Texas Flood Insurance
Floods in Texas can happen anytime
or any where. Even in the same place twice. Texas Floods are the leading
natural cause of property damage. Four times more Texas homes are destroyed
by flood than by fire, causing over $2 billion in property damage every
year.
You don't have to live by the Texas Gulf Coast to be at risk. Approximately 30% of all Texas flood
claims occur in low to moderate risk areas. Texas homeowner insurance does not cover
flood damage, but Federal Flood Insurance does. Flood insurance also covers mudflow,
dirt and debris resulting from moving water.
Texas homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are
now required by federal law to obtain flood insurance. Lenders must comply by
requiring flood insurance on the outstanding mortgage balance for the life of
the loan.
Fortunately, Flood Insurance is affordable, though, flood damage is not. The
average loss of property and contents from the 1993 Midwest flood was more than
$25,000. Compare this to the average annual flood premium of about $300 per year.
Your coverage is based on your home's value, minus your land value. Flood Insurance
up to $250,000 is available for residential buildings and also the option of
up to $100,000 for contents. Since flood policies are backed by the US government,
all valid claims are 100% guaranteed.
There is a 30 day waiting period for flood insurance, so the best way to protect
your home is to act now, before the flood comes! Remember, just because you experience
a flood disaster, that doesn't mean you have to experience financial ruin.
If you should have any questions regarding Flood Insurance, or we can assist
you with a quote, please feel free to contact our office.
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