The National Flood Insurance Program (NFIP) reports that nearly $2.4 billion in insurance payments have been made to the survivors of the 2016 Louisiana flood disaster, and 98 percent of the 29,500 filed claims are now closed.
Prolonged rainfall—more than 20 inches in 10 days—created catastrophic flooding last August in southern parts of the state that submerged tens of thousands of homes and businesses, forced the evacuation of at least 30,000 residents, and caused upwards of $10 billion in property damages. In the aftermath of the floods, 20 Louisiana parishes were designated as federal disaster areas by the Federal Emergency Management Agency (FEMA).
The NFIP under FEMA provides flood insurance protection to property owners from the federal government or through an insurance company. According to NFIP, in the latest rounds of claims in Louisiana, the average claim from a policyholder for this disaster totaled just more than $87,400. Policyholders had received advanced flood insurance payments totaling roughly $361 million, with the average NFIP payment being $18,733.
The advance payments were “dispersed in as few as five days to help with recovery and rebuilding efforts,” according to an NFIP statement released earlier this week.
While almost all of the claims submitted have been closed, NFIP said that supplemental claims may be submitted if additional damage is found. Policyholders affected by the floods may also contest an insurance claim decision if a loss was reported. For more information, call the FEMA helpline at 800-621-3362.
NFIP warned that as hurricane season approaches, it is important for homeowners, renters and business owners to purchase flood insurance, which is not included in homeowners insurance. There is a 30-day waiting period between purchasing a policy and the date it goes into effect and NFIP payments are not dependent on state or federal disaster declarations.