Flood Insurance in New Orleans
Just an inch of water in your New Orleans home can cause over $20,000 of damage
and most homeowners who paid off their mortgage didn’t renew their flood insurance this year
Flood insurance provides peace of mind
Most people believe it is a major weather event like a hurricane that can cause flooding but here in New Orleans it could be two days of rain
Most flood maps have been updated in our area and moved the majority of residents into Preferred Flood Zones but this does not in any way indicate your house will never flood again
The cost of Flood insurance in New Orleans can be as low as $1 per day
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The rate you pay for Flood insurance will depend on the address of the property
Your neighbor could pay $400 for flood insurance and your other neighbor could pay $1000
It all depends on the flood zone
If the property is located in a Preferred Flood zone B, C or X you will pay the same rate as all properties located in a preferred zone
Rates in a preferred flood zone can be as low as $400 on a 250,000 home
If your property is located in an a standard zone you will need an elevation certificate to determine the rate you will pay for flood insurance
Each house located in a standard zone will have a base flood elevation or benchmark and each house will be rated based on the elevation of the house
If your house is below the base flood elevation you will pay more for flood insurance
If your house is above the base flood elevation you will pay less
If you are buying a house your mortgage company or bank will require you to purchase an elevation certificate from a local surveyor to determine the elevation of the property
How much does a flood elevation certificate cost?
They should range from $200 – $400 from a local land surveyor
If your house is in an A zone and it has never been rated with an elevation certificate you may want to invest in an elevation certificate because base flood elevations have changed and it is possible you could be paying too much for flood insurance
How much flood insurance do I need?
You can purchase up to 250,000 on your home and 100,000 on your personal property through the National Flood Insurance Program
You can purchase Excess Flood Insurance up to full replacement cost of your home if needed
What is Flood Insurance?
The definition from FEMA and the National Flood Insurance Program
A general and temporary condition of partial or complete inundation of normally dry land areas from:
(1) The overflow of inland or tidal waters;
(2) The unusual and rapid accumulation or runoff of surface waters from any source;
(3) Mudslides (i.e., mudflows) which are proximately caused by flooding and are akin to a river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water and deposited along the path of the current.
A flood inundates a floodplain. Most floods fall into three major categories: river flooding, coastal flooding, and shallow flooding. Alluvial fan flooding is another type of flooding more common in the mountainous western states.
More About Flood Insurance
Can I buy Flood Insurance now?
Can I cancel my Flood Insurance policy?
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