Lafayette Consolidated Government FEMA Flood Rating Improves
Lafayette Consolidated Government (LCG) put out a press release on September 18th that details their FEMA flood rating has improved. For property owners in Lafayette Parish who have flood insurance thorough FEMA, that means a five percent drop in their premium for next year's policy renewal.
The press release that was sent out today says that FEMA upgraded LCG's Community Rating from Class 8 to Class 7. This move recognizes LCG's efforts to correct and take preventative measures to reduce flood damage. Policyholders will now receive a 15 percent discount which is an increase from their current 10 percent discount.
This discount will apply for the next five years and will result in $3.75 million in savings.
LCG also listed factors that led to the improved rating in their press release. Those factors include flood insurance promotion, drainage system maintenance improvement, educating the public on flood risks, enforcing building standards, and adopting higher higher development standards in 2017.