"Should I consider purchasing flood insurance?"

"Should I consider purchasing flood insurance?" is a question that is frequently asked.

Considering the weather we have had here in Texas lately, I hope you have it. Flood insurance can be purchased anytime, but there is usually a 30-day waiting period before the coverage goes into effect. As the most common natural disaster in the country, flooding ruins millions of dollars of homes and property every year. Flooding is not commonly covered in your typical homeowner's insurance policy, making it necessary to purchase a separate policy to cover that specific risk.

Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to have flood insurance. While flood insurance is not federally required if you live in a moderate-to-low risk flood area, it is still available and strongly recommended.

In truth, every home carries the same risk, no matter if you're perched along the coast or on a plain. Flash floods happen without warning, and a particularly active flood with waters up to 10-20 inches can carry away a car easily. Flood insurance is more affordable than the alternative. Consider this: you may pay only a few hundred dollars a year in flood insurance depending on your home, location, and risk. When you realize that a federal assistance loan taken following a natural disaster could cost you thousands and take several years to pay off, don't you think it's more economical to have the right insurance policy in hand? Federal disaster assistance is not the answer. Federal disaster assistance is only available if the President declares a disaster. More than 90 percent of all disasters in the United States are not declared federal disaster areas. Flood insurance pays even if a disaster is not declared.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters.

If you already have policies against theft, fire, and other natural disasters, why not have one that covers you in the event of rain and flood damage? Even one inch of heavy rain is capable of causing structural damage to your home, so it's best to cover all the bases. Having the policy gives you peace of mind.

Call our office today! We'd be happy to assist you through the murky waters!