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Buying Flood Insurance in Louisiana Is Confusing…

You might be asking:

• What coverage do I need?

• How much is flood insurance in Louisiana going to cost me?

• How much can I save?

It’s okay, your search for cost-effective Louisiana flood insurance that doesn’t compromise on coverage ends here.

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In 2015, Robert Murphy, inspired to help homeowners and businessowners alike, entered the insurance brokerage market with one goal in mind: To help uncertain Louisiana homeowners find affordable, high quality flood insurance that doesn’t compromise on coverage.

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What you seek is:

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Flood insurance Louisiana

louisiana flood map

Does my Louisiana homeowner insurance cover flooding?

A typical Louisiana homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

FEMA Flood Maps

Do I need flood insurance in Louisiana?

It is important to have flood insurance coverage in Louisiana because our beloved Cowboy State has seen a fair share of flooding, and more is likely coming.

 

We believe that most homeowners think about Flood insurance in Louisiana at some point, maybe before buying a home or during the closing process.  However, many of us only think about it when a big storm looms, or we have heard on the news that there is flooding forecasted or happening too close to our home.

If your home or business is in a flood zone, that is considered a low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.

I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas.  In80 percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage.

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.

We often hear that people believe the government will help, which is true.  However, a few things must align for you to get government assistance.

 

  1. The president of the United States must declare the flooding event a state of emergency.  If this doesn’t happen, then there won’t be assistance.

  2. Homeowners get average assistance after a flood when they do not have flood coverage is $5,000.  The average cost of damage to one’s property after a flood is $38,000+.  That $5K you get from the government?  It comes as a loan, and you will need to pay it back.  Are you willing to gamble on your financial future by forgoing flood insurance coverage?

Louisiana flood zone map

Louisiana flood map

One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.

Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Louisiana, and you should consider getting flood coverage so you are not uninsured when you need it most.

Louisiana flood zone map

FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.

The average cost for Louisiana flood insurance in these Low-risk areas is $595 per year.

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Louisiana flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.

 

How much is flood insurance in Louisiana?

Louisiana NFIP flood insurance.

There are many options available in Louisiana regarding flood insurance, but they fall into two main categories.

The Government options are FEMA or NFIP and the private flood insurance market.

The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance.  The NFIP has enjoyed a 50-state monopoly on the flood insurance market.

Not “private flood insurance” but NFIP Resellers

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below, Suppose you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below. In that case, you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

Not Private flood Insurance
Llloyds of London Flood Insurance Shopper

Louisiana private flood insurance market

There are alternatives to the NFIP or government insurance.  It is called Private flood insurance. However, most notably, Lloyd’s of London Flood insurance. However, there are other options available in Louisiana. We shop all the options for your property in your region to ensure you are getting the best premium.  Please click here if you are ready to have us do the work for you.

 

Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.

Flood insurance quote in LA

Lloyd’s of London Flood Insurance Louisiana Market

Louisiana is fortunate to have many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.

Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company attributed to having invented the corporate body.  This structure works well since it has been around for over 330 years. Lloyds operates under multiple financial backers pooling their capital to spread the risk.

I have two blog posts that deep dive into Lloyd’s of London and what they mean to Louisiana’s flood insurance market.  If you are interested, the links are below.

Lloyd’s of London Flood Insurance

FEMA vs. Private Flood Insurance

Lloyd’s also ensures the world for flood insurance, meaning they cover flooding events in India, Australia, and much of Europe.  The “game” of insurance is to spread your risk since Lloyds is worldwide.

Lloyds of London Private Market Flood Insruance

My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.

How much does flood insurance cost in Louisiana?

There are many factors that go many factors go into getting the cost of flood insurance for Louisiana. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.

Louisiana flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.

This is usually identified as an X-flood zone.  Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below):

Maximum flood insurance coverages NFIP

Here is a link if you want to dig into this one. Be ready for an eye chart because every option is public record and should be standardized to accost whoever writes these policies.

The average cost for flood insurance in Louisiana with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.

Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Louisiana depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in Louisiana with a slab-on-grade foundation.

We will look at the Louisiana cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Louisiana.

Cost of Flood Insurance in LOUISIANA in high-risk flood zone AE

Our example is New Orleans, but the premiums will be the same in Jefferson Parish, East Baton Rouge, Kenner, Livingston Parish, and many other Louisiana flood zones.

