Flood insurance costs rising sharply - MSNewsNow.com - Jackson, MS

Flood insurance costs rising sharply

JACKSON, MS (Mississippi News Now) -

Mississippi Emergency Management Director Robert Latham isn't sugar coating it. Mississippi and the rest of the nation have endured repeated natural disasters over the past few years, and the National Flood Insurance Program can no longer sustain itself.

"As it stands right now, we're gonna see significant increases in insurance premiums," Latham said.

If you take part in the NFIP, you will see a 5 percent increase at least. After that, it depends on what your situation is. If you live in a place with repeated floods, in a coastal county or in the Ford neighborhood in Vicksburg for example, your rate is rising 25 percent per year until the rates reflect the true risk.

If you sell your home, the same 25 percent annual increase will apply for the buyer, even if the home is not in one of those severe repeated flood areas.

The 25 percent per year increase also applies if you have a second or non-primary home.

"If people want to live in areas where the risk is higher, they're gonna have to pay more money to insure their property. That's what it boils down to," Latham said.

The rate increases were authorized by Congress in 2012. Homeowners are encouraged to talk to their insurance agents and consider remodeling or rebuilding higher to save on flood insurance costs.

Click here to see if you're in a flood plane.

Copyright 2013 MSNewsNow. All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • 'Home Alone' dad John Heard dies at 72

    'Home Alone' dad John Heard dies at 72

    Saturday, July 22 2017 10:26 AM EDT2017-07-22 14:26:16 GMT
    Saturday, July 22 2017 11:22 AM EDT2017-07-22 15:22:00 GMT

    John Heard appeared in numerous movies and television shows throughout a lengthy acting career, but it was his role as the father of Macauley Culkin's character in two "Home Alone" films that gained him notoriety.

    More >>

    John Heard appeared in numerous movies and television shows throughout a lengthy acting career, but it was his role as the father of Macauley Culkin's character in two "Home Alone" films that gained him notoriety.

    More >>
  • Man admits he 'flung' infant son, causing his death

    Man admits he 'flung' infant son, causing his death

    Friday, July 21 2017 6:33 AM EDT2017-07-21 10:33:52 GMT
    Cody Bates (Source: LMDC)Cody Bates (Source: LMDC)

    Police responded to a call of an unresponsive three-month-old child on June 9 in an apartment complex in Fern Creek. Officials interviewed multiple people to find out how exactly Preston Amato died.

    More >>

    Police responded to a call of an unresponsive three-month-old child on June 9 in an apartment complex in Fern Creek. Officials interviewed multiple people to find out how exactly Preston Amato died.

    More >>
  • NASA issues warning: You may have a bad pair of eclipse glasses

    NASA issues warning: You may have a bad pair of eclipse glasses

    Friday, July 21 2017 11:22 AM EDT2017-07-21 15:22:03 GMT
    The path of the total solar eciipse on August 21, 2017 crosses directly over Columbia and the Midlands. (Source: NASA)The path of the total solar eciipse on August 21, 2017 crosses directly over Columbia and the Midlands. (Source: NASA)

    As the world, the United States, and South Carolina prepared for arguably the coolest celestial event in decades, our old friends at NASA want you to know that pairs of unsafe solar eclipse glasses are being distributed. 

    More >>

    As the world, the United States, and South Carolina prepared for arguably the coolest celestial event in decades, our old friends at NASA want you to know that pairs of unsafe solar eclipse glasses are being distributed. 

    More >>
Powered by Frankly