Getting a Condo Insurance Quote in Louisiana
Many occupants in Louisiana select the ease of living in condos. Choosing the right condo insurance from Louisiana can be confusing, so we're here to help you by outlining a couple of key elements which you have to remember when negotiating the final price of your condo insurance so that you get the perfect policy for your needs at the ideal price. There are lots of aspects that will affect how expensive or inexpensive your yearly condo insurance quote will be, so we've made it our goal is to make the condo insurance buying process a cinch.
Louisiana Condo Insurance Statistics at a Glance
Given the numerous factors which impact the purchase price of condo insurance, and taking into consideration that property values are on the upswing, Louisiana condo insurance policies can be on the expensive side. Louisiana is rated the 40th most expensive country in the country for condo insurance. Louisiana residents pay an average of $78 per month or $940.00 per year at condo insurance premiums. Although Louisianians are spending more about condo insurance, the good news is that trends demonstrate that prices are getting more affordable. Overall most cities at Louisiana have similar average monthly prices, but Alexandria, LA was found to be the cheapest cities in $553.00 per year or $46.08 per month. On the flip side, New Orleans, LA has the maximum condo insurance rates in the state at $1,381.00 per year or $115.08 per month. Different insurance companies have important differences in rates so it's necessary to shop around in the event that you're looking for condo insurance from Louisiana.
$723
Average Annual Cost of Condo Insurance in Louisiana
The average cost of condo insurance in Louisiana on an annual basis is $723.
$60
Average Monthly Cost of Condo Insurance in Louisiana
The cost of condo insurance in Louisiana is roughly $60 per month.
24%
Percentage of Income on Ownership for Condos in Louisiana
Residents of Louisiana spend an average of 24% of their income on condo ownership.
26 years
Median Age of a Property Which Requires Louisiana Condo Insurance
The average age of a property requiring condo insurance in Louisiana is roughly 26 years.
What Affects the Costs of Your Condo Insurance in Louisiana
There are a number of variables which cause condo insurance policies in Louisiana to vary from price . Insurance companies use many variables to compute your personal risk and policy needs, and to get you a precise quote to your condo insurance policy coverage. However, there many factors outside of your control that may affect the purchase price of your condo insurance from Louisiana. Those factors may include things such as the positioning of your condo, the age of your condo in Louisiana, along with the construction quality of your condo. They might also be able to see whether you're entitled to discounts. Some factors within your control that could help or harm the final pricing of your Louisiana condo insurance prices could be variables such as your credit history, your claims history with other condo insurance suppliers, your driving record, the sum of personal belongings which you have on your condo, the people who live on your condo, and whether you rent or own the condo. To be able to acquire the best possible quotation, we highly advise that you have a whole lot of this information prepared prior to getting a condo insurance policy quote to your Louisiana property.
Average Cost of Condo Insurance in Louisiana by City
The most common type of condo insurance from Louisiana is an HO6 insurance plan. Whether you're living the city life in New Orleans or Baton Rouge or own a condo in a smaller city like Bastrop, you'll probably require H06 insurance to your condo in Louisiana. To give you an idea of just how much it will cost to cover that the condo, we've provided a complete list of projected condo insurance quotes to your Louisiana city. These averages are based on all insurance costs for your respective city or town in Louisiana, so depending on where your condo is located on your neighborhood, your final cost could differ radically than that which 's quoted below.