In our example, the Base Flood Elevation (BFE is 5) and is a home that is built before 1973

 

NFIP option in Louisiana Flood Zone AE

What is BFE?

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $1,360.00

This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property

Private Flood insurance option (option 1) Not Lloyd’s

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Private flood insurance (option 3) Not Lloyds,

The annual premium in a High-Risk flood zone is $1,150.00

This option will take properties that have had one flood loss as long as it has been more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.

Private Flood Insurance –  Lloyd’s of London (option 2)

Coverage of $250,000 (RCV) building coverage, No Contents, and a $5,000 deductible.

AnnualTheannual annual premium in a High-Risk flood zone is $1,915.86

This option came from the company that used to run the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses covering your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer a unique swimming pool cleanout, so if you have a pool, ask for this coverage.

More options are coming online every day, and we are working to be looking into every viable option.

Currently, Louisiana has 500,352 NFIP policies in force to date, with a total cost of $332,451,130. That would make the average for Louisiana $665. Of course, some will pay more, and some will pay less.

La flood insurance

Hello, Louisiana!  Thanks for visiting our page for all your flood insurance needs.

Let’s start with Church Point, Louisiana.  The comprehensive policies in Church Point are 1,504, with $982,766 in total premiums.  The average flood rate here is $653.

They are moving along to Duson, Louisiana.  In Duson, the average flood rate is $895.  The total premiums in Duson are $956,874, with 1,069 total flood policies in effect.

When we look at Iota and Allen Parish, we find a total of 778 active flood policies with $615,872 in premiums.  The average flood rate for these areas is $792.

Next, look at the flood information for Elizabeth and Oberlin, LA!  Their average flood rate is $613.  The total number of flood policies in these areas is 356, with $218,306 in total premiums.

 

Flood insurance cost Gonzales LA

Gonzales, Louisiana, has 1,330 total policies in effect.  The average flood rate for Gonzales is $840, with $1,117,249 in total premiums.

When we look at Assumption Parish, LA, we find 1,546 active flood policies.  In Assumption, Louisiana, the average flood rate is $508, with $785,866 in written premiums.

$715 is the average flood rate in Avoyelles Parish, Louisiana.  This includes 802 active flood policies and $573,777 in premiums.

Look at Beauregard Parish and Deridder, Louisiana, which have 405 total active policies and $232,900 in total premiums.  The average flood rate for these areas is $575.

Bossier City, Louisiana, has 3,406 active flood policies with $2,911,280 in total flood premiums.  The average flood rate for Bossier City is $855.

Looking at Bossier Parish, we see they have about half the flood policies as Bossier City – 1,888 active flood policies.  In Bossier Parish, the average flood rate is $614, with $1,158,822 in total flood premiums.

Shreveport, Louisiana, has an average flood rate of $752.  The total premiums in Shreveport are $3,582,426, with 4,765 flood policies in effect.

Seven hundred forty-one flood policies are active in Caddo Parish, LA.  The total premiums for Caddo Parish, Louisiana, are $524,299, which allows the average flood rate here to be $708.

$608 is the average flood rate for Calcasieu Parish, Louisiana.  The total premiums written in Calcasieu Parish are $5,158,398, which includes 8,514 active flood policies.

Flood insurance Lake Charles LA

Lake Charles, Louisiana!  So nice to have you stop by!  You all have 6,136 flood policies, with $3,920,974 in written premiums.  The average flood rate for Lake Charles is $639.

In Sulphur, Louisiana, there are 1,467 active flood policies.  The average flood rate for Sulphur, Louisiana, is $726, with $1,065,676 in total premiums.

Let’s look at Westlake and Caldwell Parish, Louisiana.  These two areas combined have 697 active flood policies with $523,950 in total premiums.  The average flood rate here is $752.

There is $1,911,709 in total flood premiums in Cameron Parish, Louisiana.  The average flood rate for Cameron Parish is $1,145, with 1,670 active flood policies.

When we check out Catahoula Parish and Concordia Parish, LA, we find $1,046,305 in total flood premiums.  There are 1,468 flood policies in effect in these areas, which allows the average flood rate to be $713.

Vidalia and Baker, LouisianaLak, has 1,244 total flood policies, with $899,689 in written premiums.  The average flood rate for these areas is $723.

$697 is the average flood rate for Central Louisiana.  Central has 5,187 active flood policies with $3,616,996 in total premiums.

