Finding the Best Renters Insurance in Louisiana
If you are planning to rent or currently are renting a property in Louisiana, then renters insurance is something you must look into if you are not currently looking for it. If you are a tenant in Louisiana wondering if renters insurance is worth the monthly cost, then read on. While your rental property may already have landlords insurance – which covers the big stuff like plumbing and appliances – it does not go over your personal belongings in case of damage or losses, nor your liability, additional living expenses or medical payments to others. This is where renters insurance comes in, which is arguably more important to the tenant (AKA you) than landlords insurance, as your personal property is most likely significantly more valuable to you. In Louisiana, renters insurance is optional, but it may be a good idea to get it regardless in order to save you thousands of dollars in the case of fire, theft, vandalism, lightning, and more. In this article, we will be providing you with top advice and statistics to help you find the best renters insurance in Louisiana.
| Renters Insurance Costs in Louisiana | Price |
|---|---|
| Avg. Price of Renters Insurance in Louisiana Annually | $188.06 |
| Avg. Price of Renters Insurance in Louisiana Per Month | $15.67 |
A Quick Glance at Renters Insurance in Louisiana
Unfortunately, renters insurance in Louisiana is more expensive than one might expect – with the average cost for renters insurance in Louisiana being $340 annually (which equates to around $28 monthly), it ranks as a whopping $155 more expensive than the national average of $185 a year. This is not helped by the fact that 53% of renters in Louisiana spend 30% or more of their income on rent and utilities already. However, thankfully renters insurance rates can vary between cities within a state, and the same goes for Louisiana; Monroe is where you will find the cheapest renters insurance, running at around $22 a month or $261 yearly. Bear in mind, however, that this price can fluctuate even further depending on other factors. These can include variables such as what insurance provider you go with, individual factors such as your credit score, and the type of coverage you choose. As such, it is necessary to shop around to find the best renters insurance in Louisiana. We will further discuss these factors later in this article.
| City in Louisiana | Costs Per Month for Renters Insurance | Average Costs Per Year for Renters Insurance |
|---|---|---|
| New Orleans, LA | $36.83 | $441.92 |
| Baton Rouge, LA | $16.49 | $197.92 |
| Shreveport, LA | $15.87 | $190.40 |
| Lafayette, LA | $17.09 | $205.12 |
| Lake Charles, LA | $21.95 | $263.36 |
| Bossier City, LA | $15.69 | $188.32 |
| Kenner, LA | $36.39 | $436.64 |
| Monroe, LA | $16.27 | $195.20 |
| Alexandria, LA | $14.75 | $176.96 |
| Houma, LA | $26.11 | $313.28 |
| New Iberia, LA | $20.84 | $250.08 |
| Central, LA | $16.43 | $197.12 |
| Slidell, LA | $26.31 | $315.68 |
| Ruston, LA | $15.77 | $189.28 |
| Hammond, LA | $18.45 | $221.44 |
| Sulphur, LA | $19.68 | $236.16 |
| Natchitoches, LA | $17.09 | $205.12 |
| Gretna, LA | $33.96 | $407.52 |
| Zachary, LA | $16.37 | $196.48 |
| Opelousas, LA | $16.84 | $202.08 |
| Youngsville, LA | $19.29 | $231.52 |
| Thibodaux, LA | $24.69 | $296.32 |
| Pineville, LA | $15.08 | $180.96 |
| Baker, LA | $16.53 | $198.40 |
| Crowley, LA | $18.48 | $221.76 |
| Mandeville, LA | $25.25 | $303.04 |
| West Monroe, LA | $16.21 | $194.56 |
| Abbeville, LA | $24.83 | $297.92 |
| Minden, LA | $16.17 | $194.08 |
| Broussard, LA | $18.61 | $223.36 |
| Bogalusa, LA | $19.13 | $229.60 |
| DeRidder, LA | $16.47 | $197.60 |
| Gonzales, LA | $18.84 | $226.08 |
| Covington, LA | $19.61 | $235.36 |
| Morgan City, LA | $28.92 | $347.04 |
| Denham Springs, LA | $17.05 | $204.64 |
| Eunice, LA | $17.11 | $205.28 |
| Bastrop, LA | $16.55 | $198.56 |
Is Renters Insurance Required in Louisiana
As mentioned previously, and as is the case for many U.S states, renters insurance (unlike auto insurance) is not required by state law in Louisiana and so is fully optional. This does not mean, however, that getting renters insurance regardless is not a good idea. Firstly, it is a commonplace for landlords to require you to have renters insurance in the lease agreement anyway; this is to protect you, as their own landlord’s insurance already covers the landlord’s property. However, your personal belongings are not protected by landlord’s insurance, meaning in the event of a disaster such as fire damage or theft, you will be held financially responsible for the cost of these losses, which can end up adding up to thousands of dollars of damages. This is why to avoid this, and it is a perfect idea to get renters insurance, even though paying a few dollars a month might not seem worth it to you in the short term. Even if your tenancy agreement does not require renters insurance, it may be a good idea to consider purchasing it anyway.
