Donelon says flood insurance is “best buy” Louisiana property owners can make

so if you didn’t have insurance for your
home and I’m talking about flood insurance for your home or your business your options
pretty much or and I guess it depends upon if you have a mortgage on your house or
not if you don’t a mortgage then then you don’t have that obligation by the
mortgage company to get flood insurance now is that correct Oh well that’s correct you
don’t have a legal obligation to get it it does affect your eligibility for
assistance from FEMA if you live in an area that was supposed to have flood
insurance but that’s not in my jurisdiction i’m not an expert on
eligibility for assistance outside of what is provided and and paid for by
policyholders of the national flood insurance program but with lenders most
of the property that they lend money on uh is not required to get flood
insurance it’s only the properties that are in low-lying areas are vulnerable
areas that the federal regulation of the mortgage industries, mortgages backed
by Freddy May–fannie mae and freddie mac require flood insurance only on
those properties in flood-prone areas and the rest of the properties that they
loan money on there is no requirement as a condition of your mortgage that you
get flood insurance in fact i have made the point lately that it’s a huge deterrent to folks buying lood insurance when they’re told by the
lender that it’s not necessary because you’re not vulnerable that that tells
first-time home buyers for example living on a tight budget well why should i spend the extra money
to get flood insurance when the bank could have required me to get it for
free and add them as a insured and they’re telling me not to bother sure so there is no obligation for the insurance broker or
agent to offer the say, flood insurance such as uninsured motor insurance and
liability where there’s an obligation here there’s no legal obligation at all well now you’re talking about
malpractice and and is an omissions coverage and that sort of thing and I
wouldn’t go so far as to say there’s no obligation to advise a client
about or an agent that that it would be prudent and wise or cost-effective to access
flood insurance not for myself I tell everybody all of
the state, in a statewide tour i do at the beginning of hurricane season
every year that it’s the best insurance buy any property owner anywhere in the
state of Louisiana can make these significantly subsidized National Flood
Insurance Program benefiting our state more than any other state in America
in the last 35 years louisiana policyholders have collected
sixteen billion dollars from the National Flood Insurance Program the
next three most benefited states new york new jersey superstorm sandy in
Texas and each collected just more than the next three states–combined from
the program over the last 35 years speaking to the fact that it truly is
the best insurance buy a property owner can make in our state from Shreveport
to Grand Isle from monroe to Holly beach no matter where located

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