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New flood insurance program could cause steep rate increases
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Over $115M in Federal Flood Insurance Paid in Louisiana for 2020 Hurricanes February 2, 2021
As of Feb. 1, the National Flood Insurance Program (NFIP) has paid out more than $115 million in flood claims in Louisiana in response to the 2020 hurricane season. That figure is up from the $110 million in NFIP payments reported in mid-January.
FEMA reported that 35% of Louisiana NFIP flooding claims came from policyholders in moderate to low-risk flood zones.
The federal emergency assistance agency is reminding property and business owners, as well as renters in moderate- to low-risk areas, of the availability of lower-cost flood insurance known known as Preferred Risk Policies (PRPs).
One Third Of Flood Claims Came From Moderate/Low-Risk Zones
The National Flood Insurance Program has released information today about the reasons why people should purchase flood insurance to protect their property.
One statistic that is of particular note, according to their press release, is that thirty-five percent of flood claims for 2020 were in areas that are categorized as moderate/low-risk when it comes to designations for flood zones. Most people think they are covered by their homeowners policy, but those policies do not cover flooding.
Depending on where you live or own property, you may be required to buy flood insurance, but in those other areas, it is optional.
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