Agent Insight: Home – Flood Insurance Basics
It’s hard to imagine a flood when Central Texas has experienced prolonged droughts. But flooding is a threat to property, and every homeowner needs to understand one thing: Homeowners’ policies do not cover losses and damages due to flooding.
We are pleased to offer flood insurance to our customers. These policies are underwritten by the federal government’s National Flood Insurance Program.
What is the technical definition of a flood? How do you find out about flood zones in your area?
Flooding is described as a temporary condition when two or more acres of normally dry land or two more properties are inundated by water or mudflow. (source: FloodSmart)
At FloodSmart.gov, you can enter your ZIP code and learn about the flood risk for your property. According to FloodSmart, 20 percent of claims last year were in moderate-to-low-risk areas. Flood maps are continually being assessed and changed. Flood risk considers many factors including rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.
A few inches of water can cause tens of thousands of dollars in damage. Over the past 10 years, the average flood claim has amounted to nearly $48,000.
Not sure if you need flood insurance to protect your home? Please email or call us at 512-869-1511.