Over $115M in Federal Flood Insurance Paid in Louisiana for 2020 Hurricanes
As of Feb. 1, the National Flood Insurance Program (NFIP) has paid out more than $115 million in flood claims in Louisiana in response to the 2020 hurricane season. That figure is up from the $110 million in NFIP payments reported in mid-January.
FEMA reported that 35% of Louisiana NFIP flooding claims came from policyholders in moderate to low-risk flood zones.
The federal emergency assistance agency is reminding property and business owners, as well as renters in moderate- to low-risk areas, of the availability of lower-cost flood insurance known known as Preferred Risk Policies (PRPs).
A single-family residential building can be insured up to $250,000 and its contents up to $100,000. Flood insurance for renters can cover contents up to $100,000. Non-residential property owners can insure their buildings up to $500,000 and contents up to $500,000.
While many people receive information about flood risk when they buy homes, potential tenants are not always alert to flood risk when they are looking for a home. Most renters are not given any information about flood dangers when they look at properties. Just a few inches of water in a house can cause thousands of dollars in damage.
Tenants are less likely than homeowners to have adequate insurance, FEMA said.