Cheapest New Orleans Homeowners Insurance Quotes (2024)

Encompass has the cheapest average homeowners insurance policy in New Orleans, with annual premiums starting at $2,624.

Nick Dauk
Written byNick Dauk
Nick Dauk
Nick Dauk
  • 6+ years writing about insurance, travel, and personal finances

  • Contributor to brands like Credible

In addition to insurance, Nick specializes in writing about business, entrepreneurship, personal finance, and travel. He’s been featured in myriad web publications, including Fox Business.

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Katie Powers
Edited byKatie Powers
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Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Updated July 1, 2024

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The average yearly cost of New Orleans home insurance is $6,739 for a $300,000 policy with a $500 deductible, which is much higher than Louisiana’s average of $4,384. Encompass, State Farm, and Foremost have the cheapest average home insurance premiums in New Orleans.

New Orleans is one of the top five U.S. metropolitan areas at risk for storm surge and hurricane winds, which explains the higher rates.[1] You’ll likely need to purchase homeowners insurance and separate flood insurance.

Here’s what you need to know about finding cheap home insurance in New Orleans, including how to compare quotes and what coverage offerings to look for.

Quick Facts
  • How much it costs to insure your home will depend on factors like your chosen coverage limits, the home’s construction year, your credit history, and more.

  • Standard homeowners insurance policies exclude flood damage.[2] You can buy flood insurance from the National Flood Insurance Program (NFIP) or a private insurer.

  • The national average yearly cost of home insurance is $1,770 for a $300,000 policy with a $500 deductible.

Best home insurance companies in New Orleans

You have dozens of options for New Orleans homeowners insurance, whether you’re looking for a basic plan that covers roof damage or a policy with greater personal property coverage and personal liability coverage. The best home insurance company for you will offer the amount and type of coverage you need for a price that aligns with your budget.

Start your search with four of the best home insurance options in New Orleans: Encompass, State Farm, Foremost, and Centauri Insurance.

Insurance CompanyIQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Annual PremiumBest for
EncompassN/A$2,624Cheapest rates
State Farm4.1$3,292Bundling insurance products
Foremost2.6$4,313Rebuilds and replacements
Centauri InsuranceN/A$5,245Storm experience
  • Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

    We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.

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    • Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.

Cheapest rates: Encompass

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$219/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$348/mo

Encompass has some of the cheapest homeowners insurance in New Orleans. Part of the Allstate Corporation, Encompass offers discounts for homes that are less than 49 years old and for properties with a home security system. The company has an AM Best financial strength rating of A+ (Superior), which indicates a sound ability to pay out claims.

Encompass only offers three levels of homeowners insurance coverage. It’s a good option for homeowners who purchased a brand-new home and desire a cheap policy that meets their mortgage lender’s needs.

Pros
  • Discounts for newly built homes

  • Mortgage rate protection available

Cons
  • Low Better Business Bureau (BBB) review score

  • Only offers three stand-alone homeowners insurance options

Best insurer for bundling insurance products: State Farm

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$274/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$387/mo

If you’re looking to lower your homeowners insurance rates, you should consider bundling with State Farm. You can save on your premium by combining a homeowners policy with other insurance products, like an auto insurance or life insurance policy. The company also offers discounts for home security, impact-resistant roofing products, wind mitigation, and higher deductibles.

State Farm received an above-average customer satisfaction ranking in the J.D. Power 2023 U.S. Home Insurance Study.[3] The company has an AM Best financial strength rating of A++ (Superior).

Pros
Cons
  • Not the cheapest coverage available

  • 1.7 out of 5 stars on Trustpilot

Best insurer for rebuilds and replacements: Foremost

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.4/10
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$359/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$707/mo

Many New Orleans homeowners will face perils that can cause significant damages requiring reconstruction or replacement. Foremost offers coverage designed for these unfortunate events. In addition to named peril, comprehensive, replacement cost, and actual cash value (ACV) coverages, Foremost also offers extended replacement cost coverage to increase reimbursement of a total loss by a covered peril.

It also offers Coverage A Plus, which ensures homeowners don’t pay more than their deductible in the event of a covered total loss, and Guaranteed Rebuild, which pays for repairing or replacing the home without deducting for depreciation.

Pros
  • Backed by Farmers Insurance Group

  • Multiple optional coverages

Cons
  • Limited non-property coverages

  • Can only get a quote through an independent agent

Best insurer for storm experience: Centauri Insurance

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated

Writing policies in heavy-hit storm areas including Louisiana, Florida, and Alabama, Centauri Insurance is a good choice for homeowners who want a careful and swift assessment of potential storm damage.

Centauri Insurance only writes policies for residential and commercial insurance products. The company’s primary focus on covering private homes, as well as its flood insurance, dwelling fire insurance, and equipment breakdown offerings, may increase confidence for homeowners who are concerned about frequent storms.