| City in Louisiana | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| New Orleans, LA | $115 | $1,381 |
| Baton Rouge, LA | $52 | $619 |
| Shreveport, LA | $50 | $595 |
| Lafayette, LA | $53 | $641 |
| Lake Charles, LA | $69 | $823 |
| Bossier City, LA | $49 | $589 |
| Kenner, LA | $114 | $1,365 |
| Monroe, LA | $51 | $610 |
| Alexandria, LA | $46 | $553 |
| Houma, LA | $82 | $979 |
| New Iberia, LA | $65 | $782 |
| Central, LA | $51 | $616 |
| Slidell, LA | $82 | $987 |
| Ruston, LA | $49 | $592 |
| Hammond, LA | $58 | $692 |
| Sulphur, LA | $62 | $738 |
| Natchitoches, LA | $53 | $641 |
| Gretna, LA | $106 | $1,274 |
| Zachary, LA | $51 | $614 |
| Opelousas, LA | $53 | $632 |
| Youngsville, LA | $60 | $724 |
| Thibodaux, LA | $77 | $926 |
| Pineville, LA | $47 | $566 |
| Baker, LA | $52 | $620 |
| Crowley, LA | $58 | $693 |
| Mandeville, LA | $79 | $947 |
| West Monroe, LA | $51 | $608 |
| Abbeville, LA | $78 | $931 |
| Minden, LA | $51 | $607 |
| Broussard, LA | $58 | $698 |
| Bogalusa, LA | $60 | $718 |
| DeRidder, LA | $51 | $618 |
| Gonzales, LA | $59 | $707 |
| Covington, LA | $61 | $736 |
| Morgan City, LA | $90 | $1,085 |
| Denham Springs, LA | $53 | $640 |
| Eunice, LA | $53 | $642 |
| Bastrop, LA | $52 | $621 |
Choosing the Best Condo Insurance Company in Louisiana for Your Needs
Making certain that you put in time and attempt to pick the ideal condo insurance company at Louisiana to your needs will give you peace of mind in the long run. You are insuring your valuables, yourself, and your distance spend that extra time to hunt which you can find. Don't short change your Louisiana condo and the possessions inside of it by settling for the most affordable one on the marketplace. The ideal thing to do would be to shop around and compare several companies prior to making final decisions and choosing the ideal condo insurance company at Louisiana for your needs. Bear in mind that you will not be forced by a company in making a decision or pay which you simply don 't want. Look for condo insurance companies which reward their long-term customers with discounts or supply bundle insurance reductions. Finally, be sure your chosen provider is accredited. Check the Louisiana Department of Insurance website to find out the licensing status, financial stability and complaint history of your chosen insurer.
The Top Rated Condo Insurance Companies in Louisiana Based off Consumer Ratings
The top place is held by state Farm at being the condo insurance provider in the United States for more than 50 decades. In Louisiana, a study done by JD Power revealed that State Farm was scored a 3 out of a 5 (an average rating) from the coverage offerings, billing and payment, customer service and claims. In Louisiana, State Farm also received a NAIC complaint ratio of 0.57. Like most condo insurance providers in Louisiana, they offer premium discounts on condos which were renovated or made to withstand any natural disasters which might happen from The Pelican State. When considering pure metrics of condo insurance firms in Louisiana independently, USAA has the highest JD Power rating in the country at 5 while Allstate has the lowest at 3. The condo insurer in Louisiana that has the lowest NAIC complaint ratio in Louisiana is Louisiana Farm Bureau in 0.06 while Maison has the highest NAIC complaint ratio in 2.23.
| Louisiana Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Louisiana Farm Bureau Ratings for Condo Insurance in Louisiana | N/A | 0.06 |
| ASI Lloyds Ratings for Condo Insurance in Louisiana | N/A | 0.32 |
| State Farm Ratings for Condo Insurance in Louisiana | 3/5 | 0.57 |
| USAA Ratings for Condo Insurance in Louisiana | 5/5 | 0.58 |
| Gulfstream P&C Ratings for Condo Insurance in Louisiana | N/A | 0.61 |
| UPC Ratings for Condo Insurance in Louisiana | N/A | 0.91 |
| Allstate Ratings for Condo Insurance in Louisiana | 3/5 | 1.14 |
| Lighthouse Property Insurance Corp Ratings for Condo Insurance in Louisiana | N/A | 1.98 |
| Maison Ratings for Condo Insurance in Louisiana | N/A | 2.23 |
Louisiana Condo Insurance Requirements
Under the Condominium Law a condo unit owner in Louisiana is allowed to obtain insurance for their own advantage, but is not required to do so. The Act says that if in the time of loss the device owner has an insurance plan that covers exactly the danger as the coverage of the institution , then the institutions ' policy will take precedence and provide the insurance that is key. Louisiana law demands condominium associations acquire insurance for the condominium construction as a whole. But, condo unit owners might want to consider buying insurance policies to cover any developments that they personally install, their accountability, their possessions, or any loss or event not covered by the coverage of the institution .
