While Louisiana had a very high per capita flood-insurance coverage in comparison to other states, it also leads the nation in flood damage events. This is why Jim Donelon advocates and emphasizes that everyone obtains flood insurance, even if it might appear that your property is at low risk.
According to Donelon, the flood in March resulted in 5,000 claims being filed by policyholders of the national flood insurance program with an average payment of fifty-three thousand dollars for each of those claims. You other options are to file as an underinsured or uninsured through FEMA but the average amount you can recover is substantially less.
Also, Donelon said, you can apply for SBA loan but this could result in a your property being mortgaged, eating into your equity.
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