Flood Insurance Premiums In Louisiana Projected To More Than Double In Next 10 Years

[hatrack]

Sweeping changes to the nation’s flood insurance program are expected to produce phased-in increases of more than 129% for around half of Louisiana policyholders, an analysis of FEMA data shows, while about one in 10 could see premiums jump by more than four times their current amount.

The rate increases would be phased in slowly over multiple years because program rules limit price hikes to 18% annually. Around a fifth of Louisiana policyholders deemed to have been paying too much are expected to see one-time decreases averaging about $960 under the ambitious remaking of the National Flood Insurance Program, known as Risk Rating 2.0. These numbers were determined through an analysis by The Times-Picayune | The Advocate based off data released by FEMA, which oversees the program and began rolling it out for new policies on Oct. 1. Renewals must be calculated with the new model beginning April 1.

The figures are only projections and subject to change, but they provide the most complete look so far of the impact Louisiana could see under the new system. The flood insurance program is of vital importance here: Louisianans have by far the highest participation rate in the program of any state. The state also accounts for a disproportionate share of claims.

EDIT

https://www.theadvocate.com/baton_rouge/news/article_695638f4-8608-11ec-bbdf-0f71c130fc68.html

[bottomofthehill]

1. And that's what insurance does.

Rated the risk, reevaluated the cost based on the risk and charges those in the highest risk area the most money. Makes sense to me. It’s expensive to live on the water.

[mountain grammy]

2. guess I should be relieved our fire insurance

only went up by 25% Paying over $100/month now.