Sharp increases in flood insurance rates throughout south Louisiana communities have been detailed in data released by the Federal Emergency Management Agency (FEMA). One of the state’s ZIP codes is projected to see the largest hikes of any in the nation - in Plaquemines Parish at 545% on average, from $842 annually to $5,431. Overall, Louisiana is projected to see a 134% hike, phased in over six years, according to FEMA and its new system. The average increase nationwide is 104% (including fees and surcharges). The state of Maine leads the list of states with the highest anticipated rate increases. Louisiana was No. 5. The data indicates the current average single-family home premium in Louisiana of $813 would rise to $1,904 (+18%) a year until it hits a 6-year target. Mississippi came in at No. 4, while Florida and Alabama were Nos. 6 & 7 respectively. Plaquemines also includes the ZIP code with the highest projected increases in the nation. Homes in the Pointe a la Hache (70082 ZIP code) has 18 policies included in the data that are projected to see a 1,098% boost - average annual premium of $8,058 from the current $673. The following parishes with major increases are St. Mary at 386%, Lafourche at 321%, Terrebonne at 305%; and Vermilion at 255%. Orleans is at 99%; Jefferson 150% and St. Tammany 126%. Increases for the 70030 ZIP code, in the Des Allemands-Bayou Gauche area, are put at 752%. (NOLA.com 04/23/23) Data details flood insurance hikes across south Louisiana | Environment | nola.com
UPDATE: Parish sues FEMA over flood insurance rates Flood insurance hikes: Louisiana parish sues FEMA | Environment | nola.com
No comments:
Post a Comment