Property owners in Lafayette Parish who have flood insurance through FEMA's National Flood Insurance Program will save on their premiums next year.
Premiums for these residents will drop by five percent when they renew their policies because FEMA upgraded Lafayette Consolidated Government's Community Rating from Class 8 to Class 7.
According to LCG Chief Communications Officer Jamie Angelle, the upgrade recognizes "LCG's efforts to correct and take preventative measures to reduce flood damage."
The upgrade will give policyholders a 15 percent discount, an increase from the current 10 percent. The discount is effective for the next five years, which should result in $3.75 million in savings.
Angelle said several factors led to the improved rating, like drainage system maintenance improvement, flood insurance promotion, educating the public on flood risks, enforcing building standards, and adopting higher development standards in 2017.
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