Flood Insurance

Flooded Street

Who Needs Flood Insurance? EVERYONE!

No matter where you live - high or low risk areas - we all now know that everyone in southeastern Louisiana is exposed to flooding. Storm surges, torrential rains, pump station breakdowns, levee breaches and backed up drainage systems can cause massive amounts of rapid flooding during almost any season of the year.

Flood insurance is available to protect homes, modular homes, mobile homes, and condominiums. We also can provide coverage for contents for apartment and condominium unit renters. You can also buy flood insurance for vacant homes, renovation and builder’s risk projects.

A maximum of $250,000 of building coverage is available for single-family residential structures; $250,000 per unit for multifamily residents, with a limit for contents on all residential buildings is $100,000, which is also available for renters.

For a fast, no obligation quote, contact one of our flood insurance specialists at (504) 441-7283 or complete the Online Quote Request form and you will be contacted immediately.

How Much Coverage Do I Need?

Whether you are a new home buyer, or you have owned your home for several years, we will assist you in determining your replacement cost. This value may be quite different from the price you paid for your home because insurance is concerned with what it will cost to repair or rebuild the structure, not what it may sell for in the fluctuating world of real estate values. We will use some of the following information to determine current value:

  • Replacement cost estimators supplied by carrier we are quoting.
       
  • Current or most recent appraisal.
       
  • Square footage vs. purchase price vs. mortgage lender’s requirement. These numbers may differ.
       
  • Current policy limits on existing policy.
       
  • Number of rooms, number of stories.
       
  • Type of construction and customization.

Coverage must be at 80% of replacement costs. Contents are always at actual cash value. Please note that there is no Additional Living Expense coverage if your home is uninhabitable due to flooding, and that damage due to flooding is excluded from your homeowner policy.  This can leave you with significant costs to find a temporary place to live while your home is repaired or rebuilt.

When Does Coverage Start?

You can purchase flood insurance anytime, but there is a 30-day waiting period before it becomes effective. The following exceptions apply:

  • In connection with the making, increasing, extending or renewing of a loan there is no waiting period; coverage becomes effective at the time of the loan.
       
  • If the initial purchase of flood insurance is made during the one-year period following the issuance of a revised flood map for a community, there is a one-day waiting period.

How Is The Price Determined?  

  • Rates are determined by pre-firm and post-firm dates of the community; usually 1974 is an appropriate year for our area. Houses built after 1974 will require a flood elevation certificate to determine rates. Prior to 1974, base rates are usable and an elevation may be used to lower this rate, if favorable. Elevation certificates cost approximately $250, so please be aware that this is not guaranteed to lower your rate. It’s best to check with other neighbors to compare what they might be paying for similar coverage before ordering a survey.

  • Please be aware that most new property purchases require an elevation certificate, which is automatically requested by the closing attorney’s office as part of your closing cost. Our office will work with them to get you the best possible flood rates after obtaining a copy of the elevation certificate.

You may qualify for a Preferred Risk Policy at Preferred Rates if:

  • You own and live in the one- to four-family dwelling you want to insure
       
  • You are located in Zones B, C, X, AR, or A99 Flood Zone
       
  • You have had no more than two flood claims over $1,000 paid during your time of ownership

 

Preferred Risk Flood Rates - Zones B, C, X, AR, or A99
1 to 4 Family Dwelling
Building / Contents No Basement / Enclosure With Basement / Enclosure
$20,000 / $8,000 $171 $202
$30,000 / $12,000 $209 $240
$50,000 / $20,000 $271 $302
$75,000 / $30,000 $316 $353
$100,000 / $40,000 $349 $385
$125,000 / $50,000 $366 $404
$150,000 / $60,000 $389 $425
$200,000 / $80,000 $425 $468
$250,000 / $100,000 $450 $499

PRP Application Required Upon Acceptance

Additional Eligibility Requirements May Apply

30 Day Waiting Period May Apply

 

