How Much Is Flood Insurance in Mississippi? Average Flood Insurance Cost and Coverage

Flood insurance costs in Mississippi are determined by various factors, including your location and property risks like the ground elevation of your home and proximity to flooding sources.

You can check a local flood map to see if you are in a flood zone. If you are in a flood zone, MoneyGeek recommends purchasing flood insurance. The Federal Emergency Management Agency (FEMA) estimates that an inch of water in your home can cause damages of up to $25,000.

Standard homeowners and renters insurance policies do not include coverage for floods, so purchasing coverage can protect your home and wallet.

TABLE OF CONTENTS

• Cost of Flood Insurance in Mississippi
• Flood Insurance Companies in Mississippi
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Mississippi
• Do You Need Flood Insurance?
• Mississippi Flood Insurance FAQs

The average cost of flood insurance in Mississippi is $850 per year. Average flood insurance rates in a state vary depending on flood-prone areas and individual property risks. Areas that have a higher risk of flooding typically incur higher flood insurance rates.

Mississippi residents pay more for flood insurance compared to the average national rate. This could be because Mississippi has many flood-prone areas.

MoneyGeek analyzed flood insurance costs in Mississippi and found that Newton County is the cheapest, at an average of $546 annually, while Holmes County is the most expensive, at roughly $2,341 yearly.

You can see the average flood insurance cost in Mississippi by county below.

In Mississippi, you can purchase flood insurance from the NFIP or from private insurers. Private insurers may offer a base policy similar to an NFIP policy or an excess policy with supplemental coverage on top of a base policy.

If you don't live in an NFIP community or want more coverage than what is offered by the NFIP, using a private insurer could be your best option.

The NFIP also partners with insurance companies to provide flood insurance In Mississippi. You can review NFIP-participating providers in the table below.

If you need to purchase flood insurance in Mississippi, there are no special requirements. You need to call the NFIP through their hotline (877-336-2627), contact your home insurance agent or contact private providers in your area.

Flood insurance has a waiting period of up to 30 days through the NFIP or 10 days from private insurers in Mississippi. Talk to your provider to verify this waiting period.

Flood insurance typically protects building structures and contents against flood damage. Even an inch of water in your home can cause $25,000 in damages.

Flood insurance does not cover damages to swimming pools, decks, patios, landscaping, cash and paperwork, basement items or vehicles.

Flood insurance includes building coverage, which helps to pay for repairs or to replace the physical structure of your home when damaged by a flood. The NFIP offers building coverage of up to $250,000.

Some of the structures and systems covered under building coverage include:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

Flood insurance covers flood damage to the contents or personal belongings in your home under the contents coverage. Through the NFIP, you can purchase up to $100,000 worth of content coverage.

Some of the contents protected under this coverage include:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

Before October 2021, flood insurance costs were determined based on your proximity to a flood zone. You can use FEMA’s resources to check the historical flood risk of your state.

FEMA found that Hinds County had the most flooding events since 1996, at 123, while Amite had the least at 12. Flood insurance costs an average of $1,334 per year in Hinds County compared to around $785 for Amite County.

Hinds County historically has the most flooding events, but it is not the most expensive in the state. This is because size is also a factor in determining rates.

Risk Rating 2.0 is a system that creates fairer premiums for flood insurance. It was introduced by FEMA in October 2021 and bases rates on individual property risks, including:

• Foundation type
• Dwelling structure
• Elevation
• Replacement and repair costs
• Frequency of flooding
• Proximity to bodies of water

Your location is still a major aspect in determining your premiums.

MoneyGeek explains the factors affecting the average flood insurance cost in Mississippi.

Flood insurance is a good investment since flooding can happen to any home. In high-risk flood zones, government-backed mortgages and lenders will require you to purchase coverage.

FEMA recommends flood insurance for added protection even if you live in a low or moderate-risk flood zone. Standard homeowners and renters insurance policies do not cover floods, so buying a flood insurance policy provides peace of mind.

Even without a presidential disaster declaration, flood insurance will pay claims and may even be more than federal disaster assistance, which can include a loan or a grant of up to $5,000 per household.

MoneyGeek answered frequently asked questions to help you learn more about flood insurance in Mississippi.