Even if your home isn’t in a high-risk flood area, you could still be in danger. Over one-third of disaster assistance claims come from people living outside those high-risk areas. Floods can happen anywhere, not just on the coast line, and it is important to protect your investment. Below are some facts on the coverage offered under the National Flood Insurance Program.
Homeowners’ policies do not cover floods. This is one of the most common misconceptions surrounding
Flood insurance Houston; to be covered, you must buy a separate policy. Almost all coverage is offered through FEMA, and you can buy it from certified agents if your town participates in the NFIP
There is an upper limit to flood coverage: $250,000 for the structure and $100,000 for the contents. If you need additional coverage, you’ll have to buy it from a private insurer.
Basement coverage is limited. Some parts, such as outlets, foundation walls, central AC units, heaters and furnaces are covered, but tile and carpet are not. Appliances are covered, with the exception of refrigerators, and personal effects are not covered under flood policies.
You’ll need coverage for your home and its contents. Your homeowners’ policy covers your belongings up to a set percentage of your home’s value. When buying flood coverage, you’ll need separate policies for the structure and your belongings.
Flood insurance in Houston does not pay living expenses. In the event of a fire, your homeowner’s policy pays for the rental of living quarters while you’re in the process of rebuilding. Flood insurance offers no such protection, and you’ll be liable for living expenses during that time.
During times of natural disaster and national crisis, the Federal Emergency Management Agency (FEMA) can help displaced renters and homeowners find another place to stay. Assistance from FEMA can last up to eighteen months.
Don’t wait until next storm season to buy a Flood insurance Houston policy. There is typically a thirty-day waiting period from the purchase date until the policy becomes enforceable. There are exceptions to that rule, such as when flood plain maps are revised or when flood insurance is required as a condition for a home loan.
