Mississippi Homeowners Urged to Buy Flood Insurance Now

March 17, 2009

Mississippi residents cannot afford to ignore the reality that 90 percent of all natural disasters in the nation involve flooding, according to Insurance Commissioner Mike Chaney.

Chaney said that Flood Safety Awareness Week (March 16-20) is a perfect time for homeowners across the state to consider local flood risks and learn about steps they can take to protect themselves and their families.

Residents should also consider buying flood insurance, he said, noting that it takes 30 days for a flood insurance policy to take effect from the time of purchase.

“One of the most vital elements of flood awareness is flood insurance. Just a small amount of water can cause thousands of dollars in damage. One of the biggest lessons we have learned in recent years is that people need to become more aware of their flood risks. Too many are still unaware that their standard homeowner’s policy does not cover flooding. In these questionable economic times, flood insurance is an investment we must make,” Chaney said.

Currently there are 75,136 flood insurance policies in force in Mississippi, according to the National Flood Insurance Program (NFIP). The average flood insurance policy premium is around $500 a year.

In low- to moderate-risk areas, homeowners can protect their properties with lower-cost Preferred Risk Policies (PRPs) that start at just $112 a year.

Individuals can learn more about flood risk by visiting the MID website at www.mid.state.ms.us

Also, In partnership with the National Oceanic and Atmospheric Administration (NOAA), the NFIP has developed a Web page featuring an interactive map depicting historical information about how floods have impacted millions of Americans in recent years.

Topics Mergers Flood Homeowners Mississippi

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