The Facts About Flood Insurance
Flood insurance may only be required if your home is designated in a flood zone in Texas. The state doesn’t require it, but your lender might. If your home is in a flood zone, it means it has a one-percent chance of flooding in a year. However, floods can happen anywhere and homes that are not designated in a flood zone can still be damaged. The state is prone to flooding, including on the coast and the band called Flash Flood Alley. Not every flood map is going to be up to date because growth can add to flood risk. Pastures and prairies help absorb excess rainfall, and when those areas are replaced by asphalt and concrete it puts new areas at risk for floods. Your homeowner's insurance won’t cover any flood damage and without insurance, you are on the hook for any costs that arise due to floods. There may be some disaster assistance available if the area is declared an emergency, but that won’t necessarily happen, and assistance won’t cover nearly as much as flood insurance will. This assistance is also a loan you will have to pay back.
What You Should Know about Flood Insurance in Texas
Costs will vary depending on the value of the home and the flood risk. For those who aren’t in a flood zone, policies are very affordable. This insurance policy will cover the home up to $250,000. Belongings will need a separate policy and there will usually be a coverage limit of up to $100,000. Policies can be purchased through an agent at Robert Fox Insurance Agency LLC and agents can help determine your risk. There will be a wait time for flood insurance before it goes into effect, and there is typically a 30-day period. Don’t decide to get flood insurance just as a major storm is approaching.
Contact Robert Fox Insurance Agency LLC to get a quote on flood insurance.