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Flood Insurance Reform

New Law will Increase Cost of Flood Insurance

Congress recently passed the Flood Insurance Reform Act of 2012 which results in many important changes to the National Flood Insuurance Program (NFIP). The NFIP defines special high-risk flood hazard areas as those with at least a 1 percent chance of annual flooding. Under the new law (known as Biggert-Waters), premium rates on many properties in these special flood hazard areas will increase. Rates for nearly all buildings located in special flood hazard areas will be revised over time to reflect full flood risks. Subsidies and grandfathered rates will be eliminated for most properties in the future.

Starting Jan. 1, 2013, premium rates for subsidized policies insuring nonprimary residences began increasing. Rates will increase 25 percent per year until they reflect the full nonsubsidized rate. Later in 2013, premium rate increases will take effect for additional categories of subsidized properties, including business properties, substantially damaged or improved properties, severe repetitive loss properties, and any property that has incurred flood-related damages where claim payments exceed the fair market value.

Beginning in 2014, premium rates for other properties, including nonsubsidized properties, will increase as new or revised flood insurance rate maps become effective and full risk rates are phased in. These premium rate increases will include areas that have received new or revised flood insurance rate maps since July 6, 2012 (the date of enactment of the new law).

Here are some things that you can do proactively to try to lower your insurance costs:

      • Talk to your insurance agent about your options
      • If you do not have one already, you will likely need an Elevation Certificate to determine your true 
      • risk premium and to make informed decisions about flood mitigation and rebuilding
      • Higher deductibles might lower your premium
      • Consider incorporating flood mitigation into your remodeling or rebuilding
        • Elevating or rebuilding higher will lower your risk and could reduce your premium
        • Consider adding flood-vents to your foundation walls or using breakaway walls to protect your foundation from flood damage
        • Consider adding FEMA & ICC-ES certified flood-vents that could reduce your premium up to 80%
      • Talk with local officials about community-wide mitigation steps
Boat Insurance
Protect your boat or personal watercraft with boat insurance. There are plenty of options with your coverage, including roadside assistance, on water towing, total loss replacement, and also covering anything that is attached to your boat. It will also cover any liability issues that may be caused by an accident.

With boat insurance you can cover all kinds of boats, like personal watercraft, jet boats, sailboats, fishing boats or house boats, let us show you the best boat insurance option for your watercraft.
Auto Insurance
Car insurance plans are designed to help cover potential car related damages, loss or injuries financially. It helps protect you, passengers, other drivers, pedestrians, property and your car. Car insurance also helps protects you in the event of a lawsuit associated with an incident involving your car.

Overwhelmed by all the auto insurance choices? Don’t be. We can make finding the right car insurance plan easy. Let us help you find the plan you need at a rate you can afford.

We will provide you with rates from multiple insurance companies to help you shop for the best combination of price and coverage. We’ll clearly explain the options, so you can make the best decision on which plan works best for you.
Life Insurance
Life insurance policies will protect your beneficiaries with financial stability and security when it matters most. In the event of your passing, life insurance provides financial help to your beneficiaries. Life insurance can help your beneficiaries with:

  • Covering any lost income, helping continue the same standard of living
  • Paying off any debts
  • Paying for your children’s education
  • Covering funeral and related costs
Which is right for you? First, always ask yourself why you need your life insurance policy and what you’re trying to accomplish by having a life insurance policy. Are you insuring your life so that when you pass away your children will be able to go to college or so your spouse will be able to pay off the mortgage? A temporary form of life insurance – term life – is well suited for these concerns. If you are more concerned about providing income to a widow or widower for life, funding retirement, or passing on wealth to future generations you will find permanent life insurance to be better suited for these goals. If you have a temporary goal in mind then term insurance is probably best.

However, if you are looking to address a long term need or concern then its best to look at the right permanent life insurance policies for you. Buying insurance of any kind is often confusing. There are always a lot of factors to be considered. Consult with us today to help determine the best type of life insurance and the appropriate premiums for your situation. Our agents are here to help you make a decision that’s right for you! 
Business Insurance
Being a business owner there are many things that can go wrong, with business insurance it covers many different aspects a business would need coverage for. For example business insurance can help your business in the following situations:

  • Protects against loss or damage to the business location and its contents.
  • Protects your business if it would be sued.
  • If your business uses vehicles, they will be covered.
  • Insure your employees against on the job injuries.
  • Covers your business in case there is an interruption of business.

Our experts can go over your business model and let you know about all the different business insurance plans and how each kind works for you best. There are many types of business insurance programs that can cover you no matter what type of business you are in. Here are some of our most popular business insurance programs

  • Property
  • Liability
  • Workers Compensation
  • Commercial Auto
  • Business Interruption Insurance
  • Business Crime Insurance
  • Umbrella Insurance Coverage

If you don’t see something that fits your business model, contact us today for a custom business insurance plan that fits your business.
Home Insurance
Your home is a huge investment, protect it. With home insurance you can protect your home and your possessions. You’ve worked hard for what you have, it’s important to have the right protection. There are many option of what home insurance can cover on your property. We can help you make sure that everything will be taken care of. Contact us today to see how we can protect one of your biggest investments.

Learn more about our types Home Insurance:

Homeowners Insurance

Condo Insurance

Renters Insurance

Call Us Today At ♦ (225) 272-4004

Louisiana Gulf Insurance Agency

14689 Old Hammond Hwy
Baton Rouge LA 70816

Phone: (225) 272-4004

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