Best Home Insurance Companies In New Orleans, LA

If you live in New Orleans, the names Katrina, Rita, and Ida are very familiar to you. These are just a few of the hurricanes that hit NOLA and the surrounding areas in the 21st century.

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.

The good news – 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.

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. Rely on Insuranceopedia to get multiple quotes now.

Largest Home Insurance Companies In Louisiana

Average Cost Of Home Insurance In New Orleans

Average Cost By Dwelling Coverage Amount

Average Cost By Deductible Amount

Average Cost For Older Homes

Average Cost By Credit Score

Average Cost By ZIP Code

Average Cost For Newly Constructed Homes

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 persona 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. 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.
• 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.

In The News

According to The Guardian, residents of coastal Louisiana are facing growing risks from flooding and extreme weather, with options for home insurance vanishing as insurers leave the state. But the fossil fuel industry operating nearby has no such worries.

Information About New Orleans

No matter the time of year, New Orleans welcomes its visitors in a grand way to experience Caribbean, Spanish, French and African cultures colliding in a brilliant explosion of flavors, emotions and sounds. Music is everywhere, people live to eat and every day is a party here in the birthplace of jazz, which is also home to Creole cuisine, centuries-old Spanish oak trees and clacking streetcars. With a unique combination of city life, swamp tours, festivals, historical significance and revelry during Mardi Gras, New Orleans has the recipe to captivate everyone.

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.