Flood policy count on the rise in south Louisiana after historic flooding
Four months after devastating flooding ravaged South Louisiana, the National Flood Insurance Program (NFIP) has released figures showing an increase in flood policies in the affected areas. The NFIP releases a policy count by state, parish and incorporated city once a month and October numbers have just been released. As of July 30, the total number of NFIP policies (residential and commercial) was 451,377. By October 31, the policy count had risen to 480,086.
“The vast majority of the state’s parishes were federally declared disaster areas as a result of devastating flooding this year and we are seeing a significant jump in the number of people in those parishes purchasing NFIP policies” said Insurance Commissioner Jim Donelon. “While the recovery process is very much underway, I’m pleased that folks are taking steps to safeguard their homes and property. Louisiana is far and away the largest recipient of funds from the National Flood Insurance Program and while no one wants to see more disasters, there is peace of mind in being covered against such events.”
So far, the NFIP has issued more than $2 billion in payments as a result of the August flooding. Since 1978, the NFIP has issued more than $18.2 billion in payments to Louisiana. In fact, the next three states with the highest losses (New York, New Jersey and Texas) have each received between $5-$7 billion in payments.
Out of the 26 parishes that received a Major Disaster Declaration from the federal government for the August flood event, some of the hardest hit have shown the largest growth in flood policies between July 30 and October 31:
In East Baton Rouge Parish, the policy count has increased by more than 6,000 policies, or 26.6 percent.
In Ascension Parish, the policy count has increased by more than 2,200 policies, or 25.1 percent.
In Lafayette Parish, the policy count has increased by 2,200 policies, or 29.7 percent.
In Tangipahoa Parish, the policy count has increased by more than 1,600 policies, or 34 percent.
NFIP data collected by the Louisiana Department of Insurance actuaries show that over the last three years, the percentage of homeowners or renters with NFIP policies statewide has remained constant at about 22 percent. The Residential Market Penetration Chart shows data by parish as of September 30 (the most recent data available).