Louisiana Flood Insurance

Just talk to a friend who bought a house after Hurricane Katrina did not flood in Katrina-affected area of insurance was $ 1,200 / year. Now, prices are $ 4,500 / company coverage even in the same year. No fee. What is the problem? How can they do that? Flood Insurance covers if the house floods. So why the rates so high?

What everyone pays in Louisiana and in what part of Louisiana are you?

I'm looking to buy a house but can not afford $ 375 per month just for insurance.

The deal is, everyone is trying to file claims wind. Because the majority of people on the Gulf Coast are not insured against flooding, it is the only way they could hope to get money.

Insurance companies have begun to challenge these claims. To say the damage is due to the flood, not wind. The courts have now begun to mandate insurance companies to pay even some claims that have been damaged by floods blatantly.

Insurance companies are terrified that if another disaster like this hit, they would be to fit the law regardless of any exclusion (floods) that have their owner's policies. So to defend themselves from potential bankruptcy, they started to leave the area all together. Your insurance premium is very high, because frankly, they do not want your business. It's too risky for them, Thank you for your local court system.

Sorry, can not answer your question but I wanted consistency with good luck. The same thing happens here in Florida, and although the government seems powerless State to do anything about. Heard a guy for $ 75,000 of coverage is to pay $ 1,800 per year and is just for mobile home, another was $ 125,000 she paid $ 4,000!

Good luck!

Well, the house that might not have been a request, but in general there were tons of any claim in LA! In addition, there are tons of lawsuits pending, and jurors began to hold regular homeowners insurance policies responsible for damages, even if flooding is excluded! Thus, firms have to raise rates to cover claims.

Insurance is all about sharing losses. So if a guy has a loss of $ 100,000, and 99 other guys are not, each can expect rates to go up to $ 1,000 to cover the losses.

The consoliation only - it's worse in Florida.