Some private flood insurance companies have a shorter or no waiting period.
It’s separate from a homeowners insurance policy, which usually doesn’t cover flood damage from problems like hurricanes and torrential rain. Today, the NFIP is administered by FEMA under the Department of Homeland Security and the number of flood insurance policies in effect nationwide has increased to nearly 5.6 million.What Is Flood Insurance and How Does it Work?Ī flood insurance policy covers your house and your belongings for flood-related damage. By the close of the decade, there were an estimated 2 million flood insurance policies in effect. The Flood Disaster Protection Act made flood insurance coverage mandatory for all buildings located in identified flood-hazard areas in order to receive loans from FDIC-insurance banks or federal aid as part of federal disaster assistance. This discovery led to the Flood Disaster Protection Act of 1973 which further modified the National Flood Insurance Act. After a large portion of the eastern United States was damaged to the tune of an estimated $4 billion dollars, Congress investigated and discovered that very few buildings carried flood insurance. Mid-year, however, Hurricane Agnes changed the way flood insurance was viewed. At its inception, the NFIP was part of the Department of Housing and Urban Development (HUD).Īt the dawn of 1972, there were fewer than 100,000 flood insurance policies in effect. This act established the National Flood Insurance Program (NFIP) to help alleviate the consumer cost for flood insurance as well as to modernize construction standards which would mitigate some of the damage occurred during flood events. In1968, Congress passed the National Flood Insurance Act in response to increasing concerns about flood preparation, the devastation of flood damage, and the rising cost of flood insurance. The Start of the National Flood Insurance Program Even with the ever-growing need for federal disaster assistance, the NFIP saves the U.S.
In addition, the number of national private insurance companies that offer government-backed flood insurance is growing.
Today, through the NFIP, flood insurance coverage has been made available in more than 20,000 United States territories and communities. With the assistance of the NFIP which helps defray the cost of flood insurance, that number has steadily increased. Louisiana Flood Insurance Policy InformationĪs of September 2011, there were nearly 500,000 flood insurance policies in effect in Louisiana. Our goal is to present you with the facts, we place the highest importance on providing the residents of Louisiana with the best flood insurance options available in the industry.
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Would you be surprised to learn that flooding is actually ranked by the Federal Emergency Management Agency (FEMA) as the top natural disaster that occurs in the United States? Louisiana Flood Insurance is here to help you and your family know and understand how to be protected in all situations pertaining to floods and flood insurance.
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