Best Homeowners Insurance in New Orleans (2024)

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Updated: Jun 23, 2024

Written by Bradford Cuthrell

Written by Bradford Cuthrell Writer

Bradford Cuthrell is a meticulous researcher and writer specializing in pet and home finance topics. He’s surveyed thousands of pet owners and homeowners, listened to hundreds of customer service calls and spoken with dozens of industry experts to understand homeowners’ common pain points and needs.

Edited by Ryan Lasker

Edited by Ryan Lasker Contributor

Ryan Lasker is a financial writer and editor with bylines in Morning Brew, The Motley Fool, and several more. As a certified public accountant, he leverages his technical expertise in personal finance and tax to fuel his passion for teaching financial literacy. When he’s not writing, editing or working in a spreadsheet, he’s biking the D.C. trails or reading.

New Orleans’s history of tropical storms, hurricanes and flooding can all cause homeowners to pay more for insurance. Finding the right homeowners insurance in New Orleans can help protect your home and belongings in the event of a catastrophe.

We at the MarketWatch Guides team have reviewed and ranked the best homeowners insurance companies in New Orleans based on coverage options, cost, customer service and brand reputation. Read on to compare our top providers based on your coverage needs and budget.

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Top 4 Home Insurance Providers in New Orleans

After researching major home insurance companies in the New Orleans area, the following are our top picks for coverage:

Liberty Mutual: Our pick for discounts
Farmers: Our pick for customizable coverage
Travelers: Our pick for deductible savings
Allstate: Our pick for extended coverage

According to 2023 homeowners insurance data from Quadrant Information Services, the average cost of homeowners insurance in New Orleans is $5,496 per year, which is higher than the Louisiana average of $2,633.00. Comparatively, the national average is $2,511.25.

Liberty Mutual Discounts

4.3

Our Review

A.M. Best A J.D. Power 789/1000 Annual Cost N/A

Why We Chose Liberty Mutual

While most home insurance providers offer some discounts, Liberty Mutual goes above and beyond, offering nearly a dozen ways to save. From enrolling in autopay to keeping a security system in your home, Liberty Mutual incentivizes you to save by taking preventative steps against home loss or damage. You might also be able to claim a special discount by having a roof inspection that predicts your chance of sustaining wind damage. These discounts can quickly stack up, helping make sometimes-expensive home insurance more affordable.

Additionally, unlike most competitors, Liberty Mutual’s home insurance covers your belongings at replacement cost, meaning it will pay you the cost for a new item rather than the value of your used item minus depreciation.

Pros and Cons

Pros Live chat helps homeowners during the quote process Offers a 10% discount for shopping online Inflation protection add-on that adjusts replacement cost coverage each year to account for inflation Cons Lower deductible options than many competitors Fewer add-on options than many other insurers

Discounts and Endorsements

Discounts: Claims-free, security system, early shopper, newly purchased home, newly renovated home, new roof, wind mitigation credit, multi-policy bundling, insured to value, prepared payment and paperless policy

Endorsements: Hurricane damage, water backup, additional living expenses and inflation protection

Farmers

Customizable Coverage

4.6

Our Review

A.M. Best A J.D. Power 800/1000 Annual Cost $842

Why We Chose Farmers Insurance

Although its ratings with AM Best and J.D. Power and Associates are not as high as some other providers on our list, Farmers Insurance is a suitable choice for Louisiana homeowners insurance. As one of the largest insurance companies in the country, it offers customizable home coverage and extensive discount options.

You can get online personalized quotes from Farmers, and bundle your home coverage with another Farmers product to lower your premium. Its broad coverage options and an extensive list of add-ons make it possible to customize your policy to best protect your property and belongings.

