FEMA: Despite historic flooding, insurance rates to remain unchanged

FEMA: Despite historic flooding, insurance rates to remain unchanged

BATON ROUGE, LA (WAFB) - FEMA has announced that despite the worst flooding in recent Louisiana history, flood insurance will continue to be available to homeowners, renters, and businesses at pre-flood prices.

The August flooding will not trigger remapping of flood zones or changes in base flood elevations. This includes remapping efforts that have been underway for several years in six of the designated parishes. Revisions of Flood Insurance Rate Maps (FIRM) and Base Flood Elevations (BFE) in those parishes will continue based on data compiled prior to the latest flood.

If your home or business was substantially damaged by the recent flooding and you are rebuilding, you may need to mitigate your structures to come into compliance with your community floodplain. It is crucial you contact your local floodplain administrator to ensure you are in compliance and have the appropriate building permits.

Properties located in a floodplain that have federally-backed mortgages are required by law to be properly insured against flooding. Properties that were not required to have flood insurance by the mortgage lender prior to the August flooding may not be required to carry it when they are rebuilt. Flood insurance is still available for purchase even if not required by the lender.

The National Flood Insurance Program (NFIP) offer two types of coverage: building and contents. Your mortgage lender may only require flood insurance for the structure itself. Building coverage includes the structure and attached items, such as the electrical system and flooring. Content coverage includes personal belongings and furniture.

To find your approximate flood insurance costs and the risk level for your area, visit www.FloodSmart.gov. For an actual quote on a specific property, contact your insurance agent. Policies can be written be authorized insurance agencies. They are underwritten by the NFIP and are administered by FEMA.

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