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Posted: Sunday, 19 January 2014 12:22PM

Flood insurance break for Louisiana home owners

Congress has approved legislation that will delay large flood insurance rate hikes until 2015 for thousands of policyholders in Louisiana.

The measure is part of a government spending bill that President Obama is expected to sign.

Insurance Commissioner Jim Donelon is glad the relief is coming for homeowners who were looking at large rate increases.

"It's good news for about 32-thousand flood insurance policy holders in Louisiana by forestalling the Draconian rate increases that many home owners were being faced with if this relief had not been given," says Donelon.

But, Donelon says the one-year delay does not cover all policyholders in Louisiana. He says business owners and those who have recently purchased homes are already paying the larger flood insurance rates.

"So businesses and even home owners whose properties are sold or transferred...overnight, they'd have to reach those actuarialy sufficient rates immediately."

Donelon says the U.S. Senate is scheduled to vote on another bill later this month that will go even further to make sure Louisiana policyholders are not priced out of their home because of massive flood insurance rate hikes.

"I believe the Senate bill will clear the Senate. And, that bill will, ultimately in some form...probably a compromise from its current version...pass Congress, as well."

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Topics : Business_FinanceDisaster_Accident
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Locations : Louisiana
People : Jim DonelonObama
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