Flood losses are not covered by homeowners insurance policies. However, the National Flood Insurance Program (NFIP) guarantees that separate flood insurance is available for purchase by homeowners.
Typically, there's a 30-day waiting period from date of purchase until your policy goes into effect. So, if you wait until there is a weather forecast announcing a flood alert for our area, and decide to purchase flood insurance, it's already too late. You will not be insured if you buy a policy a few days before a flood.
Some insurance companies, participating in the NFIP, may require an Elevation Certificate (click here) to determine the proper flood insurance premium rate for your building. For buildings located in these high-risk flood areas, known as Special Flood Hazard Areas (SFHA), insurance companies normally do require an Elevation Certificate to certify the building's elevation.
Owners of properties in a SFHA always have the right to purchase an Elevation Certificate, information used by the insurance company and can possibly allow for a reduction in your flood insurance premium. Land surveyors, engineers, or architects who are licensed by the State of Louisiana can provide services to develop an Elevation Certificate for your property.
Floodwaters have the power to damage not only your home and sense of security, but also your financial future. You can only purchase flood insurance through a licensed insurance agent participating in the NFIP like Smith-LBA. Our agents can provide answers to your questions regarding flood insurance.
When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Flood insurance means you'll be reimbursed for all losses covered by your policy. And unlike Federal aid, it never has to be repaid.