Pros and Cons of Farmers Insurance

Pros Offers customizable plans Provides extensive basic coverage Features a variety of discounts to lower premiums Cons Home insurance rates may be higher than other companies Has a lower-than-average J.D. Power score

Discounts and Endorsements

Discounts

Affinity
Protective device
Paperless policy
Preferred payment
Good payer
UL-approved roofing materials
Home safety
New home
Nonsmoker
Multi-policy bundling
Green certification
Claims-free
Connected home
Rent-to-own
Qualifying service members

Endorsements

Replacement cost coverage
Identity theft protection
Eco-rebuild
Valuable items
Flood insurance policy, as offered through the National Flood Insurance Program (NFIP)

Travelers

Deductible Savings

4.5

A.M. Best A++ J.D. Power 790/1000 Annual Cost $2,587.00

Why We Chose Travelers

Travelers is worth considering if you are a New Orleans homeowner looking for standard coverage at more affordable prices. In business since 1864, the company has been considered financially stable, with an A++ rating from AM Best. It offers standard home insurance with the option to add common endorsements such as dwelling replacement cost coverage and jewelry protection. Travelers home insurance covers lightning, wind and fire damage; theft; and roof or freezing damage due to ice or snow.

Pros and Cons of Travelers

Pros Premiums may be lower than some other providers Boasts a long track record and financial stability Offers 24/7 customer service and claims options Cons Limited products to bundle with home insurance for a discount Provides fewer discounts than some competitors

Discounts and Endorsements

Discounts

Multi-policy bundling with boat or auto insurance
New home buyer
Loans-free
Protective devices
Green home

Endorsements

Dwelling replacement cost coverage
Additional structures
Replacement cost coverage for personal property
Water backup and sump pump overflow protection
Identity fraud
Jewelry
Personal articles floaters

Allstate

Extended Coverage

4.8

Our Review

A.M. Best A+ J.D. Power 809/1000 Annual Cost $1,230

Why We Chose Allstate

A basic Allstate homeowners insurance policy includes more extensive basic coverage than some other providers, including options that cover your home if you rent it out. While it may not be the cheapest home insurance on our list, Allstate offers quality coverage with unique endorsement options such as yard and garden protection.

Allstate’s basic homeowners policy includes dwelling coverage to protect your home’s physical structure and personal property coverage to protect your belongings. It also includes liability protection to help cover legal bills and guest medical protection if someone is injured on your property.

Pros and Cons of Allstate

Pros Provides extensive basic coverage Offers a generous bundling discount Features flexible policy options Cons Has a below average J.D. Power claims satisfaction rating Has higher premiums than most companies

Discounts and Endorsements

Discounts

Multi-policy bundling
Claims-free
Early signing
Automatic payments
New home
Protective devices

Endorsements

Water backup protection
Short-term renters
Umbrella coverage
Business property protection
Electronic data recovery
Yard and garden
Musical instruments

Average Cost of Homeowners Insurance in New Orleans

For a policy with $350,000 in dwelling coverage, the average rate of homeowners insurance in New Orleans is $5,496 per year. The average annual cost of homeowners insurance in Louisiana is $2,633.00, which is higher than the national average of $2,511.25.

The state of Louisiana sees more frequent tropical storms, hurricanes and flooding, which drives up insurance rates. Inflation also tends to affect policy rates in Louisiana as home rebuilding and repair costs rise.

What Factors Affect Homeowner Insurance Rates in New Orleans?

New Orleans is one of the most expensive cities in Louisiana to purchase homeowners insurance. Homeowners insurance premiums increased after the hurricane season in 2020 and 2021.

In this area, policy costs may depend on your home’s proximity to the lake or river. No matter where you live in New Orleans, the chance of a natural disaster is high, affecting policy rates. Other typical factors influencing the cost of your homeowners policy include:

The crime rate in your area
Your credit score
The age and state of your home
The condition of your roof
Your proximity to fire stations or hydrants

The above factors can all determine how much you’ll pay to protect your home. For example, having good credit, a home with updated protective devices and a new roof can help lower your premiums.

Common Causes of Home Insurance Claims in New Orleans

New Orleans’s proximity to water, tendency to experience natural disasters and huge annual festivals all can lead to insurance claims. Theft, vandalism and water damage pose risks to homes in the area.

You can help ensure the financial protection of your home by purchasing a policy that includes standard hurricane coverage and theft protection. Although most home insurance policies do not include flood coverage, you can purchase a flood insurance policy through the NFIP. Installing home security systems, security lighting and other safety features can also help protect your home and belongings.

