Should I invest in flood insurance for the home I’m buying in Houston, Texas?
Flood insurance may not be optional, depending on where you live and what kind of mortgage you have. If you live in an area that has been designated a high-risk flood area and you have a mortgage from a federally regulated or federally-insured lender, flood insurance is mandatory. Many mortgage lenders that are not federally regulated or insured also require flood insurance.
Is Houston in a high-risk flood area?
The Federal Emergency Management Agency (FEMA) has mapped the floodplains throughout the United States for flood insurance purposes. Flood insurance is required for homes with federally-backed mortgages that are located in a Special Flood Hazard Area, which is how FEMA refers to a mapped 1 percent (100-year) floodplain. That means there is at least a 1% chance of flooding in any year, which translates into a 26% chance of flooding during a 30-year period. Since the typical home mortgage is for 30 years, there is at least a 1-in-4 chance of flooding at some point during the life of the average mortgage.
That doesn’t necessarily mean your particular home has a 1-in-4 chance of flooding during that period. Your realtor or insurance agent should be able to tell you where your home is in relation to the Harris County floodplains, and the Harris County Flood Control District’s website, https://www.hcfcd.org/?utm_source=femt&utm_medium=web&utm_content=contentText&utm_campaign=viewHcfcd, provides interactive mapping tools that allow you to check it out yourself. You may be eligible for a lower flood insurance premium rate if you can show that your home is not in a mapped floodplain.
If I don’t have a federally-backed mortgage do I still need flood insurance for a home in Houston?
In that situation, flood insurance may not be mandatory, but it may be very wise to have it if you live in Harris County, even if your home is not in a mapped floodplain. For one thing, FEMA has mapped only about half of the Harris County’s bayous and creeks, so your home could be in a floodplain that has not yet been identified. And the floodplain maps that have been created don’t reflect all possible flooding risks, like the street flooding that occurs when storm sewers overflow, or the flooding that occurs from storms. In fact, much of the flooding that has occurred in Harris County during major storm events has been in areas that are not in a mapped floodplain. Nationwide, more than one fifth of all NFIP flood insurance claims are for homes that are not located in mapped high-risk flood areas.
Remember, your homeowners insurance does not cover flooding. Federal Disaster Assistance is not always available, and when it is available, it is usually in the form of a loan that must be repaid by interest. A mere one inch of water on your floor can cause damage that ends up costing far more than what you would pay in flood insurance premiums. So, while you may not be required to have flood insurance on your Houston Home, not having it can be a very big and costly mistake.
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How do I buy flood insurance in Houston?
Since 1968, the U.S. government sells flood insurance in the United States. This flood insurance is underwritten by the National Flood Insurance Program (NFIP), which makes it available to property owners through private insurance companies. NFIP flood insurance is available to all homeowners, including condo owners, and all renters in Houston and all of Harris County.
Be aware that there is usually a waiting period of 30 days from the date you sign the insurance contract until your policy takes effect, which prevents people from rushing out and buying flood insurance when Harris County is about to get slammed by a hurricane.
How much will flood insurance cost me?
Premium costs depend on the flood risk, how much insurance you need, and whether your policy covers the contents of your home as well as the building. Insuring the contents of your home is optional. This is all information your agent will need in order to locate the best policy for you.
Should I also be thinking about flood insurance for my business?
NFIP flood insurance is available to business owners as well as homeowners. About 25% of all businesses that close after a flood or other catastrophe never reopen, which is pretty good evidence of the financial devastation a destructive event like flooding can cause for business owners.