Read the transcript by clicking on the CC (Closed Caption) on the below video.
Louisiana is one of the nation’s leading states whose property owners have purchased flood insurance. However, the state is also one of the wettest as it seems to flood here heavier with major storms or related incidents such as Katrina, Isaac, and the most recent inundations hitting Louisiana two weeks ago.
Unfortunately, for many reasons, not all property owners have availed themselves of the opportunity to obtain this federally-subsidized program.
Which, for those who were not insured, they might find matters much more worrisome as they try to pick up their lives’ pieces as much of their properties might still be strewn on the sidewalks and streets.
So, who should get flood insurance? Are you legally obligated? Might it depend on upon whether your property is mortgaged or not? Do insurance agents and brokers obligated to offer flood insurance just as they must do with Underinsurance/uninsured motor insurance when they sell an automobile liability policy?
These were some of the issues discussed in part 2 of a Facebook Live Interview I held with Commissioner Donelon on Wednesday.
So, for those wondering if you are legally obligated to obtain this type of insurance, the answer, in general, you are not. Being flood-risk prone and having a federally-backed mortgage are major considerations.
In the video interview below, Donelon provides some very useful information about the flood insurance obligations and processes.
Perhaps the most important message the Insurance Commissioner has provided both during the interview and many times in the past, is thus:
“I tell everybody all over the state, in a statewide tour I do at the beginning of hurricane season every year that it's the best insurance buy any property owner anywhere in the state of Louisiana can make. These significantly subsidized National Flood Insurance Program benefiting our state more than any other state in America in the last 35 years. Louisiana policyholders have collected sixteen billion dollars from the National Flood Insurance Program… it truly is the best insurance buy a property owner can make in our state from Shreveport to Grand Isle from Monroe to Holly Beach, no matter where located”.
PART 3 TOMORROW