Houston is prone to flooding. While this is something no Houstonian wants to experience, there are ways to protect and prepare yourself for a flood. The team at Smart Insurance Group answered some common questions about flood insurance.
What is a flood insurance policy?
A flood insurance policy is a separate policy that ONLY covers damage from rising water due to natural flooding – a broken pipe would not be covered.
Why is a flood insurance policy important?
Floods are the nation’s most common and often most costly natural disaster. Homeowners and renter’s insurance do not typically cover flood damage. To ensure flood damage is covered, you need a flood insurance policy.
Floods can happen anywhere. According to the FEMA April 2018 Fact Sheet, 98% of counties in the US have experienced a flood and more than 20% of flood claims come from properties that are outside of the high-risk flood zones.
Who can get a Flood Insurance Policy?
As long as your community participates in the National Flood Insurance Program, you may purchase a flood insurance policy for your property. It is important to keep in mind, that there is typically a 30-day wait period between the policy purchase date and the policy effective date.
Many individuals make the mistake of declining flood insurance if they don’t live within a flood zone. Even if you don’t live in a flood zone, it is advisable to opt for flood insurance because it is very affordable. The typical flood insurance policy costs less than $2 per day. If your home takes on water and you don’t have flood insurance, your only options are to cover the cost of damages out of pocket or through FEMA. Just one inch of water in an average-sized home can cost more than $25,000 in damage.
Keep in mind – Hurricane season runs from June 1st to November 30th and is the time of year in Houston where we see most of our flooding. Don’t wait until it’s too late! Stay protected.
How do I get a Flood Insurance Policy?
Contact one of our licensed agents at 713-407-1994 to obtain a quote for flood insurance. A Smart Insurance Group agent can assist you with choosing the right and most affordable coverage option for you. If you have questions about flood insurance or anything insurance related, be sure to give Smart Insurance Group a call.
To receive a hassle-free policy review and make sure you are fully covered, without spending more than you should, go to https://www.smartcu.org/insurance-policy-review
*Smart Insurance Group is not federally insured by the NCUA.
