Do you need flood insurance?
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If it rains, it can flood. And your homeowner’s insurance policy doesn’t cover flood damage. To make sure your property is covered, you will need a separate flood insurance policy.
If your home is in a designated flood zone, your lender requires that you have flood insurance. A flood zone is an area that has a 1 percent chance of flooding in a given year.
But floods can happen anywhere. Forty percent of the homes that were flooded by Hurricane Harvey were outside of designated flood zones.
Texas is particularly prone to flooding, especially in two large parts of the state: the coast and a wideband called Flash Flood Alley, which runs through central and northern Texas. Almost every major city in Texas is in a high-risk area for flooding.
Flood maps are difficult to keep up to date because growth can increase the risk of flooding. Prairies and pastures absorb excess rain from storms. When that land is replaced by concrete and asphalt, it can put areas that have never been flooded before at risk.
Talk to your insurance agent about obtaining a flood insurance policy from the National Flood Insurance Program.
An average flood insurance policy costs about $ 700 per year. The cost will vary depending on your flood risk, the value of your home, and the amount of your deductible, among other factors. Generally, for homes that are not in a flood zone, a flood insurance policy can be obtained at a low cost.
What is covered
A flood insurance policy will cover your home up to $ 250,000. You will need a separate flood insurance policy for your personal belongings, which provides up to $ 100,000 in coverage.
There is a waiting period
Most flood policies have a 30-day waiting period before they take effect, so don’t wait for a storm to hit before deciding to buy coverage.
Visit the National Flood Insurance Program website or call us for more information at 1-888-875-2078 Ayuda Hispana.
Find maps of flood-prone areas at the FEMA Flood Mapping Service Center.