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
As 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.