New flood insurance rates go into effect today

New flood insurance rates go into effect today

NEW ORLEANS (WVUE) - New FEMA flood maps take effect today which means big savings for thousands of New Orleans property owners.

Thanks to the installation of $14 billion of levees, floodwalls, and pumps, in areas around the city, the maps showing areas vulnerable to flooding have been redrawn.

The redrawn maps will mean a decrease in flood insurance rates for about 53 percent of property owners in New Orleans.

Those living in Broadmoor, Gentilly, Lakeview and New Orleans east could see a savings of approximately $500 on their insurance premiums.

Meanwhile, around 47 percent of residents in the area may not see a change at all.

The news isn't so good for everyone, however. Around three percent of residents, among them, those in a small section of Algiers, will see a hike in the amount they're going to pay for flood insurance.

One homeowner isn't happy about it especially since she says new floods maps will make her pay more when her home isn't prone to flooding.

"I'm gonna sit in Algiers with a house that hasn't flood in over 35 years, I owned this and I'm gonna pay $2,500 going up to $3,100, which is the grandfathered rate?" asked Algiers resident, Dr. Susan Wayers. "Oh no! This doesn't compute!"

The rate hikes and even the discounts, FEMA officials say may not be a permanent thing since lawmakers in Washington will decide, in 2017, whether or not to reauthorize the FEMA flood program.

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