Following two heavy rains that caused flooding throughout Austin and Travis County, many homeowners and business owners in the area have been considering purchasing flood insurance in addition to their general policies.
According to the Insurance Journal, the heavy rains in Texas this month have caused rising waters, especially along Onion Creek. The high water levels have caused flooding in hundreds of homes, and the Federal Emergency Management Administration (FEMA) stated that 680 flood insurance claims had already been filed in the surrounding counties. FEMA expects that even more claims will be filed in the coming weeks.
As some families recover from the flooding, many more are contacting their insurance policy holders and asking about flood insurance, which can be obtained through the National Flood Insurance Program. One local Austin insurance company said that they have been fielding calls from people wishing to add flood insurance, while almost everyone who is renewing policies has at least asked about flood insurance.
Who needs flood insurance? If you live in a flood plain, it is likely that the bank that holds your mortgage will require you to have flood insurance coverage. However, statistics show that about 25 percent of flooded homes aren’t located in these high-danger areas. In addition, flooding can be caused by a number of issues, from clogged sewer drains to new construction – issues that could affect homes regardless of location.
Vehicle owners may also wish to consider flood insurance if they live in a high-risk area. Comprehensive car insurance can protect against more than accidents, including hail, theft, burglary, and flooding.