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Private Flood Insurance--Louisiana
Posted on 10/26/16 at 10:16 am
Posted on 10/26/16 at 10:16 am
Does anyone have any experience with private flood insurance in La? Can it really save you money? Are they AAA rated? Who would you recommend?
Any other pros and cons?
Any other pros and cons?
5
Posted on 10/26/16 at 10:42 am to tgrbaitn08
Federal Flood insurance is subsidized by the goverment. It's like wefare that you qualify for. You can buy additional private insurance to cover what the Federal program doesn't cover, but there is no reason to buy insurance other then what the federal goverement offers to their limit.
Posted on 10/26/16 at 10:51 am to tgrbaitn08
350k of coverage (250k building, 100k contents) is $450/year and rates are the same regardless of who writes the policy since its federally backed. (flood zone C)
I cant imagine a private insurer offering anything to compete with that.
I cant imagine a private insurer offering anything to compete with that.
This post was edited on 10/26/16 at 12:24 pm
Posted on 10/26/16 at 11:14 am to tgrbaitn08
I got additional flood insurance to cover the difference and the rate was about the same as the federal rate. The difference is it's not guaranteed so if the company goes bankrupt after a flood your sol.
Posted on 10/26/16 at 12:29 pm to tgrbaitn08
Private Market Flood Insurance
There is a completely privatized flood market insurance offering backed by Lloyd's of London. They are not federally backed in any way but they are considered sufficient as far as mandated flood insurance coverage is concerned.
They are currently not writing policies in Louisiana for obvious reasons.
The Biggert-Waters Flood Insurance Reform Act of 2012 clarifies that private flood insurance meets the flood insurance purchase requirement so long as it covers the same scope of disasters and claims as the NFIP. Private market flood insurance is also required to be accepted by lenders by this same Act.
BWFIRA 2012 Summary
There is a completely privatized flood market insurance offering backed by Lloyd's of London. They are not federally backed in any way but they are considered sufficient as far as mandated flood insurance coverage is concerned.
They are currently not writing policies in Louisiana for obvious reasons.
The Biggert-Waters Flood Insurance Reform Act of 2012 clarifies that private flood insurance meets the flood insurance purchase requirement so long as it covers the same scope of disasters and claims as the NFIP. Private market flood insurance is also required to be accepted by lenders by this same Act.
BWFIRA 2012 Summary
This post was edited on 10/26/16 at 12:34 pm
Posted on 10/26/16 at 2:51 pm to tgrbaitn08
I had flood insurance for the recent flooding. A few hundred bucks a year and I got a check for a lot more than that.
Only problem is the mortgage company putting up miles of red tape for me to get the actual money but once I do it will have been well worth it.
ETA Not in a flood zone and it is NFIP through one of the big insurers.
Only problem is the mortgage company putting up miles of red tape for me to get the actual money but once I do it will have been well worth it.
ETA Not in a flood zone and it is NFIP through one of the big insurers.
This post was edited on 10/26/16 at 2:52 pm
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