Flood insurance rates are rising steeply in Louisiana under FEMA’s new system for setting premiums, known as Risk Rating 2.0. The increases for existing policies are being phased in, with a maximum jump of 18% per year for existing policies.
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One of the state’s zip codes is projected to see the steepest increase of any in the nation.
That means that many policyholders will not reach their target premium for a number of years.
The average Louisiana community is projected to see 134% increases for single-family homes, but communities especially prone to flooding will see much steeper hikes. One ZIP code in Plaquemines Parish is projected to see the highest increase in the nation, at 1,098%.
Using FEMA data, The Times-Picayune | The Advocate has assembled the below interactive map, which allows residents to search by ZIP code to see projected average increases for single-family homes in their area.
For further context, see our recent story detailing the FEMA data.