With hurricanes and tropical storms tearing through the city of New Orleans on a yearly basis, a quality home insurance policy is vitally important.
The average cost of homeowners insurance in New Orleans is $3,983 per year, but this should not deter you from finding potentially cheaper options. By shopping around and comparing quotes, you can still find affordable home insurance in The Big Easy.
But cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in New Orleans.
Best homeowners insurance companies in New Orleans
Of the companies we looked at, Louisiana Farm Bureau has the lowest rate with an average yearly cost of $788. While this rate is considerably lower than the competition, Allstate, State Farm, and USAA all have high scores from J.D. Power, which means their customer service and claim satisfaction ratings might be worth the higher price tag.
Policygenius analyzed thousands of quotes from the 5 largest New Orleans insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of New Orleans residents to find the best homeowners insurance in New Orleans.
Why State Farm tops our best list
State Farm offers quality customer service and many online and mobile resources. Besides their multitude of discounts and policy add-ons, they also offer advice via annual policy reviews. While customers often purchase home insurance when they first move into a house and then rarely give much through to their policy after that, State Farm encourages yearly reviews to make sure there are no gaps in your coverage.
How to get a quote
Online through State Farm
Why Allstate tops our best list
Allstate’s mobile app lets you keep your home insurance policy in the palm of your hand. From filing and tracking claims, paying bills, and storing digital ID cards, Allstate mobile is an added convenience for customers. It also makes it easy to file claims, allowing you to simply upload photos of the damage or loss directly to the app.
How to get a quote
Online through Policygenius or Allstate
Why USAA tops our best list
USAA’s partnership with ADT adds an extra value to their highly-rated customer service. USAA customers can access discounts for installing home security equipment and monitoring.
How to get a quote
Online through USAA
Why Louisiana Farm Bureau tops our best list
Louisiana Farm Bureau not only helps customers get a quote for flood insurance through the National Flood Insurance Program, they also have resources available to help you be prepared before, during, and after a storm. From tips on what to put in your emergency supply kit to checklists on how to prepare your house before the storm hits, Louisiana Farm Bureau is there for you every step of the way.
How to get a quote
Online through Louisiana Farm Bureau
Why UPC Insurance tops our best list
UPC’s windstorm mitigation discount is a great way to protect your home from hurricane winds while lowering the cost of insurance. By adding storm shutters, impact-resistant doors and windows, and hurricane straps to your home, you could see big savings on your home insurance premium.
How to get a quote
Online through Policygenius or UPC Insurance
Cheapest homeowners insurance companies by ZIP code in New Orleans
Looking at average home insurance costs for 15 of the most popular companies in New Orleans, we found that the cheapest home insurance in the city can be found in many of New Orleans ZIP codes with Louisiana Farm Bureau. The average Louisiana Farm Bureau rate in this area is $755 per year, far less than the city average of $3,983 per year.
Even with slightly higher rates in the rest of the city, Louisiana Farm Bureau has the lowest average yearly rates in New Orleans.
The most affordable areas for homeowners insurance in New Orleans
With an average home insurance rate of $3,813 per year, the 70131 ZIP code (New Aurora), is the most affordable area for home insurance in New Orleans. It’s possible that lower crime rates or smaller homes account for the lower insurance premiums in this area.
The most expensive areas for homeowners insurance in New Orleans
With an average rate of $4,275 per year, the 70129 ZIP code (Lake Catherine) is the most expensive area for home insurance in New Orleans.
Shopping for homeowners insurance in New Orleans
While shopping for home insurance, it’s important to keep in mind that your coverage needs may vary greatly from someone in a different part of the city.
For example, a house that’s closer to the coast might want to consider dwelling coverage enhancements like extended or guaranteed replacement cost, while a homeowner with a pool or dog might need a policy with higher liability coverage limits.
In this section, we break down the average annual home insurance rates in New Orleans for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies in the state for individuals with a poor credit score, dog owners, and pool owners. Once you’re ready to shop, a Policygenius expert can help you navigate your coverage needs and help you find the best deal on homeowners insurance in New Orleans.
New Orleans home insurance costs by coverage amounts
Dwelling coverage is the section of your insurance policy that covers the cost to repair or rebuild your home after a covered loss. Your dwelling coverage limit should be equal to your home’s replacement cost, or the amount it would take to rebuild your house from the ground up — not its market value or purchase price.
