Time to Get Prepared for Flooding and Funding Monday May 08, 2023 10:49 am

Terrebonne Parish

Department of Planning and Zoning

Recovery Assistance and Mitigation Planning

FloodSafe Minute

Time to Get Prepared for Flooding and Funding

Grant applications will open soon for Severe Repetitive Loss and Repetitive Loss properties damaged by flood. The National Flood Insurance Program (NFIP) sponsors grants up to 100% of the cost to elevate demolish and rebuild a property.  Because it is funded from the NFIP premiums, all grants go to people who have an NFIP flood insurance policy.  

Call an insurance agent for insurance questions/a quote. The Parish consultants, Hunt, Guillot and Associates, will be reaching out with the grant paperwork and documentation and can be reached at 985-333-8330 for grant questions or to apply now. 

When should I get a quote?

Now! The formal grant application period will open in September, and the policy is required.   A flood insurance policy takes 30 days to be in effect.  GET YOUR FLOOD INSURANCE IN PLACE TODAY! 

What is new?

The new Risk Rating 2.0 approach that FEMA has put in place for the NFIP may have reduced the cost for the structure.  Call any insurance agent and find out.  If the quote you are provided seems to be excessive, you can reach out to the Flood Insurance Advocate and request a review of that premium quote. Insurance-Advocate@fema.dhs.gov.  For more information go to https://www.fema.gov/flood-insurance/advocate or www.floodsmart.gov. 

How much flood insurance do I need?

A full house value policy is not needed to be eligible for the grant.  Ownership of an NFIP policy for the structure at risk is all that is needed.  While the Parish recommends full coverage, this is not always affordable.  The policy after elevation should be reduced at least by eliminating a severe repetitive loss status. 

Terrebonne competes nationally for 100% grant for elevation or demolition/reconstruction of the structure.  Other repetitively flooded structures may be eligible for 90% of the total project cost.  Structures not meeting the definitions below can apply for a grant of 75% coverage. 

Hurricane Ida roared through the Parish with wind gusts that destroyed homes and businesses like never seen before in Terrebonne Parish. We can’t forget, however, that flooding has been and will remain an issue for Terrebonne Parish.  Those who didn’t have wind coverage are struggling now to rebuild, and those without flood insurance could be in the same position when we next flood.  The levee system is a tool to stop surge from the coast in many cases, and the Parish has invested in pump stations and retention systems.  That can’t stop all flooding all the time.  FEMA grants are available to help with elevation or demolition and reconstruction of the most severely damaged structures at up to 100% funding.   They are for policy holders only. 

Get your flood insurance now.  

 

THE STRUCTURE NEEDS TO BE INSURED PRIOR TO August 30, 2023

The SRL group consists of any NFIP-insured residential property that has met at least 1 of the following paid flood loss criteria since 1978, regardless of ownership:

••4 or more separate claim payments of more than $5,000 each (including building and contents payments), 2 within a ten-year period; or

•• 2 or more separate claim payments (building payments only) where the total of the payments exceeds the current value of the property, 2 within a ten-year period.

If the grant is awarded, the program will pay 100% of the elevation total project cost up to $333K.

Repetitive Loss (RL) property for the purposes of the grant program is a property that has incurred flood-related damage on two occasions, in which the cost of the repair, on the average, equaled or exceeded 25% of the market value of the structure at the time of each such flood event – over 50% damaged in 2 events. 

If the grant is awarded, the program will pay 90% of the elevation total project cost for a repetitive loss property up to $333K.

The time to prepare is now.  Spread the work to get flood insurance, and get above the flood!

Call your insurance agent now, or call 985-333-8330 for grant information