Friday, 02 September 2016 08:42
Donelon cites limited options if Louisiana property has no flood insurance
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NFIP Logo 8 1Let’s say your house has been flooded and you seek assistance from the federal government.  You do not have flood insurance.  Do you have any options?

That is an issue Louisiana Commissioner Jim Donelon and I discussed on Wednesday on our Facebook Live interview.

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.

Watch the video and click on cc (closed caption to obtain the video transcript

Jim Donelon talks flood insurance obligations and why it's "best buy" for Louisiana
Clouds of bad public policies helps Louisiana property insurance rates, to rise

 

Last modified on Friday, 02 September 2016 09:57
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