The National Hurricane Center predicts a very active 2020 hurricane season in the Atlantic with 19-25 named storms expected, 7-11 of those will become hurricanes.
Louisiana Insurance Commissioner Jim Donelon urges residents to get flood and hurricane insurance now.
“People ask me, ‘can I get flood insurance, can I get home owners insurance, commercial property insurance, even during hurricane season? And the answer is yes,” said Donelon. “But there is this caveat; with the commercial and residential private insurance available for homeowners and businesses owners, the companies discontinue writing policies once a storm enters the Gulf.”
He says when it comes to flood insurance, there is often a 30-day waiting period before that policy becomes active.
“There is an exception to that,” said Donelon. “If you are mortgaging your property, buying a new home or refinancing your home with a federally-backed mortgage; the flood insurance you would be required to have for that property will go into effect immediately.”
He says most homeowner and commercial property insurance come with a hurricane deductible of between 2% and 5% of the insured value.
“If your home is insured for $200,000, 4% named storm deductible, $8,000 out of pocket before your coverage kicks in to fix the property that was damaged when the tree was blown over on your home,” Donelon explained.
Donelon says the National Flood Insurance Program is the best insurance Louisiana residents can have during an active hurricane season.
The insurance commissioner also gives four steps every property owner should take now. Listen to Tommy Tucker's interview with Jim Donelon for the deatails.