers a healthy number of discounts if you qualify, which makes its rates even more affordable.

If you have an older home, New Orleans Farm Bureau has the cheapest rates by far. But, be aware that with New Orleans Farm Bureau home insurance, its “named-peril” policies only provide coverage if the damage to your home is caused by a peril specifically named in the policy. This can prove costly if, for example, your roof is damaged beyond repair by hail and must be replaced, but your policy doesn’t include hail damage.

Benefits & Drawbacks

Benefits
  • Cheapest rates in New Orleans
  • Dwelling coverage can be extended by up to 125%
  • Ability to bundle home and auto insurance coverage and deductibles together
Drawbacks
  • Only named perils are covered
  • Few policy options offered
  • No online quotes available – agent only

Best Cheapest For Homeowners With Bad Credit

Overall Rating
4.6

Key Statistics

8/10 Affordability
7/10 Customer Satisfaction/Reviews
8/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Being one of the most populated cities in America, New Orleans has many residents with poor credit scores. In Louisiana, insurers are legally allowed to include a consumer’s credit score when determining rates. Allstate is known to be very liberal when calculating rates for homeowners with below-average credit.

To further help keep rates lower for its insureds with poor credit, Allstate has 11 home insurance discounts, which is significantly higher than the home insurance industry average of seven discounts. Home insurance analysts, including me, consider some of Allstate’s discounts to be unique offerings.

Benefits & Drawbacks

Benefits
  • Offers a large number of discounts
  • Many local agents and claims adjusters in New Orleans
  • Very stable financially
Drawbacks
  • Receives more complaints than the national average
  • Beginning to pull back coverage in high-risk areas
  • Customer experience scores with J.D. Power are below the segment average

Best For Newly Constructed Homes

Overall Rating
4.9

Key Statistics

9/10 Affordability
8/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Many New Orleans homeowners who have experience with catastrophic claims have had to rebuild their homes. The city also continues to grow and seeing a new home being built is not an unfamiliar sight to NOLA residents.

State Farm continues to show a commitment to Louisiana and New Orleans by writing policies for new homes, whose values often exceed those of older homes. Because new homes in the city and state must meet more stringent building codes to be better protected against hurricanes, finding a carrier that will insure these higher-value new homes at an affordable rate is a challenge. However, State Farm provides the best value for newly constructed homes.

Benefits & Drawbacks

Benefits
  • Strong network of personable and knowledgeable agents
  • Library of online resources to explain insurance to beginners
  • Hurricane coverage included in Louisiana policies
Drawbacks
  • Discount eligibility and savings vary by location
  • Coverage details not available without getting a quote

Best For Discounts

Overall Rating
4.5

Key Statistics

9/10 Affordability
6/10 Customer Reviews
7/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Liberty Mutual is the world’s sixth largest property and casualty insurer according to 2020 gross written premium. With more than 45,000 employees, 100 years of experience and an A rating with AM Best, policyholders can rest assured that it has the financial strength it needs to pay claims as promised.

Liberty Mutual offers extensive homeowners coverage in Louisiana that includes hurricane protection without requiring an additional purchase. A wide range of discounts helps keep costs down, including standard discounts for purchasing multiple policies and enrolling in paperless billing as well as unique options like saving money for carrying dwelling coverage at 100% of your home’s replacement cost.

Benefits & Drawbacks

Benefits
  • 10% discount for purchasing online
  • Wide range of unique discounts
  • Coverage calculator for policy customization
Drawbacks
  • Lower J.D. Powers score than most competitors
  • Complicated quoting process

How To Find The Best Home Insurance Company For You

Finding quality home insurance that best meets your particular needs requires time and effort, but it’s a worthwhile investment. Your home is likely your most valuable asset, so safeguarding it and all your belongings is crucial for the long-term financial security of your family.

Follow these five easy steps to find the best policy for you:

  1. Do online research on home insurers and narrow your list to three carriers you feel comfortable with
  2. Decide the coverage limits you need
  3. Get quotes for the coverage from the three insurers
  4. Choose a carrier based on coverage, customer reviews, financial strength, discounts, and rates
  5. Complete your application for coverage

Comparing multiple quotes side-by-side is the best way to find quality home insurance in New Orleans.

Largest Home Insurance Companies In New Orleans

Insurer Market Share %
State Farm 22%
Louisiana Farm Bureau 4%
Progressive 4%
Louisiana Citizens Property Insurance 4%
Surechoice 4%

Average Cost Of Homeowners Insurance In New Orleans

Insurer Annual Premium
State Farm $1,213
Allstate $3,122
Shelter $2,294
Average $1,674
USAA $1,956
Farmers $2,631

Average New Orleans Home Insurance Rates – By Dwelling Coverage Amount

Dwelling Coverage Amount Premium per year
$100,000 $1,581
$250,000 $3,414
$500,000 $3,715
$750,000 $6,222
$1,000,000 $8,625

Average Home Insurance Cost In New Orleans – By Deductible Amount

Deductible Amount Average Annual Rate
$500 $3,612
$1,000 $3,421
$1,500 $3,347
$2,000 $3,204
$2,941 $5,000

Average Cost Of Home Insurance For Older Homes

Company Average Annual Rate
State Farm $1,235
Centauri Specialty $1,325
Gulfstream $2,057
Shelter $2,308
Allstate $3,133

Average Homeowners Insurance Rates In New Orleans – By Credit Score

Credit Score Average Annual Premium
Poor $5,141
Fair $4,274
Good $3,736
Excellent $3,555

Average Cost In New Orleans – By ZIP Code

ZIP Code Average Annual Rate
70139 $3,401
70125 $3,462
70131 $3,498
70127 $3,827
70128 $3,895

Average Home Insurance Cost In New Orleans – For Newly Constructed Homes

Insurer Average Cost
Farm Bureau Insurance $788
Armed Forces Insurance $1,071
Bankers $1,215
State Farm $1,626
Allstate $2,107

How To Get An Online Insurance Quote In New Orleans

The best way to get an online insurance quote in New Orleans is to use a website that can get you multiple quotes at the same time so you can compare them side-by-side, like Insuranceopedia. This is more effective than calling individual agents, many of whom will try to sell you the policy that earns them the highest commission.

