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re: Private Flood Insurance--Louisiana
Posted on 10/26/16 at 12:29 pm to tgrbaitn08
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
2
Posted on 10/26/16 at 12:34 pm to SpeckledTiger
quote:
They are currently not writing policies in Louisiana for obvious reasons.
Is anyone writing private policies in Louisiana that you are aware of?
Posted on 10/26/16 at 12:39 pm to tgrbaitn08
Not a one. I searched extensively because I had to get insurance in order to close by SBA loan since I didn't have flood insurance. Instead I'm taking it up the arse from the NFIP and paying $1,200/year for only $85k of coverage (I got coverage equal to my loan amount, not the value of the house because I don't have a mortgage)
Posted on 10/26/16 at 1:01 pm to Chad504boy
quote:
You bought an excess insurance policy. Those are offered mostly in preferred flood zones.
It is an excess policy and I'm in zone x. My bad, i didn't realize it was different than op.
Posted on 10/26/16 at 2:33 pm to SpeckledTiger
quote:
They are currently not writing policies in Louisiana for obvious reasons.
I just spoke to them and they are writing policies in La just not in Orleans, Jefferson or St Bernard....
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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