Protect What You Own with Louisiana Renter's Insurance

Louisiana Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Louisiana. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Louisiana and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Louisiana Renters Insurance :

Renter’s insurance is extremely important in Louisiana, especially for those who live near the coast. Due to its location on the Gulf of Mexico, Louisiana experiences a range of severe weather events, including hurricanes, tropical storms, heavy rains, floods, and winds. All renters in Louisiana need an insurance policy to protect themselves and their belongings financially should one of these extreme weather events or other loss occur. Renters insurance can also cover medical payments for liability protection or additional living expense coverage if you are displaced from your home due to a disaster (up to your coverage limits and minus your deductible). 

How Much Does Renters Insurance in Louisiana Cost? 

Many renters are concerned about what renters insurance costs. Unfortunately, renters insurance rates in Louisiana are among the highest in the nation. The average renters insurance premium in Louisiana for 2024 is $253, or about $21 a month. This monthly average cost is about 75% more expensive than the national average of $12 a month, due to the increased risk of severe weather events in the state. The best renters insurance companies will offer renters insurance discounts if you bundle with an existing policy, like car insurance. 

Relatively speaking, however, renter’s insurance is inexpensive across the nation and accessible for almost all renters, even in Louisiana. The small investment each month is well worth the protection and financial security it can offer renters who live in a state with a high risk of severe weather damage. 

What Are the Most Common Claims in Louisiana?

The most common renter’s insurance claims in Louisiana include damage from hurricanes and tropical storms in the later months of the year. Louisiana ranked as the state second most impacted by natural disasters, behind only Mississippi. Due to its propensity for natural disasters, heavy rains and high winds are common and often damage homes, roofs, siding, and personal belongings within homes, which are covered by renters insurance policies.  

Louisiana also had one of the highest burglary rates in the country in 2021, with 571 burglaries occurring for every 100,000 people in the state. According to Neighborhood Scout, residents of Louisiana have a 1 in 36 chance of becoming a victim of a property crime. Due to high rates of property crimes, be sure your renter’s insurance policy includes theft and burglary coverage (plus theft extension coverage if you have particularly valuable items you want to insure, such as jewelry or electronics).  

What Additional Policies Do I Need in Louisiana? 

Louisiana renters also need flood insurance. The state of Louisiana has the highest historical flood risk in the U.S., both by total number of claims filed (362,178) and by total claim dollars spent for flood-related damage ($20,703,307,892.46), according to NFIP data between 1996 and 2019. Flood events are common in the southern part of the state, along coastlines, and near large bodies of water, but flooding can occur anywhere that experiences heavy rains. 

If you live in Louisiana, investing in flood coverage is not only a smart decision, but also necessary. Flood coverage is typically excluded by most renters insurance companies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renter’s Insurance in Louisiana 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.