With the 2008 hurricane season less than a month away, Mississippi Commissioner of Insurance Mike Chaney encourages all coastal residents to protect their lives and property by making preparations now.
One of the first items on a list of preparations should be flood insurance as it takes 30 days for a flood insurance policy to go into effect, Chaney said.
“Residents should learn their flood risk and take steps before the next storm to protect their home or business from potential flood damage. Remember, standard homeowners insurance does not typically cover flood damage,” he added.
Flood insurance backed by the National Flood Insurance Program provides homeowners, business owners and renters with the best protection available against flooding. Currently, 78,624 policyholders in Mississippi have flood insurance coverage for losses they would otherwise have to pay for themselves.
Chaney wants all coastal residents to be aware that flood insurance is not just for homeowners or businesses. Renters and condominium owners can purchase flood insurance policies to cover their contents. Many renters who lost everything during Hurricane Katrina did not have flood insurance, he said.
The average flood insurance policy premium is around $500 a year and can be purchased by contacting your local agent. In low- to moderate-risk areas, homeowners can protect their properties with lower-cost Preferred Risk Policies that start at just $112 a year, according to Chaney.
Source: Mississippi Insurance Department
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