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Private Flood Insurance--LouisianaPosted by tgrbaitn08 
on 10/26/16 at 10:23 am
on 10/26/16 at 10:23 am
0
0Does 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?
re: Private Flood Insurance--LouisianaPosted by Chad504boy 
on 10/26/16 at 10:25 am to tgrbaitn08
on 10/26/16 at 10:25 am to tgrbaitn08what flood zone are you in?
re: Private Flood Insurance--LouisianaPosted by Chad504boy on 10/26/16 at 10:39 am to tgrbaitn08
on 10/26/16 at 10:39 am to tgrbaitn08What makes you think there are private options for you?
re: Private Flood Insurance--LouisianaPosted by tgrbaitn08 on 10/26/16 at 11:04 am to Chad504boy
on 10/26/16 at 11:04 am to Chad504boyquote:
What makes you think there are private options for you?
I dont know if there is or not. Someone suggested that I look into because my rates have tripled in 6 years and it's getting ridiculous.
re: Private Flood Insurance--LouisianaPosted by Chad504boy on 10/26/16 at 12:03 pm to tgrbaitn08
on 10/26/16 at 12:03 pm to tgrbaitn08think you're sol. i don't know of any private flood companies writing in non preferred zones.
re: Private Flood Insurance--LouisianaPosted by nugget 
on 10/26/16 at 2:19 pm to tgrbaitn08
on 10/26/16 at 2:19 pm to tgrbaitn08I own an agency in Louisiana and have never heard of private flood insurance. I have tons of different flood insurance companies that I write for but they are all through the NFIP.
re: Private Flood Insurance--LouisianaPosted by Chad504boy on 10/26/16 at 2:29 pm to nugget
on 10/26/16 at 2:29 pm to nuggetquote:
I own an agency in Louisiana and have never heard of private flood insurance. I have tons of different flood insurance companies that I write for but they are all through the NFIP
wright was offering some insured's private ins co options through western world but its all preferred zone stuff.
re: Private Flood Insurance--LouisianaPosted by tgrbaitn08 on 10/26/16 at 2:31 pm to nugget
on 10/26/16 at 2:31 pm to nuggetWell I just got off the phone with this company and they do write private flood policies in Louisiana.....they just arent writing them in Orleans, Jefferson or St Bernard, which doesnt help me. They are backed by Lexington and Loyd's.
They are based out of Gainesville, Fl
LINK
They are based out of Gainesville, Fl
LINK
quote:
The policies are offered by either Lloyd's of London or Lexington Insurance Company, an AIG company. Both company's policies offer the same coverage as FEMA's NFIP policy, both are widely accepted by mortgage lenders nationwide, and both do not require elevation certificates.
We currently offer coverage in 37 States and insure over two billion dollars of property values. We take great pride in our ability to service the flood insurance needs of both individual property owners and our peers who are professionals in related industries. Over 2000 independent agencies are registered to represent the Private Market Flood program. To register your agency click here. Our testimonials attest both to our expertise and our reputation. We realize having other professionals rely on us is a privilege and a responsibility, and we treat each of these referrals very seriously.
re: Private Flood Insurance--LouisianaPosted by Chad504boy on 10/26/16 at 2:33 pm to tgrbaitn08
on 10/26/16 at 2:33 pm to tgrbaitn08found them too after a google search and saw about those "counties" 
re: Private Flood Insurance--LouisianaPosted by tgrbaitn08 on 10/26/16 at 2:35 pm to Chad504boy
on 10/26/16 at 2:35 pm to Chad504boyquote:
Coverage NOT available in Orleans, St. Bernard, and Jefferson County
re: Private Flood Insurance--LouisianaPosted by nugget on 10/26/16 at 4:00 pm to Chad504boy
on 10/26/16 at 4:00 pm to Chad504boyThat's weird. I have a contract with Wright Flood and have never heard them talk about this. I also use WW for a lot of rental property north of I-10 and haven't heard about it from them although I use a broker for WW.
re: Private Flood Insurance--LouisianaPosted by ProudLSUMom on 10/26/16 at 5:14 pm to tgrbaitn08
on 10/26/16 at 5:14 pm to tgrbaitn08We got a quote from our current insurance agent for a Lloyd's of London flood policy. I think it was about $300 a year more than our NFIP.
We are in Pass Christian.
We are in Pass Christian.
This post was edited on 10/26 at 5:15 pm
There is 100% a private flood market that will write properties in an AE zone. As mentioned there are some areas that they won't write in. But, prior to the flood, they were writing in EBR, Livingston, Ascension, etc.
The program is underwritten through two different companies--- Lloyds and Lexington. The prices are only good for some. For example...if you're in AE and a foot or two below BFE, it's usually a very good option. No elevation certificate is required either. 14 day wait for policies to start...rather than the traditional 30. Their policy mirrors the NFIP guidelines.
In saying all that...they were closed for new biz last time I checked. I was told they would open back up in a month or so. I have a feeling it will be after the first.