Pros
  • Significant experience in states hit by hurricanes and severe storms

  • Strong focus on residential properties

Cons
  • Doesn’t offer non-building insurance policies

  • No discounts listed on its website

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Cheapest home insurance in New Orleans

Encompass is the cheapest home insurance company in New Orleans, with an average annual home insurance premium of $2,624. Keep in mind that the cheapest price doesn’t always mean it’s the best coverage for your needs. Always compare prices and coverage options when choosing a home insurance company.

Here are some of the cheapest New Orleans home insurance options.

Insurance CompanyAverage Annual Premium
Encompass$2,624
State Farm$3,292
Foremost$4,313
Centauri Insurance$5,245
Armed Forces Insurance Exchange$5,475
Access$5,853

Cost of homeowners insurance in New Orleans

The average cost of home insurance in New Orleans for a $300,000 residential dwelling coverage policy is $6,739. Homeowners in the area face high rates due to a high risk of damage from storm surges and hurricane winds. But insurance quotes for your property ultimately depend on a number of factors.

Insurance companies consider a number of unique factors when determining home insurance premiums, including:

  • Location

  • Home’s age

  • Construction of the home

  • Proximity to fire stations

  • Discounts

  • Deductible limit

  • Scope of insurance coverage

  • Coverage level

  • Crime rates in the area

  • Credit history

Cost of homeowners insurance by dwelling coverage amount

Dwelling coverage is insurance for the physical structure of your home. It can cover the cost of rebuilding or repairing it. The dwelling coverage amount you select for your policy will influence how much you pay for the coverage. Less coverage comes with a lower premium, and vice versa. The greater the covered amount, the greater your premiums will be.

Compare the annual cost of homeowners insurance in the U.S. by dwelling coverage limits below.

Coverage LimitAverage Annual Premium
$100,000$923
$200,000$1,327
$300,000$1,770
$400,000$2,194
$500,000$2,683

Cost of homeowners insurance by deductible

A home insurance deductible is how you and an insurance company share claims risk. When you file a claim, the insurance company will have you pay a deductible before it’ll cover the rest of the expense.

Most insurance companies will let you choose your deductible amount. A lower deductible increases premium rates, but a higher deductible can decrease monthly premiums because you’re electing to contribute more when you file a claim.

The following table shows how deductible amounts influence average annual premium rates for a $300,000 dwelling coverage policy in New Orleans.

Deductible AmountAverage Annual Premium
$500$6,828
$1,000$6,739

How to get cheap homeowners insurance in New Orleans

Louisiana homeowners insurance costs can add up, especially when you consider that the state has a named storm deductible and a hurricane deductible that may increase your overall repair or replacement costs after a peril like tropical storms.[5]

Here are a few ways you can save on home insurance in New Orleans:

  • Understand what you’re paying for. The best way to ensure you’re paying for the right amount of coverage is to understand what your policy does and doesn’t cover. Review your policy with your agent and make adjustments if necessary.

  • Qualify for discounts. Discounts are a popular way to save on home insurance costs. Insurance companies may offer discounts for newer homes, certain construction materials, home security systems, bundling, and more.

  • Ask about storm-mitigation incentives. Proactively trying to protect your home from sudden and unexpected damages like storm surges can help you lower your overall costs. Storm-mitigation incentives are available to Louisiana homeowners. These incentives include insurance premium discounts through an insurance company, as well as state tax deductions extended through the government.

  • Review your policy limits and shop around. It’s always a good idea to review your policy and see if you have any potential savings available. If your personal possessions have decreased in value, you might not need the extent of coverage that you have. If you don’t believe you need to make any changes to your existing policy, you can shop around and compare rates to find the cheapest homeowners insurance policy available for that coverage level.

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Louisiana homeowners insurance rates by city

Home insurance rates vary by state, city, and ZIP code, which is why your home in New Orleans and a home in Baton Rouge may have significantly different rates for the same size or value of property.

Louisiana homeowners face a risk of floods and wind damage from hurricanes, but severity can vary by location. New Orleans’ position of only a few feet above sea level adds to the threat of flooding. Crime rates can also influence rates, and New Orleans has high rates of property crime compared to other cities in the state.[6]

The table below highlights how average annual premiums for a $300,000 dwelling coverage policy with a $500 deductible vary by city in the Crescent State.

CityAverage Annual Premium
Baton Rouge$3,210
Bossier City$2,782
Kenner$6,747
Lafayette$3,442
New Orleans$6,828

How much homeowners insurance do you need in New Orleans?

Louisiana state law doesn’t require property owners to purchase a homeowners insurance policy. But most homeowners with a mortgage in New Orleans have a homeowners insurance policy to meet the requirements of their lender.

Unless you purchase your home in cash, your mortgage lender will almost always require that you maintain a minimum amount of homeowners insurance on your home for the length of the mortgage term. Since most homes in New Orleans are under flood risk, you’ll likely need to take out a separate flood insurance plan on your mortgaged home as well.

