Isaac downgraded to tropical storm, continues to dump rain on Louisiana

LOUISIANA -- Just 24 hours after making landfall, Isaac is beginning to lose some of its punch.

The former category one hurrican was downgraded to a tropical storm Wednesday afternoon.

But the storm continues to dump rain along the Gulf Coast.

In some places, more than a foot of rain has fallen.

"Bottomg line is this storm is a very slow moving storm, it'll be moving throughout the state, you'll be dealing with the storm through early Friday morning," Louisiana Governor Bobby Jindal said.

Just under 650,000 people are without power in Louisiana, Mississippi, Alabama and Arkansas.

One disaster modeling firm says the storm could create nearly $1.5 billion in insured losses.