Amid Hurricane Season and following the aftermath of Hurricane Barry, it is a good time to remember that flood insurance is an important part of Louisiana home ownership. In Barry alone, flood loss for residential and commercial properties in Louisiana is estimated to be between $200 million and $400 million, including both storm surge and [...]
The purpose of insurance, of course, is to provide protection from damage caused by a possible risk. In exchange for the payment of a premium, the insurance company agrees to provide certain protections that are explained and defined in the policy that is purchased. Sometimes the government requires us to purchase certain insurance—like state required [...]
In August 2016 a heavy three-day rainfall resulted in historic flooding in parts of south Louisiana. The events surrounding the flood have been called “unprecedented,” “a 500-year event,” and “catastrophic” just to name a few. This historic flood led to much damage and despair, washing away generations of memories and leaving behind an aftermath of [...]
Does your insurance policy have an “Act of God,” or “Act of Nature” provision? An “Act of God” or “Act of Nature” provision generally refers to those “events outside of human control, like flash floods, earthquakes or other natural disasters.” While these provisions are admissible in several forms of contracts, they are not generally allowed [...]
In recent years we have seen varying news broadcasts regarding “historic floods.” The narrative is always the same; the location is always different. From South Carolina to Nebraska we have all watched as historic flooding has become somewhat of a new normal. We have all listened to the victims of these historic floods speak about [...]
The August 2016 “Great Flood” impacted more than 145,000 households in Louisiana, with over 41.5% of the population in nine parishes flooded. The estimated damage to homes exceeded $30.4 billion. In the Capital Region, 34.8% of businesses were affected and in one of the hardest hit areas, Livingston Parish, 91% of the businesses and 94% [...]
First flooding. Then fighting with insurance companies for full and fair payments for insured losses. Then dealing with contractors to make sure work is done timely and correctly. But now Louisiana flood victims have to deal with a new problem. The Louisiana Office of Community Development is warning residents of possible scams of flood victims. […]
Congress is set to reform the National Flood Insurance Program later this year. We have written before about how the NFIP has needed reform for years — it is $25 billion is debt. One of the suggested ways to fix some of the problems with the NFIP is to make it easier for private insurers […]
As we have noted in previous posts, flood insurance policyholders have deadlines they must comply with to ensure full and fair payments from their insurance companies. These deadlines are critical — failure to meet them can result in denial of claims. One of the most critical deadlines is the deadline for the insured to provide […]
While we have complaints about inadequate appraisals and underpayments to our clients recovering from the Great Flood of 2016, we know that the National Flood Insurance Program is a critical component of this — and future — recoveries in Louisiana and elsewhere. It is critical that homeowners who do the right thing and pay premiums […]