When most people think of a flood, what comes to mind is a huge wall of water rushing in from the sea to cover entire cities and towns. That is certainly true in some cases, but it is actually an extremity. The more common types of floods are usually much less intense than that, but when one considers the fact that even a few inches of water can result in very serious damage to a home, it becomes obvious that getting insurance against floods of any level is a necessity for every person occupying a home. When floods occur, just as in other natural disasters, your main concern, understandably, will be to assure your safety and that of your family. In the period that you are doing that, a whole lot of damage could have been wrought to your home.
In recognition of this danger, The National Flood Insurance Program was created to provide insurance for flood damage. It is a separate policy that gives specific coverage for damage caused by flood. Obviously, it is more important for people who live in areas prone to flood or with a history of flooding, but sometimes, even places without history of flooding get flooded as a result of external factors.
Myths about Flood Insurance
- Flood damage is covered under homeowners, renters, and business property insurance policies – In reality, damage that is caused to a home or business by floodwaters will not be paid out under those policies. Flood insurance in Houston, TX is a completely separate policy that covers structural damage as well as damage to the contents of the building, depending on what you sign up for.
- Time limits on the policy – There is no stipulation as to when you can sign up for a flood insurance policy, regardless of how close it is to a flood. However, there is a waiting period of 30 days during which the policy will not be effective, and coverage is restricted to future losses, and not past or present ones. The definition of present losses are those that are occurring at midnight on the date your policy goes into effect.
- Only required in flood zones – Some people wrongly claim that it is only people who are living in flood-prone areas that need to get flood insurance. That is not true, and as a matter of fact, up to a quarter of flood insurance claims come from areas that are considered low-to-medium risk. In spite of that, the importance of having flood insurance is heightened in high-risk areas because you will not even be able to finance a home without having flood insurance.
- Only home and business owners can sign up for flood insurance – In fact, flood insurance is open to all the parties that have a legal interest in the property. The only difference is that there is usually a variation in the amount of coverage that they will be able to sign up for. The coverage limits of flood insurance in Houston, TX for home and condo owners is $250,000 in structural coverage and $100,000 in contents coverage. For renters, it is limited to $100,000 in contents coverage while for business owners and renters, $500,000 in structural coverage and $500,000 in contents coverage.
- FEMA disaster assistance will pay for flood damage – While it is true that FEMA pays to cater for the damage that occurs as a result of natural disasters, it would be very imprudent to rely on that assistance without getting flood insurance in Houston, TX. Less than half of all the floods that occur across the country are categorized by FEMA as disasters, and the law is that financial assistance is only provided in the event of disasters. As such, having a flood insurance policy is the only way to sufficiently protect yourself from the damage that would be caused by a flood.
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When choosing the flood insurance policy to sign up for, you will have the option of going through the government NFIP, which will be dependent on your location. The major factor that will be considered in order to determine the terms of the insurance coverage is your location on the flood map, which is a map depicting areas in terms of their flood risk. You could also choose to get flood insurance in Houston, TX from a private company. In this situation, it would be very important for you to take enough time to scrutinize the company and its reliability. It is important that you only sign up with a company that will definitely pay when you make a valid claim. When making the decision, it is important to conduct thorough research and also get in touch with a professional and experienced insurance agent for proper guidance.