Flood Insurance

Louisiana's Severe Repetitive Loss Problem

Oct 5, 2017

Properties that flood over and over again are a longstanding problem for FEMA and the National Flood Insurance Program. Around 30,000 of the most frequently flooded homes in the country make up less than a percent of the total insured pool, but pull down around 10 percent of total claim dollars.

The Uncertain Future Of Flood Insurance

Jul 25, 2017
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Since last August, the popularity of flood insurance has again surged in Louisiana, but the future of the debt-laden National Flood Insurance Program is uncertain. Since 2005, the program has racked up $24.6 billion in liability to the U.S. Treasury, mostly due to claims after Hurricane Katrina, Superstorm Sandy, and the Great Louisiana Flood of 2016. That’s just one way that Louisiana’s past is influencing the federal program’s future.

Orleans Parish is seeing its flood maps updated for the first time since 1984 today. More than half of the city is moving out of the so-called “high risk” zone—this comes with lower flood insurance rates, which many are celebrating. But in June, Tulane historian Andy Horowitz penned a controversial op-ed in the New York Times. He called these maps an “outline for disaster.” WWNO’s Ryan Kailath sat down with Horowitz this week to discuss.

 

 


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ARI SHAPIRO, HOST:

Floods continue to impact wide swaths of Louisiana, and a long rebuilding process is ahead for tens of thousands of people. The Association of State Floodplain Managers released these tips on what to do to prepare before you repair.

 

DURING A FLOOD

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Business and political leaders are meeting in New Orleans Friday to discuss ways of providing affordable flood insurance.

FEMA Administrator David Miller will be explaining how it's assembling maps that are used for setting flood insurance premiums.

The meeting was arranged by GNO, Inc. The business development group led a drive to revamp legislation that could have resulted in some premiums rising from less than $1,000 to tens of thousands of dollars.

GNO, Inc. President Michael Hecht says it may be time to review the overall process for getting flood insurance.

American Advisors Group / www.americanadvisorsgroup.com

New homeowners and business owners in Louisiana will now be able to assume the property’s existing flood insurance policy.

The Federal Emergency Management Agency has repealed a provision of the 2012 Biggert-Waters Flood Insurance Reform Act that made it impossible for new homeowners to receive subsidized insurance premiums for properties built before flood rate maps were established for their communities.

Senator Mary Landrieu told the Times-Picayune that FEMA officially stopped implementing the old provision on May 1.

President Obama Signs Flood Insurance Relief Bill Into Law

Mar 21, 2014
Gary Nichols / U.S. Navy

President Barack Obama has signed a new law that will give hundreds of thousands of homeowners living in flood-prone areas relief from big jumps in insurance costs.

Lawmakers from both parties supported the measure in response to angry homeowners who faced sharp premium hikes after an overhaul of the government's flood insurance program two years ago.

Office of Senator Mary Landrieu

Louisiana public officials are launching a bipartisan battle to revamp proposed changes to the National Flood Insurance Program. The administrator evaluating the objections was taken on a helicopter tour of coastal regions possibly facing steep premium hikes.

Louisianians may find solace from impending increases in flood insurance rates as Sen. Mary Landrieu’s bill to prevent those hikes heads to the Senate Appropriations Committee for consideration at its Thursday meeting.

Landrieu chairs the Homeland Security Subcommittee of Appropriations, which passed the bill to the larger body Tuesday.

The measures are included in the Homeland Security Appropriations bill for next fiscal year. Called the Strengthen, Modernize and Reform the National Flood Insurance Program, or SMART NFIP, the bill would postpone parts of last year’s Biggert-Waters Act.

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