Louisiana flood insurance went up again

Don’t purchase it

And heads up, it will continue to go up until you hit your cap.

And when you complain, you might get the…you can get private flood insurance on the cheap(er), but it is not backed by US Govt and private ins companies can dry up. (I added the pun paraphrase).

So, there’s that.

I dropped it when it went from 600 to 1200. Now they get nothing from me when they could have had something

I also dropped flood. I’m also in X (south of I-12. But on a “higher elevation” spot.

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And when you complain, you might get the…you can get private flood insurance on the cheap(er), but it is not backed by US Govt and private ins companies can dry up. (I added the pun paraphrase).

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I said this a number of times. The Homeowners companies should only write basic accidental fire and simple damage claims, but through this maybe a federal rider that would cover regional natural disaster claims. That way you get more people to buy into the federal program and spread the risk. It could be a combination policy that covers flood, earthquake, windstorm, and wildfires.

Regular insurers would write the policy, and would be liable for the first predetermined amount of dollars on a regional loss, with requirements for a predetermined amount of reinsurance, followed by the federal government picking up the rest. Participation in the program could be a requirement to receive any FEMA funds or you end any disaster assistance program after the storm saving FEMA from having to setup disaster assistance centers and other costs after the storm. Insurers participating in this program would provide this assistance.

Thank FEMA for their new "risk rating 2.0" that started in 2021-22. If you haven't heard of Risk Rating 2.0, google it

Look at your flood insurance declarations page where it itemizes the premium and fees and find where it says "full risk premium". That plus the taxes / fees will be what your flood rate will eventually get to, but its capped at 18% year over year increases on renewals. If you let it lapse and have to get a new policy, you'll get the new full risk rate right away.