Flood Insurance Rates On The Rise
Residents will have to pay more for flood insurance due to changes in the National Flood Insurance Program.
Louisiana Insurance Commissioner Jim Donelon says rate hikes on primary residences have jumped. The increase is capped at 18 percent each year. " That's each year, if their risk for flooding suggests demonstrates an exposure that should justify a higher premium," Donelon said.
Premium increases for commercial, second, or rental properties are capped even higher at 25 percent. The changes come following changes approved by Congress last year to the NFIP.
Rate increases go into effect April 1, when policies come up for renewal.