As shown in the table below, more dwelling coverage means higher home insurance rates. In New Orleans, a policy with $100,000 in coverage has an average cost of $1,646 per year, while a policy with $500,000 in coverage has an average yearly cost of $6,481.
Liability coverage is the part of your insurance policy that covers medical or legal expenses if you’re responsible for an accidental injury or property damage. If you are found to be negligent or at fault, you could be responsible for picking up the bill if you don’t have enough coverage on your policy.
Fortunately, liability coverage amounts don’t have a huge impact on your premium. In New Orleans, a policy with $100,000 in liability coverage costs an average of $3,846 per year, while a policy with a $500,000 limit has an average yearly cost of $3,612.
New Orleans home insurance costs by deductible amount
Your homeowners insurance deductible is the amount you pay on your claim before your insurance kicks in to cover the rest. It may seem like a cost-effective decision to opt for a low deductible to save money on claims, but keep in mind that your monthly or annual premium payment will be far higher.
As seen in the table below, New Orleans residents can save around $326 on home insurance by choosing a $2,000 deductible over the $500 option.
Home insurance discounts in New Orleans
Many insurance companies offer discounts for making your home more secure. By adding a smoke alarm, security system, or a deadbolt to your door, you can save money on your policy. These devices make your home safer so you are less likely to file a claim, which reduces costs for your insurer.
While you won’t get a huge discount if your house has one of the following features and nothing else, they can add up if you have several protective devices in your home. Here is the average annual rate and average discount percentage for homes in New Orleans with deadbolts, smoke alarms, or burglar alarms.
Home insurance companies in New Orleans for dog owners
Insurance companies will sometimes charge higher rates for owners of certain dog breeds, due to the fact that these breeds are accountable for more liability claims. Some insurers will not cover bite-related claims for certain breeds at all.
With an average rate of $788 per year, Louisiana Farm Bureau has the cheapest home insurance rates in New Orleans for a home with a dangerous dog breed, while USAA’s average yearly premium of $5,575 is the highest.
Home insurance companies in New Orleans for poor credit
Insurance companies use your credit score to determine how high of a risk you are to insure. Studies have found that customers with poor credit are less likely to pay bills on time and more likely to file claims.
Not all companies follow this practice or weigh your score as heavily as others, so if you think your rate is too high, try shopping around for other options.
With an average rate of $788 per year, Louisiana Farm Bureau has the cheapest home insurance rates in New Orleans for a homeowner with poor credit, while USAA’s average yearly premium of $6,008 is the highest.
Home insurance companies in New Orleans for pool owners
Having a pool on your property may be a lot of fun, but it can also lead to injuries. Since, as a pool owner, you are more likely to file a liability claim, companies may increase your insurance rates if you have one.
With an average rate of $788 per year, Louisiana Farm Bureau Insurance has the cheapest home insurance rates for New Orleans homes that have a swimming pool, while USAA’s average yearly premium of $5,575 is the most expensive.
How to buy homeowners insurance in New Orleans
Hurricanes, floods, and rising crime rates contribute to high insurance costs in New Orleans. By knowing what coverage you need, shopping around, and looking for discounts, you can save money on your policy.
Here are a few steps to follow when shopping for insurance in New Orleans:
Reach out to a licensed Policygenius agent. The experts at Policygenius are here to answer your questions and take the stress out of shopping for insurance at no cost to you.
Ask about Louisiana Citizens Property Insurance–Lousiana’s FAIR plan. The state’s FAIR plan can help New Orleans residents get insurance if they’ve been rejected by private insurers due to living in high-risk areas.
Consider purchasing flood insurance. While your home insurance will cover some storm damage to your house, a flooded basement is not covered. Flood insurance can be an important addition to your policy, given New Orleans’ history with hurricanes and flooding.
Figure out how much deductible you can afford. Given the high risk of hurricane damage, New Orleans residents in coastal communities may want to be careful not to choose too high of a deductible.
Compare quotes from a Policygenius agent. A Policygenius agent can walk you through home insurance quotes from multiple insurers to help you determine which companies offer the best coverage at the best price.
Choose your policy, sign it, and pay your first premium. Once you have decided on the right policy, a Policygenius agent can prepare the paperwork for you to sign and instruct you on how to make your first payment.
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.