Last Updated on September 29, 2020 by Andrew Lee
The State of Mississippi is known for its Southern charm; natural beauty consisting of forests, beaches, and swamps; good education; and temperate climate. It offers a combination of rich traditions and state of the art technology. These are just some of the reasons many people choose to invest in a home here. In fact, according to Livability, 69% of the homes here fall under the “owned” category.
Most of the people living here strongly value their Mississippi homeowners insurance, not just because they know how beneficial it is; but also because it’s something the government requires of them. This is particularly true for flood coverage.
Homeowners paid an average of $1,395 putting Mississippi at the 5th place of states with the highest insurance premiums
Mississippi floodplain 101: What you need to know about it
According to the Mississippi Emergency Management Agency, more than 15% of the state’s total acres are in the floodplain. This accounts for over 5.2 million acres. This is also the reason MS places 5th in the rankings of states with the biggest flood plains in the country.
These facts should already help you realize just how beneficial adequate flood insurance coverage is in your life as a Mississippi residential property owner.
Does the law require flood coverage?
This depends on several factors, as the Mississippi Emergency Management Agency (MEMA) explains. Having a house within a floodplain means you should have a flood-insured home. Changes in the floodplain areas have occurred recently though, which means that the law may already require this from you even though it didn’t in the past.
Determining your legal requirements for flood insurance
In a Mississippi Insurance Department guide, it reported that standard homeowners insurance programs don’t include coverage for floods. However, because many areas in the state have been found in floodplains, which means they have high flooding risk, the federal government requires it for a lot of homeowners.
In other words, you need this type of insurance when your home is in a floodplain. You can find out information about the flooding risks in your residential property’s location through the Flood Mapping portal of the Federal Emergency Management Agency (FEMA).
The changes on the floodplain mapping in Mississippi
As mentioned above, some changes will occur in the floodplain mapping in the State of Mississippi. This means that once the new maps take effect, your home may already show up in floodplain even when currently, it’s not. Or, it may be the other way around.
In the event that your home falls under the former, and your policy doesn’t include flood coverage, the law requires you to. You can keep yourself updated by regularly checking the map portal, but you’ll also receive notification in the event that the changes will require from you this type of insurance coverage.
Final reminders on the new flood mapping
Should your house be taken out of the current floodplain once the mapping changes occur, the state law will no longer require this insurance from you. However, you should definitely consider keeping it so you remain at ease knowing you’re protected.