NEW ORLEANS HOMEOWNERS INSURANCE GUIDE

THE COVERAGE YOU NEED FOR THE VALUE YOU WANT


FROM THE DESK OF AGENT TIM with FM Agency Group

Your guide to New Orleans Homeowners Insurance

Homeowners insurance in New Orleans can get very expensive.


You need to find an insurance agency that represents more than one insurance company 


I wanted to put together a guide in 2020 for new home buyers and existing homeowners


In New Orleans La the large insurance companies such as Allstate and State Farm don't write homeowners insurance under their company brand



DOES ALLSTATE INSURANCE COMPANY WRITE HOMEOWNERS INSURANCE IN NEW ORLEANS?


Allstate will write an Allstate homeowners insurance policy but they will exclude wind. 

 

They may offer a wind only policy from Geovera specialty or the Louisiana Citizens Fair Plan.




DOES STATE FARM INSURANCE COMPANY WRITE HOMEOWNERS INSURANCE IN NEW ORLEANS?


For State Farm Insurance they have Dover Bay specialty insurance company.  


This is a surplus lines insurance company and it would not be protected by LIGA if the insurance company became insolvent.


If State Farm insurance company in New Orleans offers you a homeowners insurance policy it would probably be through Dover Bay insurance



when was the last time you reviewed your homeowners insurance policy?


There is no better time to review your homeowners insurance options in New Orleans


More companies are now writing policies in New Orleans La since Hurricane Katrina


Let's review rates by company and coverage in the Greater New Orleans area that includes Metairie, Kenner, Marrero, Harvey, Gretna


HOMEOWNERS INSURANCE IN NEW ORLEANS LA


  1. RATES BY COMPANY
  2. RATES BY COVERAGE
  3. RATES BY ZIP CODE
  4. COMPANION DISCOUNT
  5. CREDIT SCORING

RATES BY HOMEOWNERS INSURANCE COMPANY IN NEW ORLEANS LA

New Orleans homeowners insurance rates will vary by zip code and insurance company. Rates will be lower for homes based on, but not limited to, year built, type of construction, your claims history and credit score.


A good independent insurance agency will have a mix of insurance companies that can offer competitive rates on any type of home you have and offer credit scoring and non-credit scoring options for you.


Take a look at the cheapest homeowners insurance rates in New Orleans, Louisiana to find the right home policy for your needs.

INSURANCE COMPANY

RATE

GULF STATES INS CO

$1,254

CENTAURI NATIONAL

$1,356

CAPITOL PREFERRED

$1,452

AMERICAS

$1,631

LIGHTHOUSE

$1,741

SOUTHERN FIDELITY

$1,852

NATIONAL GENERAL

$1,963

MAISON

$1,999

agent tim tip

New Orleans Homeowners insurance rates can vary by zip code and here are some features that can drive the rate down for you.  


A brick house is less than a frame house.  A hip roof shape is a lower rate than a gable roof.  A homeowner with a higher credit score will pay less than a homeowners with average to bad credit.

Here are some average rates based on the insured value or cost to rebuild your home

An insurance company does not care about market value or appraisal value because those figures

include land value.


You want to determine the cost for you to hire a contractor to rebuild your home minus the land value.


Often a contractor will give you a price per square foot to rebuild your home.


an example is a 2,000 square foot home at $135 per square foot to rebuild would need $270,000 insured value on your homeowners insurance policy.

INSURED VALUE

RATE

100,000

$1,254

200,000

$1,356

300,000

$1,452

400,000

$1,631

500,000

$1,741

AGENT TIM TIP

Don't lower the insured value of your policy to try to lower your rate.  


All insurance companies have a coinsurance penalty that will reduce your claim check if you try to under-insure your home.


Try raising your deductible to an amount you can afford to pay towards repairs of your home and transfer more of the risk to you than the insurance company.


The insurance company will reward you with a lower rate.

New Orleans home insurance rates by ZIP code

Where can you find the lowest rates in a zip code?


Although insurance companies can do zip code rating and one zip code can have lower rates than others more factors such as year built, home construction type, credit worthiness, claims history, shape of roof can determine the rate you pay in a zip code.

ZIP CODE

RATE

70065

$1,254

70001

$1,356

70124

$1,452

70072

$1,631

70056

$1,741

agent tim tip

There is not one insurance company that is the cheapest in every zip code.


If that happened the insurance company would go out of business after the next hurricane.


Insurance companies want to be competitive but they don't want to write a policy on every home in a zip code.


Get the rates of a few insurance companies that are competitive in your area.

TIPS ON SAVING MONEY ON NEW ORLEANS HOMEOWNERS INSURANCE?

Although most insurance companies that write car insurance will not home insurance or the most competitive homeowners insurance companies in New Orleans will not write car insurance you can still get a bundle discount


It is called a Companion Discount


A companion discount is given by the homeowners insurance company when the insurance agency is the agent on another insurance policy such as your car, flood, personal umbrella or landlord rental dwelling.


