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St. Tammany Parish Residents to See Reduced Flood Insurance Costs Due to New Rating
A savings of $1.9 dollars will be coming to St. Tammany Parish homeowners on their flood insurance costs. The Community Rating System classification for St. Tammany Parish went from a Class 9 to a Class 7. This is good news for buyers that are just purchasing new homes for sale as well in St. Tammany Parish. Builders will also be able to tell their buyers about this break in insurance costs in order to incentivize some buyers that may still be debating on whether or not to buy a new home from a builder in St. Tammany Parish. All-in-all, this is good news for the housing market in Mandeville, Covington, Madisonville, and Abita Springs, Louisiana.
St. Tammany Parish Residents to See Reduced Flood Insurance Costs Due to New Rating
Many St. Tammany Parish residents will save money in the coming year due to decreases in flood insurance costs, the parish announced today.
The collective savings of $1.9 million comes by way of the parish being able to reduce its Community Rating System rating from Class 9 to Class 7, the parish said in a news release.
St. Tammany Parish now joins six other communities statewide with a Class 7 rating. Jefferson Parish is the only community in the state with a Class 6 rating, the parish's news release said.
"I am very proud of the team that made this savings possible,'' St. Tammany Parish President Kevin Davis said. "This was an effort that crossed parish departments and agencies in order to improve flood prevention as well as put dollars in the pockets of our citizens.''
As of March 31, the parish had 35,720 flood insurance policies in place, paying a collective premium of $19,662,195, the news release said.
Davis said the parish is now pushing to reduce the rating to a Class 6, which would bring even more savings to policy holders.
