With flooding becoming a much worse issue in Mississippi, coverage for damages caused by such disasters is slowly becoming a must for every homeowner in the region.
According to a news report from local station WDAM-TV, the average price of flood insurance is roughly $500-700 annually.
State Insurance Commissioner Mike Chaney asserted that homeowners in Mississippi should not hesitate to purchase flood insurance, and urged that they should act quickly before it is too late.
"You can't wait till it's raining to try to buy [insurance] . . . You've got to buy it 30 days before," Chaney urged.
Chaney’s statements come after flooding occurred in parts of the state last Thursday—even in areas outside the so-called high risk flood plains.
The commissioner pointed out that about 20% of all flood claims are from homeowners with properties outside of such high-risk areas.
Previously, Mississippians only had one option for flood insurance: through the National Flood Insurance Program. Currently, there are five private insurers that are offering their own flood insurance policies in the state.
Chaney appreciates the help these private insurers are offering, and has encouraged consumers to purchase from them.
"The private companies get the low risk people and they're cheaper," Chaney explained. "And the low risk people will leave the national flood program and go to a private company. The federal government wants everybody to buy through them and spread the risks out and they think it will keep the rates lower."
The commissioner also noted that the federal government usually only helps homeowners once in the case of a disaster. As such, Chaney recommends that homeowners should not rely too much on disaster assistance.
