The state of Texas is quite large and its geographical location makes it prone to periodic and unpredictable flooding. Although hurricanes get most of the media attention, floods pose the greatest threat to lives and property in the United States. The Lone Star State has the third highest flood risk of any state in the country. Floods are also the primary natural disasters that create fatalities here. Unfortunately, typical home and property insurance coverage does not cover flood damage.
Every Texan should take the time to learn about Texas flood insurance. Are you concerned that your home may not be protected against water damage? Contact a local member agent within the Trusted Choice® network for help. One of these agents will help you review your current homeowners and property insurance, suggest sensible alternatives, and give you free Texas flood insurance quotes. Find an independent Trusted Choice member agent today to compare options.
What Contributes to the Cost of Texas Flood Insurance?
Flood insurance may be one of the most beneficial types of insurance you can buy. Here are some interesting notes about this coverage:
- Texas was the #1 U.S. state for flood fatalities between 1960 and 1995 with 612 deaths.
- The National Flood Insurance Program states that preferred risk policies begin at $129 a year.
- Premiums will depend on whether your property is located in a low, medium, or high-risk flood plain.
- You may need to purchase separate flood policies for your building and contents.
- Some residents of high-risk areas have been notified they must purchase mandatory flood insurance.
Most Texans purchase flood insurance policies sponsored by the National Flood Insurance Program (NFIP), though the policies are actually sold by private insurance companies. Premiums depend upon the risk assessment of your location. This is calculated by the location of a property on a flood plain map. Obviously, rates increase for properties in higher risk locations.
Texas floods are often associated with high-risk coastal areas like Galveston Island, Corpus Christie, and Padre Island. However several recent hurricanes and tropical storms carried wind and rain up the I-45 corridor into north Texas. North Texas cities, like Dallas, are not immune to heavy rains and floods even though tropical storms usually originate in the Gulf of Mexico. Central Texas cities like San Antonio and Austin are in a region known as “Flash Flood Alley,” since random heavy rains often cause flooding here.
Who Needs Texas Flood Insurance?
Water damage tends to be associated with storm surges and heavy rains. Houses and properties can also be damaged by water from frozen pipes and from sewer problems. Your existing home policy may not cover any of these incidents.
The Federal Emergency Management Agency (FEMA) defines a high-risk flood zone as an area where there is a one in four chance of heavy flooding during the period covered by a 30-year mortgage. People in these areas might be required to purchase a mandated policy. Even if you are exempt from mandatory coverage, you may choose to purchase a policy if your community participates in the NFIP.
If your community does not participate in the national program, you may still be able to purchase flood insurance from a private insurer. In either case, your local Trusted Choice member agent can explain your options.
Who Can Help You Get Texas Flood Insurance Quotes?
The National Flood Insurance Program supports most flood policies purchased in Texas, but it is private insurers licensed by the state that sell these policies. It is important to understand the distinction between regulating and selling. Your local member agent in the Trusted Choice network will help you evaluate your current coverage and explain all of the details. One of these local agents will also help you assess your individual flood risks, give you free Texas flood insurance quotes, and provide you with service if you ever do need to make a claim.
With over 22,000 member agencies in 27,000 locations across the country, there is probably one near you. Good advice about the right coverage can save you a lot more money if you ever do need to make a claim. Contact a Trusted Choice member agent today to learn more about Texas flood insurance.