☰ ˟
Contact Us Today / 713.906.1961
Trusted Choice
  • Home
  • Personal
  • Business & Commercial
  • About Us
    • About Us
    • Testimonials
    • Blog
  • Contact Us
  • Resources
    • File a Claim
    • Refer a Friend
    • Search Page

What type of coverage do you need?
Home > Blog > Should I buy flood insurance?
TUESDAY, JANUARY 9, 2018

Should I buy flood insurance?

It’s a question that is still looming in the minds of many Houstonians. Hurricane Harvey wrecked major havoc on Houston, and residents are still picking up the pieces of the storm, months after it passed.


 

The obvious answer, coming from an insurance agent, is: YES! You should ABSOLUTELY buy flood insurance! However, it’s important to have some context around how flood insurance works so that you can determine whether it’s a worthwhile investment for you.


For starters, it is important to note that flood insurance is NOT included as part of a homeowners, dwelling fire, or renters insurance policy nor can it be added to these policies. Flood insurance is also limited in what is actually covered - flood policies ONLY provide coverage for the dwelling itself and the contents inside the building. Unlike standard home and dwelling fire insurance, it does NOT provide loss of use or loss of rents coverage. This means, if your home, rental property, or even your business, is damaged from a flood, the policy will NOT pay for living arrangements while the property is being repaired nor will it pay for loss of rental or business income.


This may serve to deter some of you from purchasing flood insurance, but when it comes to something as disastrous as a flood, even having limited coverage is better than none at all, especially given the circumstances that so many Houstonians found themselves in after Harvey. Many of our clients called inquiring about the cost of flood insurance - and most were prudent enough to buy a flood policy right then and there - but some decided to wait until the next hurricane season rolls around.


There are two reasons why this is NOT a good idea. First, flood insurance has a 30-day waiting period,which means that it only goes into effect 30 days AFTER it is PURCHASED. Second, flood insurance is administered by the government through the National Flood Insurance Program (NFIP), which means that flood insurance rates are pre-determined and do not fluctuate unless the NFIP imposes a rate change. This past September, the NFIP issued a bulletin right after the hurricane season ended, indicating that rates on flood insurance will increase beginning April of THIS YEAR. Rates are expected to rise by as much as 18% or more for existing policyholders, and will be even more expensive for new purchasers who previously did not carry flood insurance.


There are several different factors to consider when purchasing flood insurance. While it has its limitations, a standard flood policy costs far less than your home or property insurance policy, and provides coverage for the most common peril that Houstonians have to face - flooding. Click here for more information on flood insurance, fill out a flood quote request form, or contact our office today and one of our staff will be more than happy to assist in obtaining a flood insurance quote for you. 


Posted 1:25 PM

Tags: flood insurance, flood insurance houston, flood insurance texas
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2020
  • 2018
  • 2017

  • flood insurance(3)
  • flood(2)
  • hurricane season(2)
  • car liability insurance texas(1)
  • hurricane preparedness(1)
  • commercial insurance(1)
  • water damage houston(1)
  • homeowners insurance(1)
  • windstorm(1)
  • roof damage(1)
  • flood zoning(1)
  • home insurance texas(1)
  • flood insurance houston(1)
  • hurricane evacuation(1)
  • hurricane(1)
  • home insurance houston(1)
  • auto liability insurance texas(1)
  • property insurance(1)
  • water damage insurance(1)
  • flooding(1)
  • flood insurance texas(1)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
ATAB Insurance Services
1011 Highway 6 South
Ste 250
Houston, TX 77077
FAX: 281-605-1475
We've successfully served hundreds of customers throughout Texas and California. We are determined to treat each individual with respect and compassion. Shopping for insurance can be difficult, but our staff does the work for you. Maintain your peace of mind knowing that our insurance professionals have your back.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Refer A Friend
Quick Help Links
Quote Forms/ File a Claim/ Insurance Glossary
Icon  
Icon  Icon
Social Icon Social Icon Social Icon Social Icon