Best and Cheapest Renters Insurance in Louisiana (2024)

While State Farm has the highest MoneyGeek score for $20K in personal property coverage with an annual premium of $118 and a 100 out of 100 score, and is also the cheapest company. USAA is the most affordable for military personnel. The best choice will depend on your needs.

State Farm scores the highest MoneyGeek Score of 100 out of 100 in Louisiana, with an annual premium of $118 for $20K in personal property coverage. The best provider usually balances cost and customer service effectively. Here are the two best renters insurance providers in Louisiana for the same policy:

• State Farm: MoneyGeek score of 100 out of 100 ($118 per year)
• Hanover: MoneyGeek score of 92 out of 100 ($150 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best choice for you will still depend on your specific needs.

State Farm offers the cheapest renters insurance in Louisiana, with an annual premium of $118 for $20K in personal property coverage. Personal property coverage compensates you for the loss or damage of your personal belongings, such as furniture, electronics and clothing, in case of incidents like theft or fire. The following providers are the top two cheapest providers in Louisiana for $20K in personal property coverage and a $1,000 deductible:

• State Farm: $118 per year
• Hanover: $150 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher personal property coverage limits can lead to higher monthly costs but protect you better if you have many personal belongings.

A high deductible can help you lower costs. In Louisiana, the cheapest renters insurance company for $20,000 in personal property coverage with a $2,000 deductible is State Farm with an annual premium of $107. A deductible is the amount you pay out of pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest in Louisiana:

• State Farm: $107 per year
• The Hanover: $150 per year

A deductible reduces your premiums by increasing your out-of-pocket costs before insurance contributes. Check out how rates change using the table below.

State Farm is the best renters insurance company for service quality in Louisiana for $20K in personal property coverage, with an annual premium of $118. Having great customer service means quick responses, easy claims processing, and attentive support when you need it most. The following providers are the top two best providers in Louisiana for those who value great customer service and $20K in personal property coverage:

• State Farm: MoneyGeek score of 100 out of 100 ($118 per year)
• Allstate: MoneyGeek score of 95 out of 100 ($191 per year)

Great customer service is crucial for renters because it provides peace of mind and support during stressful times. When you make a claim, you want your insurer to handle it efficiently and empathetically, ensuring a smooth process without unnecessary delays.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Louisiana, with an annual premium of $279. For $100K in personal property coverage, the following providers are the top two best providers in Louisiana:

• State Farm: MoneyGeek score of 100 out of 100 ($279 per year)
• The Hanover: MoneyGeek score of 92 out of 100 ($337 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps protect your belongings, such as furniture, electronics, and clothing, from theft or damage. Higher personal property coverage often comes at a higher cost.

USAA is the best renters insurance company for those with military backgrounds in Louisiana, offering an annual premium of $342 per year for $20K in personal property coverage. USAA is a company exclusively for those with military backgrounds. The following providers are the top two best providers in Louisiana for military members who need $20K in personal property coverage.

• USAA: MoneyGeek score of 100 out of 100 ($342 per year)
• State Farm: MoneyGeek score of 100 out of 100 ($118 per year)

USAA offers a range of products tailored for those with a military background, including discounts and coverages that suit the military lifestyle. While it may not be the cheapest option in Louisiana, with State Farm ranking first in affordability, USAA's specialized offerings might make it a worthy consideration for you.

Hanover is the best renters insurance company for those with poor credit in Louisiana, with an annual premium of $150. The following providers are the top two best providers in Louisiana for those with poor credit:

• Hanover: MoneyGeek score of 94 out of 100 ($150 per year)
• Allstate: MoneyGeek score of 94 out of 100 ($191 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurers view them as more likely to file claims. Improving your credit can help lower your rates. Adopting good financial habits and leveraging available discounts can also be beneficial.

The average cost of renters insurance in Louisiana is $238 annually, which breaks down to $20 per month. This is higher compared to the national average of $146 annually. Louisiana renters pay $92 more per year. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Louisiana may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state but also varies by city. For example, the annual premium in Baton Rouge is $179, while in New Orleans, it is $339. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Louisiana, including location, coverage amount, and deductible. Understanding these factors is important for budgeting and selecting the right insurance policy. Below are some key factors that affect renters insurance costs:

Factors: Description of the factor and how or why it affects costs in one sentence maximum.

• Location: Areas prone to natural disasters or high crime rates may have higher premiums.
• Coverage Amount: Higher coverage limits generally lead to higher premiums.
• Deductible: A lower deductible can increase the premium, while a higher deductible can reduce it.
• Credit Score: Insurers may charge higher premiums for lower credit scores.
• Claims History: A history of frequent claims can result in higher insurance costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of items you own, including descriptions and estimated values. Here's how to create one:

1. List All Items: Walk through your home and write down every item you own.
2. Categorize Items: Group items into categories like electronics, furniture, and clothing.
3. Estimate Values: Assign an estimated value to each item based on purchase price or current market value.
4. Take Photos: Photograph each item to have a visual record.
5. Store Inventory Safely: Keep your inventory in a safe place, such as a cloud storage service, for easy access.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider depends on your specific needs. In the following FAQs, we've answered common questions to help you make an informed decision.