Attorney Jimmy Heidelberg outlines what this means for Mississippians across the state.
For the first time in 50 years, the National Flood Insurance Program (NFIP) is changing how it rates risk, according to FEMA. The result will be flood insurance rate increases of up to 18% for several years for over 80% of Mississippians statewide. Rate increases will begin October 1, 2021, with most policyholders realizing the increases by April 2022.
Jimmy Heidelberg, counsel for the Mississippi Windstorm Underwriting Association, better known as the Windpool, joined Y’all Politics on Friday to discuss how these new rates will be determined, what it means for the roughly 62,000 Mississippi flood insurance policyholders, and what is being done to mitigate the impact at the state and local level.
Watch the full interview below.