Our Views: Get insured for floods

The unusually heavy rains across south Louisiana this month have been a timely reminder of the risks of flooding — and the need for homeowners to purchase flood insurance.

Louisiana Commissioner of Insurance Jim Donelon has consistently urged Louisiana residents to buy flood insurance, suggesting that all homeowners secure such policies.

Even homeowners who consider themselves at low risk for flooding should buy policies, Donelon has often said.

“Approximately 35 percent of all flood insurance claims come from low-risk flood zones but only 31 percent of Louisiana residents have flood insurance,” Donelon said last year. “Your insurance agent can assist you in obtaining a flood insurance policy. Flood insurance is the best insurance buy a property owner can make. Every property owner in Louisiana should have it.”

We urge Louisiana residents to take Donelon’s advice. Thanks to federal support, flood insurance is relatively inexpensive, and it can make a big difference when homeowners find themselves facing the unthinkable — a flooded house.

Comments

1) Comment by Whatchange - 17/01/2013

All flood insurance is through FEMA. Yes, you purchase it through your insurance agent but FEMA controls it. When you have to make a claim FEMA determines what you replace and how much you get. I know someone who just went through all of this, he had flood insurance, his home flooded during Issac, the adjusters came out, labeled his home a CTL, wrote up over $75,000 in damages, FEMA said because he only got 2' of water in his home they would only pay to replace the flooring, and lower 2' of sheet rock and insulation. His home sat for over 2 weeks with 2' of water in it, doesn't take a rocket scientist to figure out what it looked liked on the inside. FEMA awarded him $27,000. His insurance company said to get 3 contractors to give him a repair quote, all three contractors came out and all had over $75,000 in repairs, FEMA still shot it all down. All I can say is good luck if you flood. Heck its better to have none, that way you can file with FEMA for not having insurance and they will pay you what you need.

2) Comment by Attila - 16/01/2013

FEMA flood insurance is joke. When I built my home 35 years ago there were no flood maps much less insurance. When the first flood zones were published I wasn't even close to a flood zone. Fast forward 25 years and 4 revisions to the flood maps...each one creeping closer and closer to me. When the finally moved the elevation lines so that after 25 years I was in a flood zone, I attempted to buy flood insurance. The cost was prohibitive. The stated reason is that I did not buy flood insurance when I was not in a flood zone. Hellooo...I am not in a flood zone, but I am supposed to buy flood insurance, and when the feds finally succeed in putting me in a flood zone the cost of the insurance is close to $15 per thousand. My neighbor bought flood insurance a few years before they put us in the flood zone. He paid about $3 per thousand. the response from FEMA was that if I had bought flood insurance when I didn't need it I could have kept the lower rate...our federal government at work....typical.

3) Comment by Ivy - 16/01/2013

What happens when you don't find out you're in a flood zone until it actually floods??? Environmental changes are coming. If historically an area has a 0/100 (no chance) of being impacted by heavy rain, or tornado, etc., then it doesn't mean that they rolled the dice and lost because of poor analysis of risk/benefit...I guess what I am trying to say is insurance should cover ANY eventuality, with differing weights given to different events, then a sum arrived at that is bearable by the insured and profitable for the insurer...

4) Comment by tradewinns - 16/01/2013

if you are in a flood zone and do not have insurance, if flooded, you should be on your own. look at ny/nj right now. i do not know how many of those folks had flood insurance, but most of the damage was due to flood (flood ins. covers water rising-reg. ins. covers water coming down-that's basically the difference). if they didn't have flood ins. they are in a world of hurt. EXCEPT here comes uncle sam with taxpayers money to bail them out. personally i have mixed feelings about it. those in the flood zone shoukld have had flood ins. if not they rolled the dice AND LOST. so what do we do, anything? does the rest of us taxpayers owe them anything?

5) Comment by [e-mail] - 16/01/2013

More insurance, always more and it always goes up. Pretty soon we're bound to hit equiibrium; the law of diminishing returns guarantees it.