Our thoughts and prayers are with the people of Texas and the city of Houston. The flood damage loss will likely reach over $50 billion. It may take years of recovery efforts to get life back to normal. This event is a good reminder how important flood insurance can be.
A homeowner’s insurance policy will cover a number of specific perils, but a standard policy will not provide coverage for flood damage. It may provide some coverage for rain or wind, but flooding from overflowing rivers and streets will not be covered. Once a flood occurs, coverage cannot be secured as there is usually a 30 days waiting period from the date of application.
FEMA tells us that only about 20% of the homes and businesses damaged because of Harvey will have flood coverage. According to FEMA, the average flood claim for the years 2008 to 2012 was $42,000. In 2012, the average flood insurance policy cost only $650 per year. In 2014, average claims paid ranged from a low of $10,476 to a high of $42,275. PC360.com
What Flood Insurance Does Not Cover
As with all insurance, there are certain things flood insurance does not cover. These include broken pipes, water damaged from sewer back-up, broken toilets, and landscaping run off.
How to obtain Flood Insurance
Call our office and we can provide you with a free quote. Remember, your homeowner’s policy does not cover flood.
When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not federally declared. Flood insurance means you will be reimbursed for all your covered losses, and unlike Federal aid, it never has to be repaid.
In general, a policy does not take effect until 30 days after you purchase flood insurance. Therefore, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it is already too late. You will not be insured if you buy a policy a few days before a flood.
US Select Insurance is an Independent Insurance Agency specializing in writing a complete range of insurance products from Business/Commercial to Personal. Our staff is committed to providing unsurpassed customer service, excellent products, and affordable premiums to our clients.
Being an Independent Insurance Agency, US Select Insurance has the ability to offer broad access to local, regional, and national insurance carriers. We represent some of the largest and highest rated companies in the insurance industry. This allows us to find the products and coverage you need at a premium you can afford.