If there’s one thing New Orleans knows how to do it’s celebrate. Whether it’s Mardi Gras or just a regular Saturday night, people in the Big Easy know how to let the good times roll.
But New Orleans has also seen its share of hard days, particularly during hurricane season. All of the city’s 153,819 households are potentially in the path of devastating storms. This is why having the right home insurance is so important for the residents of New Orleans.
Unfortunately, coverage is not cheap. Let’s take a look at why that is and how we’re working to help New Orleans homeowners.
How much is homeowners insurance in New Orleans?
The average cost of home insurance in Louisiana is $2,038 per year. That makes it the third most expensive state for getting homeowners insurance.
Chances are, your home insurance costs at least that much, if not significantly more because of your location. New Orleans happens to be in a high-risk zone for hurricanes, tropical storms, and floods.
Add to that the city’s high property crime rate, and you can see why New Orleans home insurance rates top the national average.
Other factors can influence your costs, including:
Every carrier weighs these factors differently, so the cost of homeowners insurance in New Orleans can vary quite a bit. Review the chart below to see just how much home insurance premiums vary by carrier.
What New Orleans home insurance covers
The policies we sell in New Orleans can provide the following coverage:
- Replacement-cost dwelling coverage: Helps you repair or rebuild your home after a covered claim.
- Other structures coverage: Protects other structures on your property like your shed or garage.
- Personal property coverage: Covers personal belongings in the home, such as your furniture, clothing, appliances, and more.
- Loss of use coverage: Helps pay for additional expenses such as hotel stays and food bills when you can’t stay in your home during a claim.
- Personal liability coverage: Covers legal expenses and settlements if you’re sued for another person’s injuries or property damage.
- Medical payments coverage: Pays for minor medical bills if visitors are hurt on your property.
With the risk of hurricanes in the area, you’ll be glad to know the policies we offer include coverage for damage caused by hurricane winds. Just note that if a named storm hits New Orleans, your hurricane deductible applies.
However, the storm surge that follows a hurricane requires flood insurance. You can add a low-cost flood insurance endorsement to your policy to better protect your home.
Unique risks for New Orleans
Most of New Orleans’ unique risks are due to its geography. It has to contend with the Mississippi River and Lake Pontchartrain on its north flank. Moreover, about half of the city is below sea level. Altogether, this means New Orleans has serious flood risk with large swaths of the city sitting in Flood Zone A.
New Orleans also sits in a precarious spot on the Gulf of Mexico where it is often the target of major hurricanes. Hurricane Katrina devastated the region in 2005, and five named storms hit the city in 2020, including Laura, Delta, and Zeta.
Another risk that comes with living near bayous is the possibility of sinkholes.These can happen at any time but often occur after the ground that has been saturated by a heavy rain or some type of flooding erodes and dissolves.
Tips for lowering New Orleans home insurance costs
Looking for ways to lower your home insurance? We may find discounts and premium credits for New Orleans homeowners who:
Learn about wind mitigation inspections in Louisiana.
The other way to save on homeowners insurance is to adjust your deductible. A higher deductible reduces your premium. If you do this, make sure you are comfortable with the amount that will pay out of pocket if you have a claim. We offer the following AOP and hurricane deductibles:
- $500
- $1,000
- $2,500
- $5,000
- $7,500
- $10,000
- Or 1%, 2%, 3%, 4%, 5%, or 10% of Coverage A
If you have any questions about getting insured in New Orleans or would like a quote, enter your address or call us at 855-717-0022.
Kin is Kin Insurance Network Distributor, LLC, a licensed surplus lines producer.
