Mayor Mitch Landrieu of New Orleans announced that roughly half of the city’s properties would see a significant drop in their flood insurance costs later this year.
Using a homeowner who pays about $960 yearly as an example, Landrieu said that the policyholder should see savings of about $460 with the reductions.
Estimates by city officials suggest that 53% out of 85,000 insurance policies would enjoy the slash in costs.
According to ABC News, the mayor’s statements followed the March 30 release of new federal maps by the Federal Emergency Management Agency (FEMA) that have revealed a less vulnerable New Orleans, especially when compared to more than a decade ago when Hurricane Katrina struck the region. The maps go into effect this October, with the corresponding reductions following suit.
The Army Corps of Engineers has invested more than $14.6 billion in developing and improving the city’s flood mitigation systems since Katrina.
