Flood Insurance in New Orleans

Beyond Belief · #1 09-03-2005, 10:20 PM

I really have some questions about the costs of flood insurance in N.O. Were these properties insured? Florida is having a terrible time with insurance companies not wanting to cover the ocean front properties. Did the insurance companies really cover a place with such high flood risks? IF anybody knows please enlighten me, I find this mindboggling.

Details · #2 09-03-2005, 10:37 PM

Flood insurance is more often than not being covered right now. I don't have it on my house - too difficult and expensive - even when I'm in a place that is pretty near impossible to flood.

Beyond Belief · #3 09-03-2005, 11:46 PM

Mortgage companies require flood insurance for flood prone areas.

JBean · #4 09-03-2005, 11:58 PM

I highly doubt one could get flood insurance in a flood plane like New Orleans?!

Beyond Belief · #5 09-04-2005, 12:02 AM

thats what i was wondering. so who helps these people recover? i guess thats a dumb question, i suppose we all will.

Beyond Belief · #6 09-04-2005, 12:13 AM

I did find this article from '04

New Orleans to Get New Flood Insurance Rate Maps

June 8, 2004

Under the auspices of the Federal Emergency Management Agency's Map Modernization Program, the city of New Orleans, FEMA and the U.S. Army Corps of Engineers are working together to develop new flood insurance rate maps for New Orleans.

Orleans Parish's flood insurance rate maps were last updated in March 1984, and there have been extensive drainage improvements in the area since then.

According to FEMA, the work is being completed under its Flood Hazard Mapping Program via the Map Modernization initiative. FEMA has decided to develop the map modernization program because approximately 85 percent of their Flood Insurance Rate Maps are at least five years old, with a third over 15 years old. The program intends to increase community involvement in the mapping process, increase customer service, and heighten public awareness of flood risks.

The Southeast Louisiana Flood Control Project (SELA) constructed many of the improvements in the New Orleans area. FEMA has committed funding to develop revised Digital Flood Insurance Rate Maps (DFIRMs) in Orleans Parish in the following basins: Areas J, K, L, Orleans, Peoples, and Algiers.

Additionally, FEMA has committed funding to initiate Area I. Through this effort, preliminary DFIRMs are expected to be available in early 2005. Follow on funding to continue additional study areas has been allocated for FY 2004.

DFIRMs will provide the means for FEMA and the parish to identify the areas where revisions to floodplain management practices and/or revised flood insurance premiums are warranted due to updated information and/or changes to the hydrology of the area. Some areas may experience reduced flood insurance premiums due to recent drainage improvements that have been made to the floodplain by the parish. The updated DFIRMs will provide the parish with a much better picture of the flood risk in all areas of the parish covered by this effort, FEMA said.

Beyond Belief · #7 09-04-2005, 08:31 AM

http://www.fff.org/freedom/0594e.asp

An old article, but contains information I was never familiar with so I thought I would pass it along.

The government's role has been responsible for helping to lure people, farms, and businesses to earthquake-prone regions, floodplains and hurricane zones who might not have been there otherwise when the disaster struck. Thus, the government is responsible for many of the deaths and much of the property damage that has occurred.

follow above link.

CyberLaw · #8 09-04-2005, 04:46 PM

Apparently, accoring to a risk evaluator, no one is going to want to come to live, invest, open up a business, move to, transfer to etc. to New Orleans because it will still be under sea level.

kgeaux · #9 09-04-2005, 04:57 PM

Quote:

Originally Posted by CyberLaw

Apparently, accoring to a risk evaluator, no one is going to want to come to live, invest, open up a business, move to, transfer to etc. to New Orleans because it will still be under sea level.

We're hearing that several large companies, including Shell Oil are moving to Lafayette--I'll wait and see on that one.

Realistically, I think New Orleans will be rebuilt but smaller, with shored up levy systems. It has been below sea level forever, and that has never stopped companies from locating there. That port is a powerful draw to industries. They'll just make sure they have their insurance paid up.

Also, I think no one will be allowed to rebuild without flood insurance. I've been reading about how low a percentage of people actually bought flood insurance! that seems terribly shortsighted in retrospect.

shopper · #10 09-04-2005, 06:02 PM

Quote:

Originally Posted by kgeaux

We're hearing that several large companies, including Shell Oil are moving to Lafayette--I'll wait and see on that one.

Realistically, I think New Orleans will be rebuilt but smaller, with shored up levy systems. It has been below sea level forever, and that has never stopped companies from locating there. That port is a powerful draw to industries. They'll just make sure they have their insurance paid up.

Also, I think no one will be allowed to rebuild without flood insurance. I've been reading about how low a percentage of people actually bought flood insurance! that seems terribly shortsighted in retrospect.

This may be incredibly naive on my part, but don't you think that surely now the levee system and pumps will be improved/replaced? I can't imagine bothering to rebuild if those flood preventions aren't in place.

concernedperson · #11 09-04-2005, 07:14 PM

Quote:

Originally Posted by CyberLaw

Apparently, accoring to a risk evaluator, no one is going to want to come to live, invest, open up a business, move to, transfer to etc. to New Orleans because it will still be under sea level.

That is absolutely correct. It would be foolish to do so and given the short amount of funds....why would you risk it? There are other areas to invest in but respect the French Quarter and the historical aspects but don't have thousands living there to be exterminated once again.The Mississippi River runs a long way...ports can be everywhere. Just trying to be practical but loving New Orleans at the same time.

kgeaux · #12 09-04-2005, 08:19 PM

Quote:

Originally Posted by shopper

This may be incredibly naive on my part, but don't you think that surely now the levee system and pumps will be improved/replaced? I can't imagine bothering to rebuild if those flood preventions aren't in place.

I think the levees will be brought up to a standard to withstand a 5 strength hurricane. In the midst of all of this tragedy, there has been something kinda miraculous take place: MOST of the levees held. The percentage of failure was very small. Had those levees had catastrophic failure, we'd be counting the dead in the tens of thousands. The water would have risen so fast.