Unlike theft and other losses, flood damages are not covered by regular homeowner insurance policies. The only way to insure your home or business against flood damage is through flood insurance.
Typically, many Texas home and business owners skip buying flood insurance because they believe their properties may not be in the high risk flood zone. Floods can occur even when your home is not in the flood zone.
Here are some reasons you should buy flood insurance now and protect your home or businesses properties.
Flooding occurs mostly during the spring season when Texas experiences heavy rainfall. If you wait until the flood season to buy flood insurance, you may be late because there is a 30-day waiting period before the policy takes effect. Buying flood insurance now before the season begins is a great idea. You know your family and properties are protected.
Unlike other forms of insurance which can be quite expensive, Texas flood insurance premiums are relatively inexpensive. Premiums average about $560 a year nationwide. Flood insurance is offered by the federally funded National Flood Insurance Program (NFIP).
Flood insurance covers every flood including over-land flooding where there is no disaster declared. If your community participated in the NFIP, your property is eligible even if you are not in the high risk flood zone.
Most disaster related loans must be repaid unlike flood insurance benefits which do not. Also flood insurance is backed by the Federal Government so you can trust them to cover your losses.
Renters can buy content insurance for their properties. This makes it easier to ensure your properties even when you do not own it. Also partial flood insurance benefits can be obtained thus allowing you to recover quickly from disasters.
Damages to basements are covered by flood insurance including damages to water heaters, furnaces, dryers, freezers, air conditioning systems and more. Basement cleanup is also covered.
Buying flood insurance coverage is a smart decision and one that can save you thousands of dollars in property damages.