Some of you may have already opened an early Christmas present in the mail. It's a refund and letter stating that your home is now in a lower risk flood zone.
Psychiatrist Dr. Terry Lain recently opened his Integrity Behavioral Management clinic in New Orleans East. He is treating patients with psychiatric and mental health conditions and addiction disorders.
His goal now is to finish building the connected in-patient hospital. And an envelope that arrived two days ago was a real shot in the arm towards finishing.
"And that makes a big difference," laughed psychiatrist Dr. Lain.
With the first new flood maps in more than 20 years going into effect on September 30, Dr. Lain's flood premiums went down. His refund for his business was nearly $3,000.
"We have contractors that we need to pay and they need supplies in terms of dry wall and flooring," said Dr. Lain.
TWGF Insurance agent Rick Rogers says refunds are coming to people in Orleans and St. Charles parishes. The new Jefferson maps have not yet been approved. As many as 80 percent in Orleans could get refunds on current policies, then see future premiums go down upon renewal. Some though could see premiums increase, possibly in Eden Isles and the lower coast of Algiers. But Rick fears that people bumped up low risk flood zones will stop getting flood insurance.
"Twenty-five percent of everybody to get flood waters in their home are in preferred risk flood zones. Having 25 percent of all these flood claims, or even coming from the preferred risk zones, that doesn't seem to me to be too low risk," said Rogers who is a TWGF branch owner and agent.
He says some insurance carriers have made mistakes, giving policy holders refunds that FEMA has needed to get back. And some, who find their home bumped up to a low risk zone, will still not get refunds if their homes flooded twice in a 10 year period since December 31, 1974, and claims were more than $1,000 each.
It's important to check with your mortgage company because it may no longer let you escrow flood premiums if you are now in a preferred risk zone.
And it also could have over collected funds for your next year's policy.
Flood maps. Effective flood map is the current and Preliminary is what the new one is going to be.