’It does not cover floods’: Insurance commissioner Chaney unboxes homeowner policies

JACKSON, Miss. (WLBT) - The potential to flood might have some homeowners taking a second look at their insurance policies, or thinking about signing up for one. Bottom line, you should.

“I can tell you when the pearl river gets over its banks, all of south Jackson will go under,” Commissioner of Insurance Mike Chaney said.

Protecting your investment just in case is a good idea, but realize that homeowner policy does not cover flooding.

“It covers busted pipes and water that falls down. That is covered by a homeowner policy, much like through a roof, windows, what have you, but it does not cover floods,” Chaney added.

Flood insurance is a separate policy available through private companies or the national flood insurance program. Homeowners that have had to deal with the aftermath of flooding but are still reluctant should be thinking twice.

The state insurance commissioner says right now about 75 thousand people are signed up for flood insurance in Mississippi. However, it is a low number compared to our neighbors in Louisiana which have half a million people with policies.

If you sign up now, you’ll be protected for the next flooding event because flood policies are not effective until 30 days after you purchase the policy.

In the meantime, the best thing homeowners can do if flood waters creep in…document everything.

“If you’re expecting a flood of water to get into your house, go ahead and take pictures of your belongings, so you can at least have something there to show in case FEMA does come by and cover some of the costs.

The commissioner says FEMA has covered costs in the past, but don’t count on that money coming in. Prepare as much as you can.

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