Louisiana Flood Insurance
Why do I need flood insurance?
Flooding is the most common natural disaster in the United States. It can happen to anyone at any time, and the financial impact can be devastating. Louisiana residents know all too well the risk of flooding and the damages it can cause. The state is the largest recipient of funds from the National Flood Insurance Program, which aims to reduce the impact of flooding on homeowners, business owners, and renters. Still, many Louisiana residents who should have flood insurance choose to go without, losing everything when a heavy storm blows in. Remember, anywhere it rains is at risk of flooding, so it is important to be proactive about protecting your property with a flood insurance policy.
Will homeowners' insurance cover flooding?
It is a common misconception that homeowners' insurance policies cover damages incurred from flood events. Homeowners' insurance policies generally do not cover damage related to floods. Floods associated with heavy rains, tropical storms, hurricanes, and other conditions have left property owners to bear the full financial brunt of losses. As little as one inch of floodwater can cause thousands of dollars' worth of damages.
Am I required to have flood insurance in Louisiana?
Federal law requires property owners to have flood insurance for buildings in high-risk flood zones as a condition of receiving a mortgage from a federally regulated or insured lender. Many Louisiana properties are in high-risk flood areas. Additionally, flood zones can change over time, so it is crucial to stay up-to-date regarding your risk. A mortgage lender may also require you to buy flood insurance if your property is in a moderate-to-low risk area, as roughly 1 in 4 flood claims comes from these areas. An experienced insurance agent from Atlas Insurance Group can help you determine whether you need flood insurance.
How do I buy flood insurance?
Flood insurance policies can include building coverage, contents coverage (the items inside your home/business), and replacement cost coverage (the cost to replace your home). Please contact Atlas Insurance Group in Louisiana to learn more about the different types of coverage and how to purchase flood insurance. Our insurance specialists are knowledgeable about flood insurance and current legislation, and can help you navigate the complexities of flood insurance.
Remember, there is a 30-day waiting period between purchasing a flood policy and the date the policy goes into effect. Please don't hesitate to call or visit our office to receive a complimentary consultation.