Most homeowners purchase insurance on their investments – homes, cars, and personal belongings – to provide them with a sense of security. The thought behind this is that in case of a natural disaster, they would know that their homes and belongings are safe. However, insurance may give homeowners and some business owners a false sense of security, because not everything may be protected or they may not have a certain type of coverage.
For instance, if a strong storm came and caused flooding to a home or business, many property owners may assume that they would be covered under their general policy for losses and damages that resulted from this natural disaster; however, damage caused by flooding is an exception. In order to be covered for flooding, one would have to have flood insurance specifically.
This type of insurance is separate, which means that a condo, home, or business would not be covered for flooding damage unless that owner had a flood insurance policy. This insurance is typically purchased through the National Flood Insurance Program – a U.S. government-sponsored program administered by the Federal Emergency Management Agency (FEMA).
Think Flood Insurance Isn’t for You? Think Again.
Many people have misinformation about flood insurance. As Texas insurance claim attorneys, we would like to debunk some of the myths many homeowners and business owners buy into. Some of these myths include:
Flood insurance is too expensive. It’s actually not expensive. A typical flood insurance policy is around $350 a year, but the average flood claim is approximately $15,000.
I don’t need flood insurance. You may not feel like you live in a flood zone, but there are no non-risk flood zones. Flooding in Texas occurs more than people realize.
I’m in the 100-year flood plain. Most people misinterpret this to mean that there is only one chance of flooding in every 100 years. However, this is not accurate. Structures located in the 100-year flood plain have a one percent chance of flooding every year.
Even if your bank or mortgage did not require flood insurance, it is best to be prepared ahead of time and purchase flood insurance, as flooding is one of the most common natural disasters.
If you have flood insurance, but your insurer has denied you coverage for your damages, talk with a skilled Houston insurance claim lawyer for help fighting back. Call the Voss Law Firm at 888-614-7730 to find out more about your rights in a free, no-obligation consultation today, and request a free copy of our book, Disputes With Your Insurance Company – What All Consumers Need to Know.