25 Apr Louisiana Residents Drop Flood Insurance, Now Regret It
Several Northern Louisiana Homeowners were notified by their mortgage companies that they were no longer required to buy flood insurance. The requirement was dropped after the Federal Emergency Management Agency (FEMA) accepted revisions to the area’s floodplain map, based in part on a developer’s work to add fill dirt to raise the subdivision.
When the March storms came, nobody expected such catastrophic damage. In one subdivision deemed to be on higher ground, 23 homes were overtaken by flood waters. A majority of the homeowners had recently dropped their insurance, as directed by their mortgage companies.
“We wanted to provide that flood map so that those folks wouldn’t have to have high-dollar flood insurance,” Police Juror Walt Caldwell told The News-Star.
FEMA released a statement stating that homeowners of previously damaged homes that suffered additional damage during the storms should file a supplemental report.
Statewide, the March storms caused $20 million damage to roads and bridges.
When thinking about making changes to your homeowner’s insurance plan be sure to contact an agent at AWS Insurance today so you don’t face the same problems as listed above.
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