Preferred Risk Flood Rates - Zones B, C, X, AR, or A99
Residential Contents Only
Contents Above Ground, 2 or More Floors Above Ground, 1 Floor
$8,000 $79 $102
$12,000 $99 $132
$20,000 $137 $176
$30,000 $154 $200
$40,000 $169 $221
$50,000 $184 $241
$60,000 $199 $262
$80,000 $228 $286
$100,000 $257 $312

PRP Application Required Upon Acceptance

Additional Eligibility Requirements May Apply

30 Day Waiting Period May Apply

For a fast, no obligation quote, contact one of our flood insurance specialists at (504) 441-7283 or complete the Online Quote Request form and you will be contacted immediately.

Other Important Facts

  • Existing policies on property where an elevation was used some years ago to lower the rates can be transferred to the new owner by NFIP Request Form, provided the seller is willing to transfer his interest and the buyer is willing to pay pro-rata premium. Some mortgagees want new policies written for closing and will not approve a transferred transaction.
       
  • All Flood Policies are sold and serviced directly through the Federal Funded National Flood Insurance Program through a write-your-own company. The WYO companies write and service policies on a non-risk-bearing basis through a special arrangement with the Federal Insurance Administration. What this means is that all rates through all agents and WYOs should be similar. The National Flood Insurance Program regulates all rates and should not deviate from one WYO carrier to another.
       
  • Flood Policy rates will drastically differ when a good elevation certificate is not being used to lower your rate and you have not been made aware of it. It is a good idea to have this reviewed by our Homeowner’s Department.

Documents that may be needed:

  • Elevation Certificate.

  • Current Appraisal, if available.

  • Copy of current Flood Policy, if you have one

  • In some special cases, photos of the front and back of the dwelling may be needed

  • If you are buying a new home or refinancing your home:

    • The exact closing date, so coverage can begin at that time

    • Mortgage company requirements and mortgage clause

How Can Dan Burghardt Insurance Help?

Our homeowner’s specialist will assist you in getting your policy and binders ready for the act of sale. It is imperative that you have the proper requirements set forth by your mortgage company and closing attorney for both your home and your flood insurance, or your closing can be postponed.

Why One Agent?

Having your homeowner’s and flood with one agent is important. Why? Because it makes it easier for you and your agent to maintain coverage requirements that match the replacement value of your home each year. Having two different agents maintain these policies puts the homeowner at risk and if a claim takes place after a hurricane, it’s easier to reach one agent who can handle one claim for you than trying to locate several agents who may be displaced like you are.

The Advantages Of Working With A Dan Burghardt Insurance Flood Specialist

  • Professional Service

  • 6 convenient office locations
       
  • Convenient hours, two offices open on Saturday
       
  • You can purchases over-the-phone in many cases -- no office visit required

For a fast, no obligation quote, contact one of our flood insurance specialists at (504) 441-7283 or complete the Online Quote Request form and you will be contacted immediately.

Related Products We Offer:

  • Excess Flood Insurance
      
    • The NFIP maximum limits of $250,000 for residential dwellings is not always adequate and may be well below the limits needed to fully insure the property.

    • Excess Flood Insurance provides coverage limits over and above the maximum limits available through the National Flood Insurance Program or the Write Your Own Program.
         
    • Excess Flood can be written for coverage up to $5,000,000, and higher limits can be considered in some cases.

    • To get an Excess Flood Quote call us directly and speak with a Flood Specialist for Residential Property at (504) 441-RATE(7283) or complete a quote request form.

  • Personal Liability - for owners who occupy the home insured

  • Premises Liability - for landlords who own and manage a few rental properties
     
  • Personal Umbrella for up to $5,000,000

  • In-Home Business Coverage

  • Mortgage Life - low cost coverage that makes it very affordable to pay off your mortgage in the event of death, disability, unemployment or critical illness.

For a fast, no obligation quote, contact one of our flood insurance specialists at (504) 441-7283 or complete the Online Quote Request form and you will be contacted immediately.