Some of the information you’ll need to provide when you get an online quote include:

  • Home replacement cost: this is the cost to rebuild your home using similar materials if it gets damaged.
  • Personal property value: your personal property’s value with determine the personal property coverage limits.
  • Personal information: you’ll need to provide your name, address, insurance history, the number of people in your home, and other details.
  • Details about your house: including when it was built, the square footage, what the home’s exterior is constructed of, if you have security devices, and more.

Factors That Impact The Cost Of Your Home Insurance Policy In New Orleans

Home insurance companies use many factors to understand your likelihood of filing a claim and set the price you’ll pay for home insurance. Here are some of the most prominent factors that determine your rates:

  • Location: Your insurer takes into account your location to assess the potential risk and amount of payout in case of a covered loss. The data helps determine the likelihood of theft, vandalism, or weather-related damage and also considers the local cost of materials and labor for building repairs. New Orleans’ close proximity to the Gulf of Mexico and exposure to storms increases the cost of policies in NOLA.
  • Replacement cost: The cost of replacing your home is a critical factor that impacts your insurance premiums. Replacement cost refers to the amount of money required to rebuild your home, which is distinct from its market value. To estimate replacement costs, your insurance agent or online quoting tool will inquire about aspects such as your home’s square footage, building materials, architectural style, and other relevant factors.
  • Age of home: Insuring older homes tends to be costlier. This is mainly because such homes are often constructed using outdated materials, plumbing and electrical systems that are hard to replace. Additionally, prolonged use and aging make it more probable that repairs will be required soon.
  • Condition of the home: The age and condition of your home’s major components can affect the rates you pay. If you haven’t made updates to your heating and cooling systems, electrical, plumbing, or roof in a while, you can anticipate higher premiums.
  • High-Risk Structures: Having structures like a swimming pool or trampoline on your property will result in higher insurance costs. This is because policyholders with these structures are more likely to file liability claims, which increases the risk for insurance providers.
  • Policy structure: The premiums of your policy will increase if you choose higher coverage limits and add any endorsements. Instead of settling for a lower coverage level that makes you uncomfortable, look for a provider that offers better discounts or higher deductible options. This way, you can get the coverage you need at a more reasonable price.
  • Discounts: Insurance companies commonly provide discounts to policyholders who remain claims-free, buy multiple policies, and more. Certain providers offer discounts that could potentially save you 15% or more.
  • Dog breed: If your dog is one of the breeds that have a higher likelihood of biting or causing harm to guests on your property, it could result in increased insurance premiums. However, there may be an option to exclude coverage for dog bites in your policy and avoid paying extra. Alternatively, you can look for home insurance companies that accept dangerous breeds, such as pit bulls.
  • Claims history: If you have submitted an insurance claim within the past five years, insurance companies may perceive you as being more likely to file future claims. Consequently, your premiums could increase due to the perceived increase in risk.
  • Credit score: Similar to borrowing money from a bank, insurance companies evaluate your credit history to assess your level of risk. Those with lower credit scores may be deemed more prone to risk.

Louisiana Home Insurance Laws To Know

  • According to the Louisiana Department of Insurance, no insurer providing property, casualty, or liability insurance shall cancel or fail to renew a homeowner’s policy of insurance or to increase the policy deductible that has been in effect and renewed for more than three years unless based on nonpayment of premium, fraud of the insured, a material change in the risk being insured, two or more claims within a continuous three-year period of time within the five years preceding the current policy renewal date, or if continuation of such policy endangers the solvency of the insurer.
  • Louisiana doesn’t require home insurance by law, but if you finance your home, your lender may require you to have a homeowners insurance policy in place.

Home Insurance Discounts In New Orleans

Taking advantage of discounts when you buy home insurance can save you a lot over time. Insurers offer discounts that save you and them time and money. Here are some common discounts you should ask your agent for or look for when you get an online quote:

  • Bundle home and auto: You can save an average of 5% – 20%, depending on the insurer when you bundle home and auto insurance.
  • Safety and alarm discounts: You may earn a discount on homeowners insurance for alarm systems, including burglar and fire alarms. Discounts may also be available for safety features like automatic sprinklers, security systems, and cameras in your home.
  • Quote in advance: Earn a potential homeowners insurance discount when you shop ahead. Get a quote at least ten days before your policy starts and lower your rate.
  • New purchase: You may be able to earn a discount on homeowner insurance, if you’re purchasing a new home or switching from a current renters insurance policy.  Your home does not have to be newly built to qualify.
  • New home construction: The newer your home, the bigger homeowners insurance discount you could earn.
  • Pay in full: Paying for your 12-month policy upfront can also earn you a home insurance discount.
  • Receive documents by email: This is another easy way to score a homeowners discount, if it’s available to you. Just receive your policy documents through email and you may get this home insurance discount.

FAQs

Is home insurance more expensive in New Orleans?

Home insurance in New Orleans is higher than the national average because of the many different perils homeowners face, such as hurricanes, fires, floods, hail, wind, and tornadoes.

How much per month is a $1 million dollar home insurance policy in New Orleans?

A home insurance policy that insures a million dollar home averages just over $8,600 per year.

What is the average monthly cost of home insurance in New Orleans?

The average monthly cost for $100,000 of dwelling coverage in New Orleans averages about $1,600 per year.

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