Mississippians Need Flood Insurance for More than Hurricanes

From:  State Insurance Commission   5/1/17   GCN
 
Jackson – Commissioner of Insurance Mike Chaney today stressed Mississippians need flood insurance throughout the year and not just the beginning of hurricane season. However, with the 2017 Hurricane Season set to begin on June 1 and forecasters projecting 11 named storms, he added that now is the perfect time to review your flood coverage.  
 
“Mississippians should not become complacent about the lack of a major storm in the Gulf Coast in nearly a decade. Preparation should be the same every year regardless of how many storms are predicted, and a key component to preparation is having proper flood insurance,” Chaney said.
 
He added that with the 2017 Hurricane Season set to begin on June, 1, everyone needs to be aware that it takes 30 days for a flood policy to take effect.
 
“The time to check if you have proper flood insurance is now, before hurricane season begins. It just takes one storm to cause significant damage and flooding as evidenced by recent flooding in the Jackson area. Don’t wait too late; contact your agent about flood insurance today,” Chaney said.
 
The Mississippi Insurance Department (MID) does not regulate the NFIP, approve its rates or changes or have any authority over the program. However, the department encourages all citizens to determine their flood insurance needs to protect their homes and property.

Coastal residents now have more options when purchasing flood insurance with the addition of several new private companies offering flood insurance along the Mississippi gulf coast.

Many residents across the U.S. still lack adequate insurance protection against flood damage causing them to absorb significant financial losses on their own or seek limited funding from other sources to rebuild or repair after a storm. Some remain unaware that their homeowner’s policy does not cover flooding.

Most everyone- renters, business owners, and homeowners-can purchase flood insurance. In moderate- to low- risk areas, homeowners and businesses can purchase low-cost Preferred Risk Policies (PRPs). Learn more about your flood risk at www.FloodSmart.gov or by calling 1-800-427-2419, or your local insurance agent.