Flood insurance premiums in parts of Louisiana are about to skyrocket

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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.

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a house in the historically flood-prone Broadmoor section of New Orleans dropped from an eye-popping $8,400 per year to $1,700, said Lee Miller of Brightway Insurance.

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Latter & Blum agent Tammy Whitehead provided documents showing a quote on a policy in the Beau Chene subdivision in Mandeville nearly quadrupling, to $2,250 per year.

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Another Latter & Blum agent, Leslie Cambre, spoke of a $300,000 house in Luling where the premium rose to around $5,300 annually. She estimated it would’ve been less than $600 previously. Any prospective buyer will have to live with “more money going into insurance, less money going into equity.”

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One house in Old Metairie jumped from around $500 to roughly $1,800, said Johnny Beckmann, senior vice president of Assured Partners, who added he has been struggling to follow the logic.

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