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Many Louisiana Residents Struggle To Recover Without Flood Insurance

Many residents in Louisiana who lack flood insurance are struggling to recover financially from the recent massive floods. Louisiana Insurance Commissioner Jim Donelon said the take-up rates for flood insurance in the hardest-hit areas were low, with Baton Rouge at only 12 percent penetration and Lafayette, the other hard-hit city, at 14 percent...
August 31, 2016

LA Flood

Many residents in Louisiana who lack flood insurance are struggling to recover financially from the recent massive floods. Louisiana Insurance Commissioner Jim Donelon said the take-up rates for flood insurance in the hardest-hit areas were low, with Baton Rouge at only 12 percent penetration and Lafayette, the other hard-hit city, at 14 percent.

AUDIO: Interview with Louisiana Insurance Commissioner Jim Donelon

“But in New Orleans, the penetration is 39 percent,” said Donelon. “That’s not just the experience with Katrina. I live in metropolitan New Orleans, and we have had so-called hundred-year floods every five years since 1979. And those experiences have taught property owners in the metro New Orleans area that it is worthwhile having that coverage. On the other end of our state, an area hard hit in the early spring, five percent have flood insurance in Shreveport.”

 

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