The biggest natural disaster that homeowners in Mississippi face is flooding. Unfortunately, most families don’t realize that basic homeowners insurance policies do not provide coverage for damage caused by flooding.
Businesses aren’t immune from damages caused by flooding, either: according to the National Flood Insurance Program, more than 40 percent of businesses that experience flooding are unable to reopen afterwards. Do not be a part of that 40 percent!
Here are some few helpful facts from the NFIP that might help you decide to purchase flood insurance for your home or business:
- Floods can be caused by heavy rainfall, hurricanes, broken levees, new development and broken storm pipes.
- Just one inch of water can lead tens of thousands of dollars in repairs and replacements for flooring, furniture, electronics and other personal belongings.
- Federal disaster funds may help you pay for some of your losses, but it will do so in the form of a loan.
- If you do not live in a high-risk area, you could be eligible for a preferred risk policy at a rate as low as $129 a year.
- It takes 30 days for a policy to kick in once you have purchased it. Do not delay!
The federal government is the only provider of flood insurance; there is no need to worry about shopping around from company to company to find the best rates. Instead, reach out to your local independent insurance agent to get a quote and see what other steps you can take to protect your investment and your property.
Do you already have flood insurance? We would appreciate it if you commented below to let us and others Mississippi home and business owners understand how your flood insurance policy helped you avoid catastrophic loss.