Florida, Mississippi and South Carolina now rank as three of the top five states in the nation in flood insurance policy growth according to data released by the National Flood Insurance Program and FloodSmart.
In order, the top states are: Florida, Texas, Louisiana, Mississippi, and South Carolina.
Insurance Commissioner George Dale cited FloodSmart figures indicating that 80 percent of the growth in flood insurance is attributable to these top five states.
As of the end of May there were 65,480 flood insurance policies in force throughout the entire state of Mississippi. Dale said that is an increase of nearly 9,800 from the end of April. He said there are now 37,149 policies in force in the three coastal counties of Hancock, Harrison, and Jackson Counties. That is a total increase of 15,128 from the 22,021 policies that were in force when Hurricane Katrina struck on Aug. 29, 2005.
“I am extremely pleased that so many Mississippians understand how vital it is to have flood insurance regardless of where they live,” Dale said. “I am particularly happy to see so many coastal residents taking action now to prepare themselves for the next storm that may threaten our coast and I would encourage those who have not yet purchased flood insurance to please make that very important choice to get flood coverage.”
County by county numbers show that there have been significant increases in flood policies in each county. In Hancock County there were 5,462 policies in force when Katrina hit, as of the end of May there are 6,755. In Harrison County there were 10,218 policies in force when Katrina hit, as of the end of May there are 15, 594. In Jackson County there were 5,913 policies in force when Katrina hit, as of the end of May there are 14,800.
Dale encouraged property owners throughout the state to sit down and carefully read their
homeowner policies to become better aware of coverage.
“Remember, flooding is NOT covered under a standard homeowner’s insurance policy; a separate flood insurance policy is needed,” Dale said. “The water exclusion clause in the standard homeowner policy states that “flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind is excluded.”
This clause has been used in homeowner policies since the late 1960’s.
Source: Mississippi Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.