BATON ROUGE, La. — Louisiana policyholders have received nearly $2.4 billion in insurance payments from the National Flood Insurance Program (NFIP) to help with repairs and to rebuild homes following the August flood. The average claim for this disaster was $87,426.
Policyholders received advanced flood insurance payments of approximately $361 million. The average NFIP advance payment was $18,733 and dispersed in as few as five days to help with recovery and rebuilding efforts.
The NFIP has received more than 29,500 claims for this disaster, of which 98 percent are closed. Policyholders affected by the floods can always contest insurance claim decisions if a loss was reported. Supplemental claims can be submitted if additional damage is found. Contact your insurance adjuster or an NFIP agent to ask questions or to completely understand your claim determination. Policyholders can call the FEMA helpline at 800-621-3362 Monday through Friday from 8 a.m. to 6 p.m. for additional information.
As the hurricane season approaches, homeowners, renters and business owners are urged to purchase flood insurance. More than 50 percent of the homes and businesses damaged by the August floods in Louisiana were located in moderate- and low-risk areas. Properties located in these areas have at least a one-in-four chance of flooding during a 30-year mortgage and account for more than 20 percent of the country’s NFIP claims. Moderate- and low-risk areas receive a third of flood-related federal disaster assistance.
Coverage for structures and for contents is offered through the NFIP. The average annual flood policy for structure coverage is about $700. Content coverage is as low as $48 in some areas. There is a 30-day waiting period between purchasing a policy and the date it goes into effect.
FEMA assistance is not the same as flood insurance. Flood insurance covers more damage. Disaster assistance only provides the basic needs for a home to be habitable. The NFIP payments are not dependent on state or federal disaster declarations.
Visit Floods | Ready.gov for flood information and safety tips.