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
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
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 |
$1,269 |
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.
financial size of 14 insurance companies (net assets)
New Orleans homeowners insurance companies ranked by net admitted assets in 2019 for 14 top insurance companies writing new business
INSURANCE COMPANY | RATE |
|---|---|
$698,629,722 | |
SOUTHERN FIDELITY | $213,144,911 |
CAPITOL PREFERRED | $176,972,661 |
LIGHTHOUSE | $143,154,509 |
SAFEPOINT | $134,536,478 |
CENTAURI | $122,884,052 |
MAISON | $113,543,899 |
GULFSTREAM | $104,805,577 |
SERVICE INS CO | $75,778,073 |
ALLIED TRUST | $62,139,257 |
BANKERS SPECIALTY | $50,656,203 |
ACCESS | $36,062,669 |
AMERICAS | $17,449,942 |
GULF STATES | $11,851,061 |
agent tim tip
The net admitted assets can give you a financial stability ranking but some of the companies listed have been writing insurance longer so it is best to ask "How long have they been writing in New Orleans". Time in market and financial size can help you make the right choice to protect your home
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 UPC $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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FM Agency Group
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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