Woolmarket residents who became part of Biloxi through annexation should check their flood-insurance rates to make sure they are receiving discounts available to Biloxi residents.
Biloxi homeowners enjoy lower rates for fire and flood insurance because of enhanced levels of service offered by the city. The issue of lower flood insurance discounts arose this week in hazard and flood mitigation meetings held throughout the city.
Residents of Woolmarket who have a standard flood insurance policy and live in a flood plain qualify for a 10 percent discount. Woolmarket residents with a standard flood insurance policy but not living in a flood plain are eligible for a 5 percent discount.
The federal government sets flood insurance rates as part of FEMA’s Community Rating System. FEMA evaluates member communities across the country and awards flood-insurance discounts if a community has made significant progress in improving drainage and educating residents on how to reduce property damage from flooding. In the past several years, Biloxi residents have seen their flood-insurance rates drop by 10 percent because of the city’s efforts.