Flood insurance Baton Rouge Louisiana

Hello East Baton Rouge, Louisiana.  You all have a lot of flood policies, 37,228Five hundred fifty-two, to be exact.  The average flood rate here is the same as above: $697.  The total written premium for East Baton Rouge is $25,936,007!  Thanks for checking out our page East Baton Rouge.

Zachary, Louisiana has 1,196 active flood policies with $713,439 in total flood premiums.  The average flood rate for Zachary is $597.

Let’s look at Evangeline Parish, Ville Platte, and Franklin Parish, Louisiana.  In these areas, the premiums total up to $652,777 with 1,013 active flood policies.  The average rate for these areas is $644.

Five hundred fifty-two flood policies are in Grant Parish and Delcambre, Louisiana.  The premiums in these areas total up to $481,320, which allows the average flood rate to be $872.

There are 3,237 active flood policies in Iberia Parish, Louisiana.  The average flood rate in Iberia is $770Five hundred fifty-two, which includes $2,492,458 in total premiums.

When we look at New Iberia, Louisiana, the average flood rate is $577.  The total number of flood policies in New Iberia is 1,463, which includes $844,105 in total premiums.

In Iberville Parish and St. Gabriel, Louisiana, there are 1,230 active flood policies with $822,241 in total premiums.  The average flood rate in these areas is $668.

Jefferson Davis and Grand Isle, Louisiana, have an average flood rate of $1,401.  The total number of flood policies in effect here is 1,479, which includes $2,071,497 in premiums.

$2,824,828 is written in flood premiums in Gretna, Louisiana.  The average flood rate in Gretna is $887.  The total number of flood policies is 3,185.

Harahan, Louisiana, has 2,602 flood policies with $1,132,129 in flood premiums.  The average flood rate for Harahan is $435.

Hello Jefferson Parish, LA!  You have a very high number of active flood policies – 84,802!!  The total premiums for all these flood policies are $55,743,578, which allows the average flood rate for Jefferson Parish to be $657.

Flood insurance Kenner LA

15,714 flood policies are in effect in Kenner, Louisiana!  The average flood rate for Kenner is $665Westwego, Louisiana, which includes $10,454,709 in written flood premiums.

Westwego, Louisiana, has 1,346 active flood policies and $796,299 in premiums.  The average flood rate for Westwego, Louisiana, is $592.

Let’s look at Broussard and Carencro, Louisiana.  You all have 955 active flood policies.  The average flood rate for these areas is $542, which includes $517,305 in total premiums.

Flood insurance Lafayette LA

$6,106,776 in flood premiums are in effect in Lafayette City-Parish, Louisiana.  The total number of flood policies active here is 11,540, allowing the average flood rate to be $529.

Looking at Lafayette, Louisiana, there are 7,695 active flood policies and $4,683,194 in total premiums.  The average rate for Lafayette is $609.

Scott, Youngsville, and Golden Meadow, Louisiana, have an average flood rate of $744.  The flood policies here total up to 1,815.  The flood premiums total up to $1,349,729.

Eleventwo hundred thirty-one flood policies are active in Lafourche Parish, Louisiana.  The total premiums are $6,946,925, which allows the average flood rate to be $619.

Let’s check out a group of areas: Lockport, Thibodaux, and Albany, Louisiana.  These three areas have 1,165 active flood policies and $732,884 in premiums.  The average flood rate for these areas is $629.

Flood insurance Denham Springs LA

Denham Springs, Louisiana, has had an average flood rate of $1,174.  The premiums in Denham Springs total up to $2,557,753, with 2,178 active flood policies.

Livingston Parish finds 16,080 flood policies in effect with $10,798,349 in total flood premiums.  The average flood rate in Livingston Parish is $672.

$884 is the average flood rate for Walker, Louisiana.  Walker’s total number of flood policies is 1,139, with $1,006,639 in written premiums.

When we look at Madison Parish, Tallulah, Morehouse Parish, and Natchitoches Parish, LA, we find an average flood rate of $674.  The total number of active flood policies in these areas is 1,064.  These areas have a total of $716,988 in flood premiums.

Hello New Orleans, LA!  Your city is truly beautiful.  Whether taking a walk along Bourbon Street or sitting in a café with a beignet and chicory coffee, your city’s energy can be felt!  You all have 80,525 total flood policies in effect with $51,225,295 written in premiums.  The average flood rate for New Orleans, Louisiana, is $636.

Three thousand two hundred seventeen policies are in effect in Monroe City, Louisiana.  The average flood rate for Monroe is $636, with $2,462,262 in total flood premiums.

