Louisiana Renters Insurance
Renters insurance in Louisiana covers property damage and personal liability, but you may need specialty coverage for wind storms or hurricanes.
Written by Bellina Gaskey
Reviewed by Melanie Reiff
Renters insurance in
Louisiana
costs an average of $160 per year, which is nearly identical to the national average. It’s always a smart idea to invest in renters insurance, as it covers property damage, loss of use, personal liability, and medical payments.Renting an apartment or house doesn’t come with the liability that owning a property does, but that doesn't mean that you should skip out on insuring your possessions. Renters insurance is a low-cost way to get the protection your items and wallet need in case the unexpected happens.
Here’s how
renters insurance
works, what’s covered (or not), and how to craft a policy that fits your needs in Louisiana, brought to you by the car insurance
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What is renters insurance?
A renters insurance policy provides protection in case your property is damaged, vandalized, or stolen, or you face legal fees for an incident that occurs in your living space. The typical renters policy has four basic types of coverage:
- Property coverage (Coverage C): Pays for the current value or replacement cost of items damaged or destroyed by a peril named in the policy.
- Loss of use coverage (Coverage D): Covers additional living expenses, such as hotel fees, in the event your rental space becomes uninhabitable.
- Personal liability (Coverage E): Pays for any attorney fees or court-mandated payouts you owe due to an injury or property damage that occurs in your living space.
- Medical payments (Coverage F): Covers the cost of medical expenses if someone gets hurt on your property.
Oftentimes, your landlord will require you to carry $300,000 or $500,000 in liability coverage, but you may be able to opt for a lower amount.
Take an inventory of your personal belongings to estimate how much property coverage you will need. Think about furniture, electronics, and any art in your place.
What does renters insurance cover?
Take note that only hazards explicitly named or described will be covered by your renters insurance policy. The list can vary from state to state, but you’ll typically see:
- Fire
- Theft
- Frozen plumbing
- Windstorm
- Vandalism
- Hail
- Lightning
- Impact by a vehicle
- Falling objects
- Explosion
Make sure to give your policy a thorough read-through before you sign your contract. If something’s not named on the policy, you won’t be able to file a claim for it.
Windstorm coverage may seem sufficient for when tropical storms roll around, but coastal Louisiana residents will want to add specialty coverage for hurricanes to make sure their assets are covered.
Additionally, flood insurance (whether the flood stems from outside or inside the home) is not typically covered.
What does renters insurance not cover?
Renters insurance covers quite a few situations—but certainly not everything. You can expect the following things not to be protected by a renters policy:
- Work-related items. If you work or run a business out of your home, this insurance won’t protect any special equipment you use.
- Valuables. Family heirlooms, antiques, and collectibles may need their own coverage.
- Your car. You’ll needauto insuranceto protect your car, even if it’s parked on the rental property. (The state of Louisiana requires you to carry a certain amount of car insurance, so you should already have a policy.)
Key Takeaway Beyond protecting your physical assets, renters insurance will pay for your legal fees if an incident occurs where you live.
Is renters insurance required in Louisiana?
Louisiana does not require renters insurance for all tenants. However, your landlord may require it as a condition of residence.
Even if it’s not required, it’s always recommended that you purchase a renters policy. The average cost in Louisiana breaks down to $13 per month (think two or three coffees from your favorite chain)—a small price to pay for big-time payouts in case the unthinkable happens.
How to build a Louisiana renters insurance policy
To get an idea of what kind of coverage you need, start by taking an inventory of all the items in your home. Go room-to-room and make a note of the following:
- Quantity
- Purchase date
- Purchase price
- Brand number
- Serial number (if available)
Pro Tip Be as specific as possible when writing down your items. “Blue bag” won’t do you any good if you’re trying to insure a “blue leather Gucci bag with gold chain.”
Make sure to take photos of your items to give to the insurer if you have to file a claim. This will make it easier to conduct an appraisal and ensure you get the right payout for your belongings.
Then, choose a personal liability limit. Remember, this will help you pay in case someone gets hurt by something in your house, including an injury caused by a pet. Landlords often require $300,000 or $500,000. You may be able to choose a lower limit, like $100,000.
Think about hurricanes. Wind damage may or may not be included in a Louisiana renters insurance policy because it’s such a common (and expensive) hazard in the Bayou State.
Actual cash value vs. replacement cost
There are two basic types of renters insurance policies: actual cash value (ACV) and replacement cost plans. ACV entitles you only to the value of the item at the time it was destroyed, while replacement cost will give you how much you’d need to buy a new one.
If you bought a couch for $2,000, but it has depreciated to $500, an ACV policy would only give you $500 if the couch was damaged due to a named peril. A replacement cost policy would give you the full $2,000.
The choice may seem simple, but a replacement cost policy will be significantly more expensive than an actual cash value plan. Some landlords may require you to purchase a plan that covers at least 80% of property replacement costs.
How to find cheap renters and car insurance
Renters insurance
is already relatively cheap, and the good news is that there are many ways to make it even more affordable—especially bundling renters with auto insurance. Bundling more than one insurance product with the same provider can save you 5% to 25% on both. If your car insurance is roughly $300 or more each month, bundling might even discount you the entire cost of a renters policy!
This all sounds great, but where do you start? Just download
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Is renters insurance worth it?
Renters insurance is always worth buying into. It covers property damage, loss of use, personal liability, and medical payments to spare you expensive bills in the case of an emergency.
What is the average cost of renters insurance in Louisiana?
While the exact number fluctuates depending on market conditions, the average annual cost of a Louisiana renters policy is $160. This is nearly identical to the national average of $159.
You could save 15% or more on renters insurance by bundling
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