Floods are the most common and costly type of losses for homeowners today. We know this better than anyone after the devastation Harvey left in our own backyards in Houston and the surrounding areas. FEMA estimates that even an inch of water inside a home can generate $26,807 in structural and possession losses for an “average” one-story property of 2,500 square feet.
Yet flood damage is not covered under Homeowners, Renters or Condo insurance. Simply put, you need to purchase a separate policy to be protected. Coverage is available through the National Flood Insurance Program (NFIP), a federal program that provides up to $250,000 in damage to the building, and for an additional premium up to $100,000 for personal contents. Deductibles range from $1,000 to $10,000. You can also purchase Flood insurance coverage through private insurers. At Transparity Insurance Services, we have access to alternative Flood insurance markets, which in many cases may be better suited for areas where flooding is prevalent.
For high-value homes, you need to consider buying Excess Flood insurance designed to significantly increase the limits of coverage for both the structure and its contents. These Excess Flood policies can also provide money for additional living expenses while your property is restored – an important feature as it’s common for residents to be displaced after a flood and while rebuilding takes place.
Most Flood insurance policies in Texas have a 30-day waiting period before the policy kicks in. So you won’t be able to get Flood insurance if there is a big storm approaching or record amounts of rain in the forecast. You need to purchase coverage before you are in need of it. Keep in mind, your Flood insurance policy must be renewed every year.
When we founded Transparity Insurance Services, we were looking to do things differently. We wanted clients to have a hassle-free, positive experience when insuring their property and assets. This meant making things simple, easy and efficient with state-of-the-art technology, delivering great customer service with open and transparent communication, and putting into place the right insurance program at competitive pricing. We invite you to experience what that’s all about. Start by giving us a call at (855) 889-2037.