What You Need to Know About Flood Insurance

It’s hard to imagine a flood when Central Texas is in a drought. 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.

Flooding is described as a temporary condition when two more more acres of normally dry land or two more properties are in inundated by water or mudflow. (source: FloodSmart)

At FloodSmart, you can enter your ZIP code and learn about the flood risk for your property. Flood insurance is available through the federal government and private insurers, too. 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 call us.

[Flooding is not covered by standard homeowners insurance policies but is available from the National Flood Insurance Program (NFIP) and from some private insurance companies. The NFIP offers separate policies for the structure of your home and for your personal possessions, along with a variety of deductibles. You can choose one deductible for the structure and another for the contents of your home. Mortgage companies, however, may require that your deductible be under a certain amount. Flood damage to a car is covered by the optional comprehensive portion of an auto insurance policy.]

Posted 4:07 pm