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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 10:49 am to PSU2LSU
quote:
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.
none of this makes any sense.
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 10:54 am to The Mick
quote:
500k of coverage is like $450/year and rates are the same regardless of who writes the policy since its federally backed.
I cant imagine a private insurer offering anything to compete with that.
That is what mine is and I agree with you
Posted on 10/26/16 at 10:56 am to Mulat
quote:
That is what mine is and I agree with you
No its not.
Posted on 10/26/16 at 10:58 am to Chad504boy
quote:Explain
No its not.
Posted on 10/26/16 at 11:00 am to The Mick
250k building and 100k contents equals 350k coverage, not 500k
Posted on 10/26/16 at 11:02 am to Chad504boy
Gotcha, yea I'm looking at it now. I guess 250/100 is the max and its $450/year. Must have been thinking about homeowners (coverage not cost).
Posted on 10/26/16 at 11:02 am to The Mick
quote:
500k of coverage is like $450/year and rates are the same regardless of who writes the policy since its federally backed.
not where i live
Posted on 10/26/16 at 11:03 am to tgrbaitn08
What flood zone are you in?
Posted on 10/26/16 at 11:05 am to The Mick
AE, my rates have tripled in 6 years.....I'm looking for options other than FEMA, someone suggested that I look into private flood, not even sure if I would qualify.
Posted on 10/26/16 at 11:07 am to tgrbaitn08
Gotcha.. good luck with it
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 11:18 am to OysterPoBoy
I just dont understand how they can dump Billions and Billions of dollars into flood protection, levees, flood walls, state of the art pump stations with some of the biggest pumps in the world, then tell us it will never happen again, therefor putting me at lesser risk but I'm paying triple what I was paying when my risk was much higher.......it just boggles my mind
Posted on 10/26/16 at 11:29 am to OysterPoBoy
Sounds illegal.
Posted on 10/26/16 at 11:37 am to windmill
I'm not sure. I just know I had to sign something saying I understood this was not federally guaranteed insurance. I'm sure you would have some recourse it would just have to go through the courts.
Posted on 10/26/16 at 12:00 pm to OysterPoBoy
You bought an excess insurance policy. Those are offered mostly in preferred flood zones.
Posted on 10/26/16 at 12:15 pm to The Mick
This is what I pay, but you need to stipulate that this rare is flood zone X. Ifflood zone AE, it will be much higher
Posted on 10/26/16 at 12:25 pm to The Mick
quote:
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.
I cant imagine a private insurer offering anything to compete with that.
You live in a flood zone? Appears not so.
Fed Flood Insurance for those properties in a flood zone are usually much higher. Many are looking at the private insurance market for help. If you do so, make sure your financial institution accepts private flood insurance. They are encouraged to do so but not required.
And as for those low rates for non flood zone properties, that may change in 2017.
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