Louisiana Coast with Jimmy Fredrick

Thursday, 01 September 2016 10:55
Donelon: La. has very high participation, yet 12% of Baton Rouge, 14% Lafayette are flood uninsured
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flood laAccording to Louisiana Commissioner of Insurance, Jim Donelon, based upon available numbers, only 12% of the residents within the city limits of Baton Rouge and only 14% of the residents of Lafayette, had flood insurance prior to the most recent water catastrophe last month.

How can this be?  Even before the two major floods events of 2016 including Hurricane Katrina, Tropical Storm Isaac, Louisiana, at times, has been so water-logged that a state should be on its guard, everywhere, always. 

However, despite the known and unknown risks, Louisiana has a very good record for flood insurance policy participation, per capita speaking.  Unfortunately, given the high participation rate, Louisiana still suffers due to acts of mother nature, out of our control.  

 

 

Commissioner of Insurance Jim Donelon and I discussed these issues during a Facebook Live Interview, Wednesday afternoon.

Hurricanes Katrina flooded much of Southeast Louisiana, due in part to levee breakings human errors. 

According to Donelon, when Hurricane Katrina struck in 2005, Louisiana had 364,490 policies in place.  That number increased over the ensuing years and grew to 490,000 in the years 2008 or 2009.  Since then, due to high costs of insurances and the ability to buy them, as well as other factors, such as certain properties not being required to be flood-one protected, the number has dropped slightly.

By comparison, Florida which is the most targeted hurricane zone has over two million, Texas holding a half-million.  But, on a per capita basis, Florida and Louisiana are the highest. 

The city with the lowest flood insurance participation is Shreveport at 5%.

“But the most participation is in the City of New Orleans, the most affected by Katrina and a bunch of other so-called 100-year-storms, starting in 1979 and happening about every five years up to and through the Katrina catastrophe”, said Donelon.  “The participation in New Orleans is 39 percent”. 

Based upon flood insurance information, it appears that in Baton Rouge and Lafayette floods, impacted recently, Donelon said he is told it will be the fourth worst event experience in the history of the federal flood insurance program.   Currently, Katrina ranks number one, Hurricane Sandy is second, then Tropical Storm Isaac of 2012 is 3rd followed by this year’s Baton Rouge-Lafayette floods.

While Louisiana ranks very high in terms of flood insurance policies per capita, within Baton Rouge, city limits, only 12% of the residents were insured for flood and in Lafayette, that number was 14%.   

CLICK ON THE CC (CLOSED CAPTION ON THE ABOVE VIDEO TO READ THE TRANSCRIPT)

Last modified on Thursday, 01 September 2016 11:48
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