Page 128 - South Mississippi Living - October, 2021

What You Should Know:
• 1 inch of water in your home can cause up to $25,000 in damage.
• More than 20 percent of all flood claims come from outside high risk flood zones.
• Most homeowners insurance policies do not cover damage from flooding.
• The average flood claim paid by the NFIP is $49,600.
Ellen Taylor
Cale Merrill
Flood Insurance Rate Changes and What It Means for Mississippians
story courtesy of United Risk Agency, Inc.
Living on the Mississippi Gulf Coast, you are all too familiar with flooding and how quickly the tides can change. Storm drains get clogged and waters rising from the bayou or rivers can result in thousands of dollars worth of repairs and clean
up. With that said, here are the latest updates from the NFIP and what it means for the thousands of flood insurance policyholders in Mississippi.
For the first time in 50 years, the National Flood Insurance Program (NFIP) is changing how it rates risk (your property), according to FEMA. The result will be flood insurance rate increases
up to 18 percent for over 80 percent of Mississippians. An increase or decrease will depend on the property flood zone, year of construction, how the property will be used and elevation difference. Rate increases have begun as of October 1, 2021, with policyholders noticing the increases starting April 1, 2022.
With Federal rates increasing, United Risk Agency is seeing private flood carriers pick up the slack by offering lower rates to consumers. We are seeing more private flood companies come into the market offering a more affordable flood option for consumers. While private flood is not always an option, you should talk to your agent about your options and how these recent changes will effect you, or call United Risk Agency, Inc. and we will do the heavy lifting for you.
There is no such thing as “not being in a flood zone.” Everyone is at the risk of a flood.
1310 27th Ave., Ste. 205, Gulfport 228.206.3853 www.unitedriskins.com
128 | October 2021
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