Recommended Home Insurance Coverage in New Orleans

Standard HO-3 policies typically cover wind and lightning damage but not the other effects of storms or hurricanes. Policies also tend to cover the cost of replacing some personal belongings, but not all. Because of the unique conditions affecting homeowners insurance in New Orleans, we recommend adding the following protection to a homeowners insurance policy:

Flood insurance
Extra coverage for water backups
Identity theft recovery
Hurricane damage
Extra coverage to replace your valuables, including jewelry

The Bottom Line on Home Insurance in New Orleans

Of our picks for homeowners insurance in New Orleans, our top choice is Farmers. The company offers customizable coverage that allows each customer to create a policy that is perfect for their unique needs. However, homeowners insurance is not a one-size-fits-all deal. For example, homeowners on a budget may prefer Travelers, while those seeking unique endorsements may prefer Allstate.

The best insurance coverage and company for you depends on your insurance needs, the age and location of your home, and your budget. We recommend requesting free quotes from at least three companies to ensure you receive the coverage you need at an affordable price.

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Frequently Asked Questions About New Orleans Homeowners Insurance

Homeowners insurance is not required by law in the state of Louisiana or New Orleans. However, it is likely your mortgage lender will require you to purchase home insurance as part of your loan agreement.

Each homeowner has distinct needs, and each insurance company has pros and cons. We recommend requesting several quotes and comparing each company based on coverage, costs and added benefits.

While hurricane insurance is not required in Louisiana, it is worth considering due to the state’s weather risks. Most basic homeowners insurance policies cover damage from strong winds, including those of a hurricane. However, flood damage is not generally included in homeowners insurance policies. You can instead purchase coverage through the NFIP.

When getting quotes, it may help to ask about coverage in the event of a hurricane. Insurance agents can explain if ample hurricane coverage is already included or if you need additional protection.

While prices can vary, the average annual premium for insurance in New Orleans is $5,496. This is higher than the average in Louisiana, which is around $2,633.00 per year — more than the national average of $2,511.25.

Methodology: Our System for Ranking the Best Home Insurance Companies

Our team surveyed dozens of home insurance providers and created a scoring system to assess and compare each company’s quality and service. Here are the factors that account for our provider scores according to our home insurance rating methodology:

Coverage (28%): We analyze the comprehensiveness of each provider’s standard home insurance policy and compare optional policy endorsements to determine the quality of coverage.
Cost (27%): We compare cost data for homes nationwide to assess how competitively priced each provider is. We also consider each company’s available discounts when determining its overall cost of coverage.
Availability and ease of use (25%): We evaluate each company’s customer service options, such as live chat, a customer support phone line, and multiple channels for filing claims and generating quotes. Similarly, we score providers based on their digital resources, such as a mobile app or online customer portal.
Brand trust (20%): We gauge reputation by evaluating consumer reviews and third-party financial strength and customer experience ratings, including from J.D. Power, AM Best and customer review aggregators.

Companies with the best customer service exhibit 24/7 availability, useful digital tools and a quick claims-filing process. Providers that offer extensive discount options, endorsements, customizable coverage options and unique features score significantly higher than those that don’t, putting them toward the top of our recommendations to readers.

AM Best Disclaimer

How We Gather Cost Data

We at the Marketwatch Guides Team gathered home insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.

Our sample homeowner is a 40-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:

Dwelling: $350,000
Other Structures: $25,000
Personal Property: $150,000
Loss of Use: $50,000
Liability: $300,000
Medical Payments: $1,000

For each provider, we gathered a quote for 50% of the ZIP codes in every state it is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider. Our sample rates are for informational purposes only. Actual premiums will vary.

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.

Bradford Cuthrell Writer

Ryan Lasker Contributor

Best Homeowners Insurance in New Orleans (2024)

Top 4 Home Insurance Providers in New Orleans

Farmers

Travelers

Allstate

Average Cost of Homeowners Insurance in New Orleans

What Factors Affect Homeowner Insurance Rates in New Orleans?

Common Causes of Home Insurance Claims in New Orleans

Recommended Home Insurance Coverage in New Orleans

The Bottom Line on Home Insurance in New Orleans

Frequently Asked Questions About New Orleans Homeowners Insurance

Is homeowners insurance required in New Orleans?

How do I know which homeowners insurance to choose?

Do I need hurricane insurance in Louisiana?

How much is homeowners insurance in New Orleans?

Methodology: Our System for Ranking the Best Home Insurance Companies

How We Gather Cost Data