Experts recommend that homeowners should purchase between $300,000 and $500,000 in liability coverage at least, but most homeowners policies start with a minimum of $100,000 in liability insurance.[7]

Important Information

It’s important to understand exactly what your homeowners insurance plan includes and excludes. Although you may choose a plan that meets your mortgage lender’s requirements, you might actually want a higher or more comprehensive level of coverage to protect your home, property, visitors, and possessions.

What are some of the biggest risks when owning a home in New Orleans?

Louisiana is under threat of multiple natural disasters, some of which have a higher predicted rate of affecting New Orleans. Tornadoes and winter weather, for example, have a lower instance of happening, whereas coastal erosion, tropical cyclones, and subsidence have an almost certain recurrence probability.

The following perils continue to affect homes in New Orleans on a regular basis:

  • illustration card https://a.storyblok.com/f/162273/100x100/4ec24627d2/flood-coverage.svg

    Floods

    With an average of 62 inches of rain each year, it’s no surprise that New Orleans has endured 42 flooding events in 20 years. Some Louisiana homeowners insurance companies sell flood insurance, as does the NFIP through FEMA.

  • illustration card https://a.storyblok.com/f/162273/x/68ed522f01/windstorm-and-hail.svg

    Severe thunderstorms

    Severe thunderstorms can cause damage to your home via water, wind, and lightning. Although the probability of lightning strikes in New Orleans is difficult to calculate, the city experiences high winds caused by severe thunderstorms. Home insurance policies generally cover lightning, hail, and wind damage.

  • illustration card https://a.storyblok.com/f/162273/x/1883c5aa7c/fire-and-lighting.svg

    Extreme heat

    New Orleans has experienced an average of 56 days per year that have temperatures considered “extreme heat.” Heat damage itself is typically not a named peril under a general homeowners insurance plan, but plans usually cover perils that may occur due to high temperatures. This includes sudden burning of an A/C or fire protection system and smoke from wildfires.

New Orleans homeowners insurance FAQs

It’s important to have the right amount and types of homeowners insurance to protect your finances in the event of covered damage. The following information should help answer your remaining questions.

  • How much is home insurance in New Orleans?

    In New Orleans, the average annual cost of home insurance for a $300,000 dwelling coverage policy with a $500 deductible is $6,739. Because New Orleans is a high-risk area susceptible to storm surges and other hurricane-related damages, you’ll likely need to buy a separate flood insurance policy through a private insurer of the NFIP. This will come with an additional annual cost.

  • Which company has the cheapest homeowners insurance in New Orleans?

    With an average annual premium of $2,624, Encompass has the cheapest homeowners insurance in New Orleans. The best way to find the cheapest coverage for you is to compare quotes and coverage offerings from multiple insurers.

  • Does New Orleans require homeowners insurance?

    No. State law doesn’t mandate homeowners insurance, but your mortgage company will require you to purchase it.

    Even if you don’t have a mortgage, you should buy homeowners insurance. It can help you cover the cost of repairs or replacement following covered damages. And it’ll provide you with legal protection if someone incurs an injury on your property.

  • Why is homeowners insurance so expensive in Louisiana?

    Louisiana has a high risk of damage from hurricanes and tropical storms. Destructive storm surges and hurricane winds can cause a lot of property damage that leads to costly claims. Insurers increase premiums in high-risk areas to account for the added risk.

Sources

  1. Insurance Information Institute. "Facts + Statistics: Flood insurance."
  2. Insurance Information Institute. "What is homeowners insurance?."
  3. J.D. Power. "Home Insurer Exodus from Several States Creates Challenges and Opportunities, J.D. Power Finds."
  4. J.D. Power. "Increasing Severity and Longer Repair Times for Property Claims Test Limits of Insurers’ Digital Tools, J.D. Power Finds."
  5. Louisiana Department of Insurance. "Hurricane Resource Center."
  6. Federal Bureau of Investigation. "Louisiana: Offenses Known to Law Enforcement."
  7. Insurance Information Institute. "How much homeowners insurance do I need?."
Nick Dauk
Nick Dauk

Nick Dauk is a freelance writer specializing in business, entrepreneurship, personal finance, and travel. His work has been featured in Fox Business, BBC, The Edge, Business Insider, and Bisnow. Nick is a first-generation college graduate, having majored in Interdisciplinary Studies at the University of Central Florida. His eclectic coursework, combined with previous managerial roles in the retail and broadcast television industries, have helped him develop an interdisciplinary approach to writing.

For nearly a decade, Nick has created content for mom-and-pop businesses and global corporations. As a travel writer, his global adventures have also been featured on Inside Hook, Houston Chronicle, Culture Trip, and Matador. When he's not traveling, Nick can be found in Orlando spending time with his wife and toddler.

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Featured in

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