Do you live in Louisiana? If so, it’s important to know about Flood Insurance. Louisiana is prone to flooding and this puts homeowners at risk of losing everything they own. Flooding can happen when the rivers overflow their banks or during a storm that dumps too much water on the area all at once, like Hurricane Katrina. This blog post will teach you about how cost works and coverage for flood insurance in Louisiana as well as where to get your policy!
Do You Need Flood Insurance in Louisiana?
If you live in Louisiana, it’s likely that you don’t have flood insurance. According to FEMA, only 20% of homeowners in the state carry it. In 2016 alone, more than 15,000 claims were made to the National Flood Insurance Program (NFIP) by people living outside high-risk zones. What’s worse is that these claims totaled $1 billion! That means that a lot of Louisianans are going without protection against floods when they really need it.
Louisiana Flood Insurance Coverage
What is and isn’t covered in your home can be a confusing topic. This guide will help you understand what’s required by the NFIP for coverage, as well as what homeowners insurance might cover that the NFIP doesn’t.
If you’re looking to buy flood insurance through the National Flood Insurance Program (NFIP), it can seem like a lot of information to take in all at once. The good news is that there are many resources available for helping you understand how flood insurance works and whether or not it’s right for you.
Whether this is your first time purchasing flood insurance or if you’ve had coverage before, understanding exactly what type of damage is covered under certain situations can be tricky to decipher on your own. Let me help! To learn more about Louisiana residents’ options when it comes to protecting their property from flooding, continue reading below!
NFIP flood insurance is a must for any household. This type of plan covers electrical and plumbing systems, furnaces and water heaters, as well as your fridge or dishwasher if it’s been permanently installed in the home. The list also includes carpeting that has been installed onsite; cabinets built into walls, paneling with shelves that come pre-installed to surround you when you walk through room doors–these are all covered items!
The NFIP flood insurance covers all of your belongings, even items not insured under a home owners policy. It will cover up to $2,500 in valuable articles such as original artwork and furs (which are excluded from building coverage).
The National Flood Insurance Program has you covered with the following: personal possessions like clothing, furniture and electronics; curtains; washer/dryer set-up; portable air conditioners & window units – just keep in mind that carpets installed over wood floors aren’t included.; finally anything worth more than $2500 can be protected by obtaining additional supplemental protection through private insurers or other sources.
What isn’t covered in Louisiana by flood insurance?
Did you know that your car, precious metals and jewels are not covered by flood insurance? You may also be surprised to learn that the property outside of your home like a pool or garden is not covered either. And don’t forget about anything damaged from moisture, mildew or rot as well as items damaged from earth movement (like sinkholes). But most importantly: Flood insurance does not reimburse for loss of use, living expenses nor business losses due to flooding!
Cost of Flood Insurance in Louisiana
Flood insurance in Louisiana can be a tricky investment. It’s an important safety net for your loved ones in the event of damage or destruction to their home, but flood zones and requirements vary from region to region. The average cost of NFIP flood insurance is $726 per year. However, many factors go into calculating these averages, so prices can range drastically depending on where you live and what coverage type you need. For instance, residents in Denham Springs may pay up to three times as much as those living in St. Bernard Parish due to higher risk zones with greater regulations.”
So take a look at the average rates for Louisiana’s Flood Insurance, and find out who is cheapest!
|Rank||City||Po0licies in Force||Average Coverage Amount||Average Annual Premium|
|15||Plaquemines Parish (unincorporated areas)||5,322||$293,923||$766|
|13||St. John the Baptist Parish (unincorporated areas)||701400%||$283,686||$730|
|11||Jefferson Parish (unincorporated areas)||85,670||$270,294||$685|
|10||Ascension Parish (unincorporated areas)||13,813||$255,183||$642|
|7||Lafourche Parish (unincorporated areas)||11,306||$239,977||$619|
|5||St. Charles Parish (unincorporated areas)||1176500%||$300,852||$593|
|1||St. Bernard Parish (unincorporated areas)||10,905||$291,069||$527|
How Are Flood Insurance Rates Set?
Flood insurance in Louisiana can be costly and confusing. But there are some ways you might save money on your premiums, like by knowing the factors that affect them! What are factors that can impact your flood insurance rates? Location is the most important factor because it will determine if you live in a high or low risk area. For example, living near the ocean would mean higher risks due to tides and storms. Other key factors include elevation over sea level (elevated houses have lower premiums), height of lowest floor, distance from body of water like rivers which often pose greater dangers than lakes do; whether there’s access to basement for flooding protection- e.g., levees-, coverage levels (homeowners need enough coverage not just contents) and deductible amounts (higher deductibles lead to more savings).
How to Get Flood Insurance in Louisiana
To protect your home from the devastation of flood, it is important to contact a local Louisiana insurance agent. Floods do not discriminate based on age or income level and can be devastating for any homeowners living in an area with at risk properties. They will help you decide on coverage levels and provide you with a quote that may vary depending upon how high above water your house sits. The main difference between getting flood insurance versus other types are that the prices are set by federal government guidelines so they remain consistent throughout various regions within Louisiana!
After doing research on how to get flood insurance, it only takes a few minutes and you can apply for your plan online.
You don’t need multiple quotes or any additional documents if you want NFIP-sponsored flood insurance because they usually have a 30 day waiting period before coverage starts (unless there’s an immediate threat). If the rainy season in Louisiana is something that worries you then make sure to buy your policy ahead of time so that when summer rolls around we’re all ready!
If you are looking for a more specific form of flood insurance coverage, such as higher levels or if your mortgage lender does not accept private policies then inputting into the NFIP is not an option. In this case it would be wise to search for private insurers and compare rates with other companies.