...Louisiana has the third most premiums with policyholders paying $332.6 million dollars into the NFIP.
Natchitoches, LA (PRWEB) August 04, 2011
Local Louisiana insurance and financial services provider, Cunningham Financial Group, strives to keep their local community educated and up-to-date on current events and coverage-specific news. One coverage area which Cunningham Financial Group has chosen to pay particular attention on is flood insurance.
Beginning earlier this spring Louisiana residents have had to battle flooding from the Mississippi River; in an effort to protect Baton Rouge and New Orleans, the U.S. Army Corps of Engineers opened the Morganza Floodway, sacrificing acres of the Louisiana countryside. With flooding risks high and a history of severe damages, it’s no wonder that according to the National Flood Insurance Program, Louisiana has the third most premiums with policyholders paying $332.6 million dollars into the NFIP.
Many insurers are voicing their concerns over the possibility of eliminating the federal flood insurance. In an amendment proposed by Rep. Candice Miller, R-MICH, the program could be shutdown as of January 2012. The Federal Emergency Management Agency (FEMA) would still be allowed to produce flood maps and assist states in the private sector in the event help is needed. The [amendment to HR 1309 would limit what properties the NFIP could write and move the program in different direction with cost-based pricing. The average policy cost for Louisiana statewide was around $688 with 483,779 policies across the state. The number one state for flood claims is Florida followed by Texas.
Any Louisiana resident knows how prone the entire state is to flooding, so obtaining a policy for Louisiana flood insurance is a necessity. Throughout the state of Louisiana, the Orleans Parish had the highest average flood premiums. The rest of the premiums throughout Louisiana look like this from the NFIP:
Average premium rates from the National Flood Insurance Program for the Louisiana Parishes:
Orleans- average $884.19
Plaquemines- average $761.56
Jefferson- average $727.96
St. Charles- average $676.75
St. John- average $638.10
St. Bernard- average $573.45
St. Tammany- average $553.76
St. James- average $408.07
Have questions about Louisiana flood insurance? Interested in securing this critical policy endorsement today? Contact Cunningham Financial Group today! The expert coverage leaders at Cunningham Financial Group are dedicated to properly educating home and business owners across the state about their risk exposures and how they can best protect their property from flooding risks.
About Cunningham Financial Group:
Proudly located in Natchitoches & Mansfield LA, Cunningham Financial Group is the area’s leading local insurance agency; dedicated to serving the insurance needs of Louisiana individuals, families and businesses for over 75 years. As a well established agency, Cunningham Financial Group represents various nationwide insurance carriers, allowing its dedicated agents to effectively compare rates and coverage to ensure clients receive the quality protection they deserve. The agency’s broad network of providers ensures that they can secure superior Louisiana insurance, and the most affordable online insurance quotes, for all coverage needs.