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 as those without Louisiana flood insurance. In the case of the current devastating flooding, that will mean a great deal of assistance. Recent estimates suggest that about 40,000 buildings have been damaged or destroyed by the floodwaters that rushed into many parts of the state over the weekend. As many of the homes have never experienced flooding before, homeowners in these areas are widely uninsured. As a result, there will be a large many who may face serious financial hardships.
There are a dozen parishes that will be relying on Louisiana flood insurance or alternative assistance.
The Federal Emergency Management Agency (FEMA) has been urging residents of those parishes to apply for assistance. If they are eligible, they may receive federal aid, which could make all the difference to the uninsured. It is estimated that 80 percent of state residents do not have flood coverage in their homeowners insurance. Without it, their home insurance policies will not protect them against any damage done by the water.
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Twelve parishes have now received disaster relief designation, says the Associated Press. So far, approximately 40,000 people have registered to receive help. Insurance Commissioner Jim Donelon said many of those affected by these floods were still trying to recover from previous flooding. It is too early to know precisely how many homes and businesses have been damaged or destroyed. That said, there are many that could not have obtained flood insurance as they were in the process of rebuilding after the March floodwaters.
When the water recedes, those with and without Louisiana flood insurance will need to return home again to assess the damage. Only then will they know what rebuilding opportunities are available to them.