What's Covered with Your Condo Insurance in Louisiana
When browsing for the condo insurance policy, everything you'll notice is that the majority of condo insurance providers at Louisiana will provide regular coverage which may include construction property policy, personal property policy, loss of use coverage and liability policy. Building property policy protects you financially from damage to the interior of your condo (walls, floors, tiles) and loss of permanent fixtures caused by a covered event, such as fire. Personal property policy protects your personal belongings, such as clothing, and furniture, electronic equipment, which are lost because of a covered event. With liability policy, if you're held accountable for physical harm or property damage afterward liability policy provides financial protection for you. Usually a condo insurance plan from Louisiana insures $100,000 in liability damages. With lack of use policy: If your condo in Louisiana becomes uninhabitable and you want to reside outside of your condo because of a covered event and are paying more than you would living on your condo then this attribute will cover you for the higher living expenses.
| Average Costs of Condo Insurance in Louisiana by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Orleans Parish, LA | $115.00 | $1,381.00 |
| East Baton Rouge Parish, LA | $51.50 | $617.25 |
| Caddo Parish, LA | $50.00 | $595.00 |
| Lafayette Parish, LA | $57.00 | $687.67 |
| Calcasieu Parish, LA | $65.50 | $780.50 |
| Jefferson Parish, LA | $110.00 | $1,319.50 |
| Bossier Parish, LA | $49.00 | $589.00 |
| Rapides Parish, LA | $46.50 | $559.50 |
| Ouachita Parish, LA | $51.00 | $609.00 |
| St. Tammany Parish, LA | $74.00 | $890.00 |
| Terrebonne Parish, LA | $82.00 | $979.00 |
| Iberia Parish, LA | $65.00 | $782.00 |
| St. Landry Parish, LA | $53.00 | $637.00 |
| Lincoln Parish, LA | $49.00 | $592.00 |
| Tangipahoa Parish, LA | $58.00 | $692.00 |
| Natchitoches Parish, LA | $53.00 | $641.00 |
| Lafourche Parish, LA | $77.00 | $926.00 |
| Acadia Parish, LA | $58.00 | $693.00 |
| Vermilion Parish, LA | $78.00 | $931.00 |
| Webster Parish, LA | $51.00 | $607.00 |
| Washington Parish, LA | $60.00 | $718.00 |
| St. Mary Parish, LA | $90.00 | $1,085.00 |
| Ascension Parish, LA | $59.00 | $707.00 |
| Beauregard Parish, LA | $51.00 | $618.00 |
| Morehouse Parish, LA | $52.00 | $621.00 |
| Livingston Parish, LA | $53.00 | $640.00 |
How to Get Louisiana Condo Insurance Discounts
Each insurance company at Louisiana has its very own reduction or dedication program. So make certain that while you're shopping around for a condo insurance quotation which you ask about any discounts which may be available for your family or you. Usually, there are quite a few discounts offered on Louisiana condo insurance policies. Couple for are bundled and multi-policy discounts client discounts, loyalty discounts and paid-in-full discounts.
| Condo Insurance Deductible | Average Louisiana Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $192 |
| $1,000 | $180 |
| $1,500 | $176 |
| $2,000 | $166 |
| $5,000 | $151 |
Getting the Best Louisiana Condo Insurance Rates
Shopping around is key to determining if sufficient savings are available to your Louisiana condo insurance plan. All you need to do is telephone us and determine if any other insurance companies can beat what you are paying. You might be amazed. You can ask a friend to consult with their condo insurance policy provider which may produce a referral reduction. It's possible to increase because the higher your deductible, the lower the price of your insuranceplan. However, make sure that your deductible is not too high because in the event of a loss you're responsible for paying any sum up. See as insurers offer discounts to clients bundle insurance policies with 25, whether you can bundle multiple types of insurance policies with your provider. For instance, consult the provider of your car insurance and see if they can reduce your premium if you buy condo insurance from them also. They may provide longevity reductions for long-time clients, if you stay with the insurer for decades afterward. A few of these discounts may save you around 10% on your premiums. Pay attention and keep it high as insurance suppliers take that into consideration when picking your condo insurance policy premium. Increase it or keep it high to find a reduced insurance premium.