In regards to claims from this flood. They paid very quickly and relatively fair. My insureds in the private market have been paid for several weeks. My insureds in the NFIP program, are hit and miss. Some still haven't seen a report.
The program is underwritten through two different companies--- Lloyds and Lexington. The prices are only good for some. For example...if you're in AE and a foot or two below BFE, it's usually a very good option. No elevation certificate is required either. 14 day wait for policies to start...rather than the traditional 30. Their policy mirrors the NFIP guidelines.
In saying all that...they were closed for new biz last time I checked. I was told they would open back up in a month or so. I have a feeling it will be after the first.
In regards to claims from this flood. They paid very quickly and relatively fair. My insureds in the private market have been paid for several weeks. My insureds in the NFIP program, are hit and miss. Some still haven't seen a report.
Let's see if those privates are still in business 24-48 months from now. Up until Katrina, the NFIP was completely self sustaining and was solvent. Now Katrina was a game changer. No lie there.
But how in the world is an insurance company going to say an EC isn't necessary to obtain coverage? Are you submitting a FIRM or an FIS with your structure clearly marked? How are they accurately depicting the risk in an AE zone without the EC or BFE's from a FIRM/FIS? By they I mean is an applicant or agent submitting this information? Seems reallllllly odd.
To add to my point, river paths, basins and-as a result-floodways change over time. Not all rivers are bound by massive levee systems like the MS River. As a result of changing floodways and more recent development, flood zones change with changes in course or basins and with fill from development. Simply using something like a FIRM or FIS is quite likely utilizing a document that hasn't been updated in a decade or more. Some maps are depicting what the flood risk and flood ways were in the late 70's.
So even if you are using an FIRM/FIS to write the policy, the info can be incredibly outdated. There is nothing better to accurately determine your risk than having your Elevation shot and submitting an EC to determine it.
Go ask any of the tens of thousands of people in EBR, Ascension, LP, Tangi or St Helena how happy they are to be displaced. Do you really wanna hassle with an insurance company willing to write policies based on shaky-at best-information when you are in their situation?
Seems awfully risky to try and balance the biggest ticket item most folks will ever invest in during their lifetimes on. Do you really want to buy insurance that covers your home and contents that seems that shaky?
I sure the fack don't.
But how in the world is an insurance company going to say an EC isn't necessary to obtain coverage? Are you submitting a FIRM or an FIS with your structure clearly marked? How are they accurately depicting the risk in an AE zone without the EC or BFE's from a FIRM/FIS? By they I mean is an applicant or agent submitting this information? Seems reallllllly odd.
To add to my point, river paths, basins and-as a result-floodways change over time. Not all rivers are bound by massive levee systems like the MS River. As a result of changing floodways and more recent development, flood zones change with changes in course or basins and with fill from development. Simply using something like a FIRM or FIS is quite likely utilizing a document that hasn't been updated in a decade or more. Some maps are depicting what the flood risk and flood ways were in the late 70's.
So even if you are using an FIRM/FIS to write the policy, the info can be incredibly outdated. There is nothing better to accurately determine your risk than having your Elevation shot and submitting an EC to determine it.
Go ask any of the tens of thousands of people in EBR, Ascension, LP, Tangi or St Helena how happy they are to be displaced. Do you really wanna hassle with an insurance company willing to write policies based on shaky-at best-information when you are in their situation?
Seems awfully risky to try and balance the biggest ticket item most folks will ever invest in during their lifetimes on. Do you really want to buy insurance that covers your home and contents that seems that shaky?
I sure the fack don't.
This post was edited on 10/27 at 6:25 am
re: Private Flood Insurance--LouisianaPosted by tgrbaitn08 on 10/27/16 at 9:36 am to GFunk
on 10/27/16 at 9:36 am to GFunkquote:
But how in the world is an insurance company going to say an EC isn't necessary to obtain coverage? Are you submitting a FIRM or an FIS with your structure clearly marked? How are they accurately depicting the risk in an AE zone without the EC or BFE's from a FIRM/FIS? By they I mean is an applicant or agent submitting this information? Seems reallllllly odd.
I live in an AE zone and dont have a EC on file with NFIP....I have a EC but I haven't submitted it up to this point. Im now contemplating submitting it because premium has tripled in the past 6 years and it seems it's going to keep going up until I submit it.
In my area, the base flood has changed from 1.5 to -1.0 and my elevation certificate it shows the elevation of my house to be -4.4.
FEMA and NFIP are going to keep surcharging my flood insurance renewal every year until I submit an elevation certificate.
Since I am in a repetitive loss location, NFIP controls my flood servicing so there is no way of knowing if submitting my elevation certificate to see what my new rate would be.
The question is do I want to submit my elevation certificate to underwriting since the base flood elevation in my area has changed to -1.0?
Another thing that is hurting my property is the sunroom/pool room in the back is ground level....lower than the rest of the house which is raised
NFIP is rating me based on the lowest level of living space.
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