La. DOI Estimates Isidore’s Insured Damages at $100 Million

Acting Louisiana Insurance Commissioner Robert Wooley upped the insured damages from Tropical Storm Isidore in southern Louisiana to $100 million, after the Department of Insurance compiled an an estimate of preliminary damages.

Wooley said auto insurance losses add up to an estimated $50 million. Homeowners and commercial insurance losses each total around $25 million. According to Wooley, those figures include flood claims. Flood insurance is available from the National Flood Insurance Program (NFIP), which is administered through the Federal Emergency Management Agency (FEMA).

The acting Commissioner said Tropical Storm Isidore caused significant damage but could have been much worse. “Isidore was once a Category 3 hurricane that, thankfully, never really reorganized once it swept into the Gulf of Mexico,” said Wooley. “I am hopeful that those people who have experienced flood and other types of property damage can quickly get their belongings repaired or replaced so they can get back to their normal way of life,” Wooley added.

Wooley said he hopes Isidore is the “highlight” of the 2002 Atlantic Hurricane season. “Hurricane Andrew caused $500 million in insured damages in 1992, and the January 23, 2000 hailstorm that hit the greater New Orleans area also cost over a half-billion dollars. I would hope that the state does not have to experience another weather-related disaster for quite some time.”

After a storm, Wooley said consumers whose property is damaged should contact their insurance agent right away. “Have your policy or policy number handy at all times,” Wooley said. He also urged policyholders to protect themselves from unscrupulous repair men who could try to take advantage of someone who has suffered a storm loss. “When an adjuster contacts you, ask for identification.”

Topics Flood Louisiana