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Mississippi Commissioner of Insurance Mike Chaney has issued a strong recommendation to residents of the state to secure flood insurance and noted several new private flood carriers have entered the state’s flood insurance market.
According to a May 1 bulletin, Chaney urged residents to make sure they have coverage 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 noted that residents should review their 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.
MID noted that coastal residents now have more options when purchasing flood insurance with the addition of several new private companies offering the coverage along the Mississippi gulf coast.
Source: Mississippi Insurance Department