With hurricane season here, Louisiana Insurance Commissioner Jim Donelon says there's a new reason to get a flood insurance policy.
Donelon says FEMA is working on new rates for flood insurance, "what's called 'risk rating 2.0,' a new way of pricing flood insurance."
He said that could make National Flood Insurance Program policies more expensive, so getting one now, if you don't already have one, will help you get better rates.
"There will be additional benefit to accessing the program before that's rolled out is getting grandfather status for your property," he explained.
Donelon says the New Orleans area has a relatively high rate of properties with flood insurance, but it is still around 45-50 percent. He calls the National Flood Insurance Program "the best insurance buy" anywhere in the U.S.
