New Orleans Launches Program To Pay Insurance Deductibles For Some Residents With Ida Damage
Thursday, September 30th, 2021 Catastrophe PropertyNew Orleans residents who are facing daunting homeowners insurance deductibles that could keep them from repairing damage Hurricane Ida caused to their homes can apply for assistance through an unprecedented program the city is launching to keep people from being displaced by the storm.
The city is opening up a $2 million fund to pay deductibles for low-to-moderate income households.
Deductibles for hurricane damage can be steep and run as much as 5% of a home’s value, potentially meaning residents could be out of pocket thousands of dollars before their insurance takes over to cover additional repairs.
Ida caused a lot of wind damage to homes and many people, particularly those living paycheck to paycheck, might not be able to afford their deductibles, said Marjorianna Willman, the city’s director of housing policy and community development.
"Doing this will keep a lot of people stabilized in their current housing."
