Should You Get Flood Insurance?
If it can rain in your area, then your home can flood. Your home insurance policy won’t cover any flood damage, so if you want to protect your home and property, you will need a separate policy for flood coverage. If you have a home that is in an area designated as a flood zone, then it’s likely that your lender is already going to require that you have flood insurance. If your home is in a flood zone, it means that there is a 1% chance of the property being flooded in any year. However, your home doesn’t need to be in a flood zone to flood, and floods can actually happen anywhere. Texas is prone to floods, especially in certain parts of the state. Almost every major city could be at risk for flooding. Even if you have looked at a flood map in the past, note that flood maps are hard to keep updated since growth actually adds to flood risk. When pasture lands that normally absorb excess rainfall are replaced by asphalt and concrete, areas that haven’t flooded before are now at a greater risk. Property damage from flooding can be expensive, and one storm can wipe out your entire financial standing.
Getting Flood Insurance in Texas
You can get flood insurance policies from private insurers, such as The Dollar Agency Inc. There are two different types of flood insurance policies that you can get. One will cover your home up to a certain amount. If you want to protect your personal property, you will need a separate policy that provides additional coverage. Most policies will have a 30-day waiting period before your coverage begins, so you don’t want to wait until there is a forecasted storm before you start shopping around for flood insurance.
Contact The Dollar Agency Inc. to get a quote on flood insurance.