Pre-flood rates to prevail in Louisiana

Pre-flood rates to prevail in Louisiana

Pre-flood rates to prevail in Louisiana Pre-flood rates will prevail over flood insurance available to Louisiana homeowners, renters, and businesses, the Federal Emergency Management Agency (FEMA) told reporters.

Further, the government agency said that the destructive floods that followed prolonged rainfall will not inflate flood insurance rates above the scheduled annual increases.

“However, if your home or business was substantially damaged and you are rebuilding, you may need to mitigate your structures (elevate, etc.) to come into compliance with your community floodplain ordinance. It is crucial that you contact your local floodplain administrator to ensure you are in compliance and obtaining the proper building permits,” FEMA said.

In addition, the recent flooding still does not require mandatory coverage, the agency explained.
“Properties that were not required to have flood insurance by the mortgage lender prior to the floods may not be required to carry it when they are rebuilt. It is important to understand that even if the lender is not requiring flood insurance, it is still available to purchase,” FEMA explained.