Mayor: New Orleans to see big drop in flood insurance costs

AP News
Posted: Apr 08, 2016 4:03 PM

NEW ORLEANS (AP) — New federal maps say New Orleans is much less vulnerable to flooding than it was before Hurricane Katrina struck more than 10 years ago.

As a result, Mayor Mitch Landrieu says, half of the city's properties will see a big drop in their flood insurance costs.

Since Katrina, the Army Corps of Engineers has spent more than $14.6 billion improving the city's defenses against flooding.

On March 30, the Federal Emergency Management Agency released new flood-risk maps for New Orleans and they depict many parts of the city as safer.

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City officials estimate 53 percent of 85,000 insurance policies would see lower rates.

Landrieu says a homeowner paying about $960 a year now should see a savings of about $460 when the new maps go into effect in October.