Insurance commissioner says 75 percent of flood victims do not have flood insurance

Insurance commissioner says 75 percent of flood victims do not have flood insurance

BATON ROUGE, La. (AP) - Louisiana's insurance commissioner estimates 75 percent of those affected by the catastrophic floods do not have flood insurance.

Jim Donelon tells The Baton Rouge Business Report on average only about 25 percent of the state's property owners will be able to recoup their losses under the federally subsidized National Flood Insurance Program.

The Small Business Administration said Monday low-interest federal disaster loans are now available to Louisiana businesses and residents.

President Barack Obama has declared several affected parishes to be major disaster areas, a designation that will make it easier for flood victims to receive disaster aid.

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