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The Cheapest Louisiana Renters Insurance Companies 2020
If you’re a Louisiana resident renting a house or apartment, having renters insurance is extremely important. Because the state is frequently hit by hurricanes and severe coastal storms, there’s a high chance that your home could be damaged along with your personal belongings inside. Renters insurance helps pay to replace your possessions if they were to get damaged in a covered event.
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However, renters insurance in Louisiana is among the highest in the country because of the high risk of weather-related damage. According to the Insurance Information Institute (III), the average cost of renters insurance in the state is roughly $235 per year, ranking just below Mississippi and Oklahoma. But at just under $20 per month, renters insurance is a relatively low cost to protect your most valuable items.
When you’re shopping for renters insurance, consider how much coverage you’ll need. Start by making a list of all your possessions, including their original price. The amount you’ll pay for renters insurance depends on the total value of your items and the deductible you choose. Remember that luxury items, like fine jewelry, are not usually covered under basic renters insurance policies.
Best rental insurance companies in Louisiana
To help simplify your search for renters insurance, we compiled a list of the cheapest and best rental insurance companies in Louisiana. These providers were ranked highly in J.D. Power’s 2019 Renters Insurance Study, based on overall satisfaction, policy offerings, price and customer service. You can view the full list of ratings in the table below.
- American Family – Cheapest for claims-free renters
- State Farm– Cheapest with the best reputation
- Allstate – Cheapest for renters over 55
- Liberty Mutual – Cheapest for add-on coverages
These four providers offer the most affordable renters insurance rates in Louisiana. However, the price you’ll pay depends on a number of factors, including the type of home you live in, the location, the value of your personal belongings, your credit score and your claims history. Here are the cheapest providers for several different types of renters.
Cheapest for claims-free renters – American Family
American Family earned the top spot in J.D. Power’s study, which was ranked as “among the best” in all five categories.
Insurance providers commonly give discounts for being claims-free. If you haven’t filed a renters insurance claim within the past five years, you qualify for a cheaper annual premium with American Family.
In addition to J.D. Power’s Renters Insurance Study, we also looked at how each provider is ranked by similar market research firms. See how American Family, State Farm, Allstate and Liberty Mutual are rated by AM Best and the Better Business Bureau (BBB).
Cheapest with the best reputation – State Farm
State Farm is one of the most reputable insurance companies nationwide, and is well-known for offering robust coverage options at an affordable price.
Cheapest for renters over 55 – Allstate
Louisiana renters often choose Allstate for their low cost policies and discount options that help them save even more on their annual premium.
Allstate is well-known for its insurance discounts, and renters insurance is no exception. Customers over 55 years old are eligible to receive up to 25 percent off their premium, as long as they are not actively looking for full-time employment.
Cheapest for add-on coverages – Liberty Mutual
Liberty Mutual’s renters insurance premiums aren’t the cheapest, but the company offers extensive coverage options to protect your belongings in any situation.
Liberty Mutual’s standard renters insurance policy includes coverage for personal possessions, personal liability and additional living expense coverage. For a small added fee, customers can also purchase add-ons for jewelry, earthquake damage and personal property replacement coverage.
| American Family | |||
| State Farm | |||
| Allstate | |||
| Liberty Mutual |
Cheap Louisiana renters insurance FAQs
Renters insurance is not legally required in Louisiana, or in any other state. However, Louisiana’s extreme weather patterns increase the risk that your home and personal belongings could be damaged or destroyed. AIt’s a good idea to purchase some renters insurance coverage.
Basic renters insurance policies cover your personal belongings, like furniture, electronics and clothing from covered perils, like fire and theft. It also covers personal liability in the event that you damage someone else’s home or need to pay for their medical bills. Some renters insurance policies also cover additional living expenses, which would pay for hotel and food bills if you were displaced from your home.
There isn’t a single best renters insurance company for every resident in Louisiana. The provider that is best for you depends on how much coverage you need, how much you’re willing to pay for your deductible, your credit score and any add-ons you need.
To save money on your renters insurance, shop around and get quotes from multiple providers. Look at their discounts page to see if you qualify for additional ways to save. Most companies offer savings if you bundle your insurance policies, sign up for auto pay, enroll in paperless billing, pay your premium in full, increase your deductible and remain claims-free.
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Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore™
Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We awarded higher scores to insurance providers with more discounts available on their website.
Coverage Options
We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.
Support
We awarded higher scores to renters insurance providers with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.