How Much is Renters Insurance in Louisiana
As discussed in the last section, renters insurance rates in Louisiana can vary significantly due to several variables. The first of these is location – much in the same way that renters insurance prices vary between states, so too can they differ between cities within the same state. This is due to a number of reasons: natural disaster frequency such as fires or storms can vary between different areas within a state, and as renters insurance covers these kinds of perils, this will affect the cost. This ties into the local number of claims filed, as this number will also affect renters insurance cost. Renters insurance rates in Louisiana can also, of course, vary between insurance providers. The type of coverage you choose, and if you decide to add additional coverage to your plan, will also affect how much you need to pay for renters insurance. Your personal history also plays a role in the cost of renters insurance: this can include your credit score and whether you’ve made claims before.
| Rate of Renters Insurance in Louisiana by County | Costs Per Month | Costs Per Year |
|---|---|---|
| Acadia Parish, LA | $18.48 | $221.76 |
| Ascension Parish, LA | $18.84 | $226.08 |
| Beauregard Parish, LA | $16.47 | $197.60 |
| Bossier Parish, LA | $15.69 | $188.32 |
| Caddo Parish, LA | $15.87 | $190.40 |
| Calcasieu Parish, LA | $20.82 | $249.76 |
| East Baton Rouge Parish, LA | $16.46 | $197.48 |
| Iberia Parish, LA | $20.84 | $250.08 |
| Jefferson Parish, LA | $35.18 | $422.08 |
| Lafayette Parish, LA | $18.33 | $220.00 |
| Lafourche Parish, LA | $24.69 | $296.32 |
| Lincoln Parish, LA | $15.77 | $189.28 |
| Livingston Parish, LA | $17.05 | $204.64 |
| Morehouse Parish, LA | $16.55 | $198.56 |
| Natchitoches Parish, LA | $17.09 | $205.12 |
| Orleans Parish, LA | $36.83 | $441.92 |
| Ouachita Parish, LA | $16.24 | $194.88 |
| Rapides Parish, LA | $14.92 | $178.96 |
| St. Landry Parish, LA | $16.98 | $203.68 |
| St. Mary Parish, LA | $28.92 | $347.04 |
| St. Tammany Parish, LA | $23.72 | $284.69 |
| Tangipahoa Parish, LA | $18.45 | $221.44 |
| Terrebonne Parish, LA | $26.11 | $313.28 |
| Vermilion Parish, LA | $24.83 | $297.92 |
| Washington Parish, LA | $19.13 | $229.60 |
| Webster Parish, LA | $16.17 | $194.08 |
What Does Renters Insurance Cover in Louisiana
At a minimum, renters insurance in Louisiana will cover four main bases. These are personal belongings, liability, additional living expenses in the event of a covered loss, and medical payments to others. Personal belongings coverage means that, in the case of damage caused by a covered peril such as smoke, fire, storms, theft and vandalism, your personal property will be protected. This often does not include weather conditions such as winds and floods, which are usually covered by separate, optional insurance. Liability involves the coverage of legal costs in the event of property damage or bodily harm caused by your negligence if a claim is brought against you. Renters insurance in Louisiana also covers any additional living expenses – these typically result from previously discussed covered perils damaging your property, requiring you to vacate elsewhere for a limited period of time while repairs are underway/you find a new property to live in. Finally, renters insurance will cover medical payments to others in the event where a person sustains bodily harm on your property that was not caused by your negligence.
Best Renters Insurance Companies in Louisiana Based on Consumer Ratings
Since you have now learned about almost everything you need to know about renters insurance, you are now equipped with the knowledge needed to start looking for an insurance company. To pick the best renters insurance company in Louisiana, it is a good idea to check out the consumer ratings of several companies and compare them to find the best company for you. The most trusted rating systems for renters insurance companies are the NAIC (National Association of Insurance Commissioners) and J.D. Power. Our top pick for an affordable renters insurance company in Louisiana is State Farm; not only does it only have an average annual cost of $157, but it also has an NAIC Complaints Index of only 0.38 and a higher-than-average J.D. Power customer satisfaction score of 850/1,000. One example of a renters insurance company in Louisiana that may not be suitable for you is Safeco – while it is the next most affordable renters insurance company in Louisiana after State Farm, it also has an NAIC score of 2.29, which is over twice as high as the average. It also has a lower-than-average J.D. Power score of 820/1,000. Both these scores indicate that Safeco is not ranked highly in terms of consumer satisfaction.
| Renters Insurance Company In Louisiana | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Renters Insurance in Louisiana | 3/5 | 1.14 |
| State Farm Ratings for Renters Insurance in Louisiana | 3/5 | 0.57 |
| USAA Ratings for Renters Insurance in Louisiana | 5/5 | 0.58 |
| ASI Lloyds Ratings for Renters Insurance in Louisiana | N/A | 0.32 |
| Gulfstream P&C Ratings for Renters Insurance in Louisiana | N/A | 0.61 |
| Lighthouse Property Insurance Corp Ratings for Renters Insurance in Louisiana | N/A | 1.98 |
| Louisiana Farm Bureau Ratings for Renters Insurance in Louisiana | N/A | 0.06 |
| Maison Ratings for Renters Insurance in Louisiana | N/A | 2.23 |
| UPC Ratings for Renters Insurance in Louisiana | N/A | 0.91 |
Compare Renters Insurance in Louisiana for the Best Rates
My advice for finding the best renters insurance in Louisiana? Check out several different renters insurance companies and compare them. Do this by figuring out your priorities – what is more important to you: affordability? Extended coverage options? This is good to do because different renters insurance companies specialise in and offer different things in their plans. As such, it is important to research a wide range of companies and decide on which plan best suits your needs and priorities. Things that you may want to look out for are which optional coverage options each renters insurance company offers, as well as which discounts are available – for example; some companies may offer the option to bundle your auto insurance and renters insurance, saving you money. State Farm is an example of a renters insurance company that offers such a discount, and Farmers often provides discounts for homes built using green materials. In short, utilising the advice I have given you in this article, you will be sure to find the best renters insurance in Louisiana, which both offers all the coverage you need at an affordable price.