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States bordering the Mississippi River continue to be devastated by flooding.
Estimates put damage is upwards of nine billion dollars in Mississippi and Louisiana alone.
So who's -- nature's bill well.
States government agencies and insurance companies for those who have flood insurance but for those who don't my next guest says there simply out of luck.
David Daniel -- president Daniel.
And -- insurance agency any joins me now from Baton Rouge, Louisiana.
Welcome great to -- it well I have not seen David Bennett talk to you by telephone here thanks for Baghdad talking with -- a -- Well thank you -- glad to be here I am Brian -- for the time being.
Well I I hope it stays that way I really do I'm curious here you've got a company right there in the middle of -- this.
How many folks actually have some kind of flood coverage right now.
Only about 20% of homeowners purchase flood insurance which is readily available and and very affordable.
And south Louisiana we have a higher percentage were closer to 50% we have learned some lessons from the past.
Well that's good news.
I guess the devil's in the deet tails here because if you don't buy -- thirty days before the -- need you don't get any benefit right.
That's absolutely correct it's like you cannot buy homeowner's insurance when your -- is on fire well you hear about flood insurance when the -- is occurring.
You know we've been following this story very very closely and trying to figure out how this -- gonna rank in terms of all time flood -- -- show our viewers here you won't be able to see this.
But a list of the top flood events in the region here Mississippi and Missouri rivers total damage 23 billion that was back in 1993.
And you've got the red river again the Mississippi River floods a lot the Ohio River Cumberland.
These were all major multi billion dollar events what do you think this is gonna turn into when you consider all the states that are being impacted David.
Well this is really why the the congress in 1968.
Created the National Flood Insurance Program.
Which enabled property owners to ensure against flood damage with his homeowner's policies do not cover flood damage.
So if you break and if you need to have to cover yourself which most people do from Lincoln's blood -- you need -- separate blood policy.
Through your local independent -- agent.
The you know these flood policies from the government which are sold by people like -- -- only cover limits up to 250000.
For individual homes.
-- it's going to be enough where you are for people who do get in trouble.
Probably not the independent insurance agents and brokers of America has been lobbying congress for some years -- to modernize coverages to increase the limits that are available.
And two to provide additional living expenses similar to what you have under your homeowner's policy if you have a fire and have to move out of your home pro while chances are your homeowners policy will cover those additional living expenses.
Not so with the -- program.
Well you know we've seen real limits to the flood program every year it seems congress have to.
Rihanna up money for that program it's so expensive do you think they'll do it again are you worried at all the congress might say -- now we've got a big federal deficit lots of -- We don't want to do that.
Well a great thing about the -- program is when it was formed in 1968 up until.
2005 when Katrina hit it was -- self sustaining program the B.
Insurance policy speech that were purchased the premium revenues went and sustain that program -- Katrina changed that.
Class overall it has been very -- -- -- program.
And it's something that is absolutely needed because the voluntary market the voluntary entrance marxists just -- -- there to cover the risk that this nation has.
Following a long way to go before we even know what the real damage levels are gonna be here David thanks for coming and we really appreciate your time and and good luck to you got there I have a goes well.
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