NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans
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In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

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Thousands without Louisiana flood insurance risk financial devastation

hurricane flood insurance

Uninsured residents may face overwhelming losses as a result of the rising floodwaters in the state. Thousands of people who don’t have Louisiana flood insurance are now risking considerable financial losses. While they aren’t without any assistance, the lack of coverage will mean significant out of pocket expenses. Many of the people whose houses are underwater have never had the slightest problem with flooding before. FEMA and other organizations will be prepared to provide a certain amount of assistance to the uninsured. These organizations are designed to help people such…

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Commissioner Donelon seeks extension on deadline for flood insurance claims

flood insurance louisiana new orleans

Commissioner petitions FEMA to extend insurance claims filing period Louisiana Insurance Commissioner Jim Donelon is petitioning the Federal Emergency Management Agency (FEMA) to extend the deadline for homeowners to submit flood insurance claims. The vast majority of homeowners in the state receive their flood protection from the National Flood Insurance Program and per the provisions of the program these people are required to submit proof of loss forms within 60 days after a flood. This may be a problem for homeowners, however, as many have reported needing more time to…

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Flood insurance becomes a powerful political tool in Louisiana

flood insurance premiums storm news

Lawmakers are beginning to use insurance as a way to sway voters Flood insurance is beginning to become a political platform in the U.S. It has been several months since Congress took action on the cost of flood protection, introducing new rules that delay rate hikes for a time. This has provided some homeowners with a reprieve from higher insurance rates, but coverage will eventually become significantly more expensive, especially as flood maps continue to be redrawn. Politicians are now beginning to use this issue to their advantage. Senator is…

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Flood insurance is making a large political splash

Senator Mary Landrieu flood insurance

As the Louisiana Senate race heats up, the premiums being paid by homeowners have become a hot topic. It’s no mystery that flood insurance premiums have been a serious challenge for homeowners in Louisiana, and now the subject has found its place, front and center, in the state’s Senate race. The subject was brought up right at the very start by Senator Mary Landrieu (D), who has continued this push. Senator Landrieu has taken her place at the head of the charge in the effort to hold back the considerable…

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Louisiana flood insurance hurts the state’s rank in “best-run states”

Louisiana Flood Insurance

However, a recent bill to delay the increases to the rates for this coverage could help. A recent survey conducted by a online website for financial news has taken the Louisiana flood insurance rate struggles into account among other issues faced by the state, and has slapped it with a ranking of a lousy 44th place when determining the “best-run states”. The site that ran the survey did admit that when it came to rating, it was “difficult to objectively assess”. At the same time, that website also said that…

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Flood insurance rates battle now includes another state

flood homeowners insurance rates

Mississippi has been trying to combat the federal plans to boost the price of coverage. The intentions to increase federal flood insurance rates is currently being challenged by Mississippi, and that state is far from being alone as Louisiana, its neighbor, has now joined the others in this legal action to try to keep the cost at an affordable level. The original lawsuit was filed by Mississippi in an attempt to stop increases at the start of October. The National Flood Insurance Program (NFIP) had announced that premiums for most…

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