San Antonio is located in the part of Texas commonly referred to as “Flash Flood Alley.” Recent projects along the San Antonio River watersheds aim to alleviate the flood problem for area residents, but the risk of expensive water damage still exists. Be sure to protect the investment you have made in your property with a San Antonio, TX flood insurance policy. Independent insurance agents in the Trusted Choice® network can help you obtain a flood insurance policy through the National Flood Insurance Program (NFIP).
Flooding in the San Antonio area is to be expected and often leads to extremely costly damage. If your home is part of the designated flood zone of the recently redrawn San Antonio flood zone maps, you have probably received a notice from your mortgage company about the need for flood insurance.
If you live in a FEMA-designated flood zone, your mortgage provider will require you to carry flood insurance. All federally regulated and insured lenders must require this coverage for high-risk homeowners. If you live outside of a designated flood zone, this coverage is optional, but it is highly recommended.
Having a flood insurance policy is the only way that you can receive compensation for flood damage to your home. Surprisingly, people who live outside of designated flood zones file 20 percent of all flood claims.
Many people are surprised to learn that their homeowners insurance policy will not provide compensation for flood damage. Only an NFIP-backed flood insurance policy can provide this coverage for you. You cannot rely on compensation from FEMA after a storm. The financial assistance provided by FEMA comes only in the form of low-interest loans that you must repay. Financial assistance from FEMA is not the same as an insurance policy.
Because the NFIP underwrites all flood insurance policies, the policy rates are standard. How much your policy will cost depends on whether you live in a high-risk flood zone, how much coverage you purchase and what type or types of coverage you purchase. You have the option of purchasing insurance for the building structure only, your personal property only or both.
If you are a renter, you will only need contents coverage, and if you are a property owner, you generally need only structural coverage. Policies start at just $129 a year. On average, Texans pay a bit less than $600 a year for their policies.
You can purchase as much as $250,000 in structural coverage and $100,000 in contents coverage. How much coverage you purchase is dependent on the value of your home and belongings, and your perceived risks. An agent in the Trusted Choice network can help you assess your coverage needs.
Because the government provides flood insurance, they cannot turn you down for a policy just because you have filed claims in the past or because you live in a high-risk flood zone. You can purchase this insurance directly through a qualified insurance company. Agents in the Trusted Choice network can answer your flood insurance-related questions and help you secure a policy.