Ouachita, Louisiana, has an average flood rate of $725.  The total number of policies in Ouachita Ouachita’s total comprehensive policies 3isWstwego, Louisiana ha,217, with $2,462,262 in premiums.

Plaquemines Parish, Louisiana, has 5,328 comprehensive policies with $4,052,176 in premiums.  The average flood rate for Plaquemines Parish is $761.

Pointe Coupee Parish, Louisiana, has 1,203 active flood policies.  The average flood rate here is $667, with $802,286 in total flood premiums.

Alexandria, Louisiana, has one thousand seven hundred ninety-two flood policies.  The premiums in Alexandria total up to $1,429,988, which allows the average flood rate to be $798.

There are $1,003,839 in total flood premiums in Rapides Parish, Louisiana.  The total number of flood policies in Rapides Parish is 1,491, which causes the average flood rate to be $673.

$523 is the average flood rate in St. Bernard Parish, Louisiana.  There are 10,893 active flood policies in St. Bernard Parish and $5,694,361 in written premiums.

Looking at St. Charles Parish, Louisiana, we find an average flood rate of $595.  This includes $6,982,486 in total flood premiums and 11,738 flood policies.

Next, we’ll look at St. James Parish, Louisiana, which has 1,214 active flood policies with $535,542 in premiums.  The average flood rate in St. James Parish is $441.

The average flood rate rises in St. John the Baptist Parish, Louisiana, to $731.  The total number of active flood policies is 6,956, with $5,086,690 in total premiums.

St. Landry Parish, LA, has 2,091 active flood policies with an average flood rate of $629.  The premiums in St. Landry Parish, Louisiana, are $1,315,875.

The total written premiums in St. Martin Parish, LA, are $1,720,559.  The total number of policies in effect is 2,492.  This allows the average flood rate to be $690.

Let’s check out Berwick and Franklin, Louisiana, which have 1,244 active flood policies.  Their average flood rate is $838 ,which includes $1,043,006 in total flood premiums.

$884 is the average flood rate in Morgan City, Louisiana.  The total number of flood policies in Morgan City is 1,639, including $1,449,507 in total premiums.

One thousand four hundred thirty-five full policies are in effect in St. Mary Parish, Louisiana.  The premiums in St. Mary Parish total up to $1,609,814, allowing the average flood rate to be $1,122.

Glad to have you stop by Covington, Louisiana.  You all have 1,550 active flood policies and $1,151,446 in written premiums.  Your average flood rate in Covington is $743.

Flood insurance estimate in Mandeville, LA

Mandeville, Louisiana, has an average flood rate of $706.  In Mandeville, the premiums total $2,224,874, which includes 3,152 active policies.

Flood insurance rates Slidell, LA

There are 6,594 flood policies in effect in Slidell, Louisiana.  The average flood rate in Slidell is $1,022, including $6,739,772 in written premiums.

Hello St. Tammany Parish, Louisiana!  You all have 38,238 active flood policies with $22,431,279 in total premiums.  Your average flood rate is $587.

One thousand four hundred sixty-six policies are in effect for Hammond, Louisiana, with $1,327,954 in total flood premiums. The average flood rate for Hammond is $906.

$4,020,343 is the flood premium total for Tangipahoa Parish, Louisiana.  The average flood rate here is $906, including 7,660 active flood policies.

Glad you stopped by Houma, Louisiana!  You have 4,673 flood policies in effect.  The premiums in Houma total $2,735,033, which allows the average flood rate to be $585.

In Terrebonne Parish, Louisiana, the average flood rate is $711.  There are 11,111 flood policies in effect with $7,896,811 total flood premiums.

Flood insurance cost in Abbeville, LA

Let’s check out Union Parish, Abbeville, and Erath, Louisiana!  These areas have a total of 1,521 active flood policies.  The premiums here total up to $1,331,713, which causes the average flood rate to be $876.

Vermilion Parish, Louisiana, has four thousand five hundred eighty-four flood policies.  The average flood rate in Vermilion Parish is $684, which includes $3,137,432 in written premiums.

Finally, let’s look at Washington Parish and West Baton Rouge, Louisiana.  These two areas have $852,189 in written premiums and 1,460 active policies.  The average flood rate in these areas is $584.

Thanks for checking out all the flood information on Louisiana!!

Louisiana Flood Insurance Cost Calculator

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures yearly. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. A recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.

 
 
 
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