Texas Dept. of Insurnace Reminds Consumers: Flood Coverage is Not Part of a Standard Homeowners Policy

Homeowners need to keep in mind that in Texas, flood insurance is a seperate policy. We have been fairly dry for several years, but when it's raining, the rains can come, and linger. Know if you are located in a flood plane, and what kind. Find out from neighbors who've been in your area a long, ling time how the rains have affected them over the years. Know what the risk is, and insure against it.

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AUSTIN – Hail storms and hurricanes get the headlines, but flash floods are the most common natural disasters. And to further complicate the matter, most homeowners insurance policies do not provide flood coverage. This is Flood Safety Awareness Week. Now is a good time to review your property’s flood risk, your current insurance coverage, and consider whether a separate flood policy should be part of your home protection plan.

Coverage for damage caused by rising waters must be obtained from the National Flood Insurance Program (NFIP).  “Even if you’re not in a designated flood area, it makes sense to at least consider a flood policy,” said Insurance Commissioner David Mattax. “The cost of a flood policy depends on where you live. But if it’s a low-risk area, the policy can be quite affordable.”

People typically think of floods caused when a lake or river overflows, but flooding can happen almost anywhere. Spring storms dropping locally heavy rain in a short amount of time can quickly cause flash flood conditions. If you do live in a high-risk area, your lender may require you to have flood insurance.

The NFIP is administered by the Federal Emergency Management Agency (FEMA). A good place to start if you are considering flood insurance is a conversation with your regular insurance agent. Flood policies may cover your house, your personal property, or both.

For more information about flood insurance, to rate your risk, and even estimate what a flood policy would cost, you can visit: www.FloodSmart.gov or call the NFIP at 1-888-379-9531.

Article Source: https://www.tdi.texas.gov/news/2015/tdi031615news.html