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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 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....
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