Houston is currently feeling the pain and loss that flooding can bring but the whole of Texas is no stranger to how devastating rising water can be. Recovering from a flood can take months to realize and costs a whole lot of money. The losses can be extraordinary and difficult for those with flood insurance but for those who forgo insurance the loss can be ruinous. With typical spring and summer storms continuing to loom and hurricane season looming it’s time to get it together and get flood insurance if you don’t already have it.
The Cost of a Flood
This interactive tool provided by the National Flood Insurance Program can help you better understand just how costly a flood can be. Flood insurance is separate from your general homeowners insurance. Declining this coverage to save a couple hundred dollars a year may seem like a good plan. After all, what are the odds you’ll actually experience a flood? Probably greater than you realize; particularly when you live in a place like Texas.
Flood Insurance Premiums
Flood insurance premiums are determined by a number of factors. The age of your home, it’s location and flood risk, and the deductible you choose. If you purchased your home with a mortgage and you live in a high-rick area you will be required to carry flood insurance. Obviously there are exceptions but the average cost of residential flood insurance a year is around $1,000 and around $300 a year for low-risk properties. The National Flood Insurance Program offers an example of how premiums breakdown for a $100,000 policy.
Your flood insurance policy will cover the following:
- Debris removal and clean up.
- Repairs to structural damage including floors, walls, stairways, ceilings.
- Replacing/repairing flooring.
- Household appliances that suffered water damage. Including refrigerators, air conditioners, and washer/dryers.
Protect Your Home
When it’s all said and done protect your home. Protecting your home is protecting your love ones and the life you’ve built together. It’s easy to say it’s just “things” until all your things are ruined and you half to start over. Don’t make a terribly hard situation even harder to deal with.