Insurance Commish: Flood Insurance Hikes Result Of Changes To National Flood Insurance Programs
"I would urge property owners to contact their agent to get more information about these new revisions to the National Flood Insurance Program."
That's the words of State Insurance Commissioner Jim Donelon, who says flood insurance rates will be going up April 1 for residents, according to Louisiana Radio Network.
For primary residences, premium hikes are capped at 18 percent.
"But that's each year if their risk for flooding demonstrates an exposure that should justify a higher premium," says Donelon.
For commercial and rental properties and second residences, Donelon says the premium goes even higher, a 25 percent maximum increase.
But that's not all. A surcharge of $25 per year will be charged to property owners for primary residences and a $250 for businesses, rentals or secondary residences.