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Revamp of National Flood Insurance Program

Flooding Disasters in Mississippi and Southern US Cost Billions in 2016

As a home or business owner in Mississippi, you understand the value of having flood insurance all too well. Severe flooding throughout 2016 has left property owners dealing with thousands of dollars in damages and the first two months of 2017 have shown no respite.

Floodlist.com recorded the numerous times floods ravaged the state over the last year. Severe weather, rising rivers and floods devastated Mississippi in November and December 2015 and continued into January 2016. A state of emergency was declared in Mississippi and Louisiana, a few months earlier, as deadly floods forced 1,000 evacuations in August. Previously in April, flash floods and 10 inches (254mm) of rain in Southern Mississippi prompting Gulfport Mayor Billy Hewes to declare a state of emergency. Residents and business owners barely had time to recover from an earlier storm in March, in which floods first struck Texas and Louisiana and then affected Mississippi and Oklahoma. Once again, thousands of homes were damaged.

Last month, an article in theadvocate.com said, “You could travel the length of Mississippi, or drive from eastern Pennsylvania all the way down to West Texas, without ever leaving a state that’s been hit in recent months by catastrophic flooding.” The article included a new map issued by the Pew Charitable Trusts highlighting 24 states that experienced at least one flood so severe in the last year that it was declared a federal disaster. Naturally, Mississippi was on the list. Neighboring Louisiana was declared one of two states that were hit the hardest.

The article also shared a photograph of a Louisiana resident who was paying out-of-pocket for an apartment for his family to live in while the flood repairs were being carried out in his home. Although he had flood insurance, he was relying on his savings for unmet needs that included rent, living expenses and some repair costs. This is a common concern every property owner in Mississippi shares.

In the same article, there was a call for flood insurance revamp because the authorization of the NFIP (National Flood Insurance Program), which is drowning in a debt of $24.6 billion (largely from claims for Hurricane Katrina in 2005 and Superstorm Sandy in 2012), is expiring in September. A reform proposal made by a national coalition mentioned in a Reuters report in February makes perfect sense. The plan by SmarterSafer.org calls for cutting-edge technology that would precisely determine flood-prone areas and price flood insurance premiums in accordance with those specific risks as well as greater involvement by private insurers in the flood insurance market.

Expert Guidance and Competitive Quotes on Flood Insurance in Mississippi

You should be aware that any government aid or financial assistance provided by FEMA is meant to supplement your policy and not cover the cost of remediation. While you have the option of national or government-run programs (run by FEMA through the NFIP) and private flood insurance, the latter offers more extensive coverage. It may be more expensive, but is certainly worth it. To avoid having to pay out-of-pocket, property owners in Mississippi complement the NFIP coverage with their own policy.

It is important to determine which flood zone a residential or commercial property in Mississippi is located in to get the right coverage and rates. The experienced brokers at The Nowell Agency provide expert guidance based on flood maps. Residents and business owners in Mississippi count on us to provide the protection they need at affordable rates. Since we work with many different insurance providers to obtain competitive quotes, you can trust us to give you the best value. One of our brokers will be happy to discuss the coverage that is available as well as customize a plan to suit your specific needs.

Request a quote for flood insurance in Mississippi or call a location near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency. We have 3 offices in the Jackson Mississippi Metro Area and 4 additional offices in Mississippi to serve you.

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