Flood Insurance 101

Did you know that your homeowners insurance policy probably does not cover damages from flooding? That’s why flood insurance is such an important consideration for families, particularly if you live in a flood zone. However, flooding is not limited to these zones; rather, they can occur anywhere and at any time. Your best protection is to purchase flood insurance.

Flood insurance is designed to protect your property—including your home and the contents within—from external floodwaters. This means that flooding from heavy rainfall, hurricanes, clogged rivers and the like are often covered by flood insurance. If a flood starts within your home, such as a burst pipe or overflowing toilet, it will likely be covered by your home insurance.

If floodwaters meet coverage conditions, you could be reimbursed for expenses associated with cleaning, repairing and replacing the following:

· Home structure and foundation

· Detached garages and sheds

· Heating/cooling, electrical and plumbing systems

· Personal assets like appliances, furniture, clothing and more

· Debris removal

When purchasing coverage, you’ll have to decide whether you want actual cash value coverage—which replaces assets at a depreciated value—or replacement value coverage—which replaces assets with new property, regardless of current values.
Just as with any other insurance policy, flood insurance also has exclusions. While they vary from insurer to insurer, they generally include the following:

· Trees and landscaping

· The value of currency, precious metals, stock certificates and other valuable papers

· Preventable mold or mildew damage

· Expenses for temporary housing if you’re home becomes uninhabitable

· Expenses for a temporary place of business if you work from home

Some mortgage lenders may require you to purchase flood insurance if you live in an area that’s particularly susceptible to flooding. However, wherever you live, it’s an important consideration to protect your family and property. But remember, flood insurance often comes with a 30-day waiting period before it takes effect, so don’t wait until a flood is predicted to take action.

Get the coverage you need. Call Texas Insurance Agency at (713) 921-8000 for more information on Houston flood insurance.

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