Understanding Flood Risks and Mississippi Flood Insurance

While a flood can happen anywhere, certain areas are especially prone to flooding – even serious flooding. Flood insurance plans are required to protect the homeowner from serious financial losses due to a flood.

Some parts of a flood plain may experience frequent flooding while others are only affected by severe storms. To help homeowners and communities understand their flood risk, the Federal Emergency Management Agency (FEMA) conducts flood insurance studies. These studies analyze statistical data for river flow, storm tides, hydrologic/hydraulic analysis, rainfall and topographic systems to create a flood hazard map and outline your community’s flood risk areas. The analysis results in a Flood Insurance Rate Map which shows the locations that are considered are high risk, moderate-to-low risk, and undetermined risk where flooding may occur:

  • High risk areas mean there is at least a 1 in 4 chance of a flood occurring during a 30-year mortgage. Home and business owners in these areas are required to buy flood insurance.
  • Moderate to low risk areas mean the risk of being affected by a flood is reduced but not completely removed. These areas typically submit over 20% of National Flood Insurance Program (NFIP) claims and receive one-third of disaster assistance for flooding. Flood insurance in these areas is not required but recommended for all property owners and renters.
  • Undetermined risk areas mean that no specific flood hazard analysis has been conducted but the risk of a flood still exists.

What to Do When the Flood Map Changes—Is Your Flood Insurance in Place?

The risk of a flood can and does change over time for many reasons, including:

  • New development
  • Changes in levee classification
  • Environmental changes

As a result, the FEMA flood risk maps are updated from time to time to show new flood risk based on the changes discovered. If the map has changed and you find your home is now in a high or moderate risk area, you may be required to purchase flood insurance to keep your current mortgage. If you live near a levee, your flood risk may be higher than you originally thought because hundreds of levees across the U.S. no longer meet federal standards for protection. To see when the flood map will be updated in your area, type your zip code into this form.

Mississippi flood insurance can be obtained through a qualified insurance agent who will help you determine your home or business property’s risk and help you choose a plan.

Call The Nowell Agency Inc. at 601.992.4444 for more information about Mississippi flood insurance or request a quote online.