Louisiana flood insurance horror stories
To make their case that Congress should put off increases in flood insurance premiums resulting from the Biggert-Waters Act, Louisiana members of Congress are presenting personal stories from their constituents.
Here’s some sent to Sen. Mary Landrieu, D-La., and made available by her office:
Metairie family worried about losing home
“When things quieted down (after Hurricane Katrina), we began the process of cleaning up and rebuilding. Not just our home, but the homes of relatives as well. I assure you, nothing speaks louder to one’s commitment to stay than mucking out a flooded house in the September heat with no electricity to be had. I am grateful to have had coverage from the NFIP (flood insurance program) to help me make repairs. I would have been lost without it.”
“If the rate increases we’re hearing about go forward, you will have succeeded in doing what Katrina didn’t; break the back of Southeast Louisiana.”
Mandeville family facing $13,000 annual premium
“We’ve always maintained flood insurance and our home has never flooded. New FEMA maps place half of our property in a V12 flood zone causing our flood insurance to skyrocket to $13,000 annually. Even if we spends the $100,000 to raise our home in the hopes of reducing rates, there’s no guarantee FEMA won’t come out with new requirements and place us back in the same situation.”
Young first-time homebuyer in Lafayette
“I thought I had found a house that I would be able to afford. My flood insurance has suddenly tripled. I was told that my insurance would begin increasing 25 percent every year until it reached ‘the appropriate level’ of flood insurance. I knew there would always be surprise costs with a home, which is why I had savings, but the biggest surprise cannot yet be calculated and does not go away.
Maria in Lulling facing 1600 percent increase
“As you can see, it’s not a beachfront mansion and it’s not a fishing camp ‘Down on Da Bayou.’ My problem starts with the proposed new FEMA/FIRM maps. This will change my elevation from a +4 to a -2 and will increase my annual flood insurance premium from $500 to an estimated $8,000. A 1,600 percent increase.
“A life altering, financially crippling increase. And who exactly will buy my home knowing that the flood insurance will be so high?”
3 Hours Ago
it,s gonna be cash paradise for anyone holding alot of cash.
after the banks take the houses from the current residents the banks are gonna have to sell em for about 20% of value.
then the new owner is gonna collect rent,rent,rent $$$$$$$$ with no flood insurance and hope the flood maps are wrong and recoup his little 20% investment quick.
and the rich will get richer and the middle class will be poorer ,
just as planned.
banana republic,s of the future.