It does not matter which insurance company you have as long as the insurance agency is the agent listed on the policy.


Here are the insurance companies in New Orleans that offer a companion policy discount

COMPANION POLICY DISCOUNT

CAPITOL PREFERRED

CENTAURI NATIONAL

GULF STATES INS CO

NATIONAL GENERAL

SOUTHERN FIDELITY

*rates in this article are based on a brick home with a hip roof and built in 2009.  Your rate could be different based on underwriting factors

AGENT TIM TIP

Not much benefit having your car insurance with one company,  your flood with another insurance agency.


Ask if you can combine your policies with one insurance agency to qualify for all the discounts available to you


does your credit score affect the rate you pay?

this is from the Louisiana Department of Insurance website


Low Credit Score New Orleans home
Coverage Level: 10-year-old dwelling with brick veneer construction, 1800 square feet, $200,000 building coverage, $100,000 contents coverage, 2% hurricane deductible/$500 all other peril deductible, clean claims history, 580 credit score, no wind mitigation, and no multiline discount.

Access Home Ins Co (Preferred) $6570 
Access Home Ins Co (Standard) $5034 
ACE Ins Co of the Midwest $4967 
AIG Property Casualty Co $2795 
Allied Trust Ins Co $2760 
Allstate Indemnity Co $6219 
Allstate Ins Co $4867 
Allstate Vehicle and Property Ins Co $4289 
American National General Ins Co $6252 
American Risk Ins Co $3828 
Americas Ins Co $3772 
Amica Mutual Ins Co $4789 
Anchor Specialty Ins Co $4037 
ANPAC Louisiana Ins Co $4823
Armed Forces Ins Exchange $3229 
ASI Lloyds $3388 
Bankers Specialty Ins Co (Post-01/28/19 business)$4553 
Bankers Specialty Ins Co (Pre-01/28/19 business)$4101 
Centauri National Ins Co (Elite-A program)$3575 
Centauri National Ins Co (Elite-C program)$3420 
Centauri National Ins Co (Preferred program)$4607 
Coastal Select Ins Co $3413
Encompass Indemnity Co $5709 
Encompass Ins Co of America $3503 
Encompass Property and Casualty Co $5500 
Excalibur National Ins Co $3193 
Family Security Ins Co $3553 
Federal Ins Co $5012 
Federated National Ins Co $3972
Fireman's Fund Ins Co $5408 
Garrison P&C Ins Co $3076 
Great Northern Ins Co 
Gulf States Ins Co $3302 
Gulfstream Property & Casualty Ins Co $3758 
Gulfstream Select Ins Co $3758 
Hanover American Ins Co $7769 
Hartford Casualty Ins Co $6048 
Homesite Ins Co $7993 
Horace Mann Ins Co $4074 
Imperial Fire and Casualty $5744 
La Citizens Property Ins Corp $5659 
La Farm Bureau Casualty Ins Co $6609 
La Farm Bureau Mutual Ins Co $5508 
Liberty Ins Corporation $10727 
Liberty Mutual Fire Ins Co $8419 
Liberty Personal Ins Co $10727 
Lighthouse Property Ins Corp (Beacon) $2731 
Lighthouse Property Ins Corp (Standard )$3828 
LM Ins Corp $10727
Maison Ins Co $4140 
Metropolitan Prop and Cas Ins Co $4451 
Occidental Fire & Casualty of N.C. $4860 
Pharmacists Mutual Ins Co $4861 
Praetorian Ins Co $3439 
Privilege Underwriters Recip Exch $5043
Progressive Property Ins Co $3388 
Republic Fire and Casualty Ins Co $3561 
Safeco Ins Co of Oregon $6662 
Safepoint Ins $5048 
Service Ins Co $4022
Shelter Mutual Ins Co $8766 
Southern Fidelity Ins Co $3105 
Spinnaker Ins Co $6428 
State Farm Fire & Casualty Co $3660 
Stillwater Ins Co $6510
Teachers Ins Co $3580 
The American Ins Co $4405
The Automobile Ins Co of Hartford $3756 
The Standard Fire Ins Co $4039 
The Travelers Indem Co of America $3635 
United Fire & Indemnity $5272 
United Property & Casualty $2757 
United Services Automobile Association $2833 
Unitrin Auto & Home Ins Co $5051
Unitrin Safeguard Ins Co $3303 
USAA Casualty Ins Co $2846 
USAA General Indemnity Co $3353 
Vigilant Ins Co $5012

HOME INS QUOTE FORM

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Agent Tim

The insurance advice you need to make the decision to protect what you have in the event of a financially devastating event.


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Helping Louisiana with insurance since 2001.  Homeowners, car, rental property, flood and a personal umbrella protection.  Get the protection you need for the value you want

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