Munday, Texas
820 W Main St.
Munday, TX 76371
940-422-4359

The Importance of Flood Insurance & What You Need to Know About It October 17, 2017

Munday, Knox
The Importance of Flood Insurance & What You Need to Know About It, Munday, Texas

The recent hurricanes that devastated the United States and Texas underlined the importance of having flood insurance. It also brought to light the sad reality that even though flooding is the most common natural disaster, many property insurance companies do not cover damage inflicted by it. For instance, conventional plans include water damage resulting from a covered event, like that of a tree crashing through a window because of hurricane-force winds, but not tides or any water source that comes from the ground, as this is considered flooding.

How to Acquire Flood Insurance

insuranceAs mentioned, most homeowners insurance does not cover any damage to property caused by flooding. Instead, individuals should have a separate policy for losses that are flood-related, or defined as water traveling under or along the ground. You can acquire a flood policy through a private insurer or via the National Flood Insurance Program (NFIP). The plan compensates business owners, homeowners, and renters for all losses covered by the agreements. Moreover, money received from flood insurance does not have to be repaid, unlike the usual federal disaster loan.

What You Need to Know About It

It’s important to note that flood insurance isn't cheap. A policy from NFIP costs around $700 annually and those who live in flood-prone areas can expect to spend thousands of dollars every year. However, this can be subsidized by the state's flood program. Homeowners should also be aware that this policy comes with a 30-day waiting period before going into effect. This means you can't buy one a week or so away from a predicted major storm. 

 

If you need flood insurance, the Glenn Herring Agency in Munday, TX, will provide you with the quality, comprehensive coverage you need. They offer a range of policies too, from auto to personal liability, so you can ensure all your bases and valuables are taken care of. Contact them through their website, or call (940) 422-4359 to speak with one of their agents about your options today.  

Other Announcements, Events and Deals from Glenn Herring Agency
Top 3 Reasons to Get a New Quote From Your Insurance Company , Munday, Texas
Many people buy insurance and feel comfortable renewing their policy every year without reviewing their rates. Unfortunately, this may leave you with a much higher pre...read more
4 FAQs About Filing a Claim With Germania Insurance, Munday, Texas
Your insurance policy protects you from the unexpected, but, hopefully, you’ll never have to use it. However, if you are involved in an auto accident or a tree falls on your house, f...read more
5 Types of Insurance Every Small Business Owner Needs, Munday, Texas
Whether you run a retail store or work as an accountant, every small business owner needs various insurance policies to protect against lawsuits and unforeseen damages. Even tho...read more
Renters vs. Homeowners Insurance: What's the Difference?, Munday, Texas
Insuring your home and everything inside it is essential to protect yourself, your family, and your assets. What kind of home insurance do you need, though, and what will your policy...read more