Cheaper Flood insurance - KLFY News 10

Cheaper Flood insurance

Updated:
Homeowners, who are paying higher than normal flood insurance premiums, can expect a refund following passage of the Homeowner Flood Insurance Affordability Act in March.

U.S. Rep. Charles Boustany said the act will actually lower premiums by at least 7 percent each year over the next 5 years. But, some homeowners may still be paying more in 2014.

"People, who have not paid their premiums yet, need to pay them. [They need to pay them] even if they think it's too high, because they will get refunded. But, they need to be in the system. They don't want to be left out without coverage," said Congressman Boustany.

Boustany told this to a crowd of nearly 50 members of the Greater Iberia Chamber of Commerce on Thursday, though, it's unclear when those refunds will be sent out.

"We need to keep the pressure on FEMA," said Boustany.

But, for now, the pressure remains on many homeowners.

Janet Faulk-Gonzales, president and chief executive officer of the chamber, said the calls keep coming in.

"We were just talking to one lady here whose insurance went up 25, 35 percent. Some people's just quadrupled and became more a month than their mortgage," said Faulk-Gonzales.

Public officials, on Thursday, said they're putting the pressure right back on FEMA.

"The new premiums, they told me, would be out in two to three weeks. So, next week, ill be calling them to see if that's happening and to see where they at with it," said James Landry, the city building official for New Iberia.  

For more information you can call the Louisiana Department of Insurance at 1-800-259-5300 or 1-800-259-5301.

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