Does My Homeowners Insurance Cover Flooding?

Does My Homeowners Insurance Cover Flooding?


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If you’re a homeowner in Texas, you might have some concerns about floods in your neighbourhood. Many areas in Texas are regularly hit by floods, seriously damaging homes. This concern will be a lot bigger if you lack a sufficient flood insurance. Today we will help you to be prepared for future floods in Texas. We’ll tell you what’s covered by a standard homeowners insurance and how much you should expect to pay for it.

 

The state of Texas has to deal with excessive amounts of rain every year. Some areas in Texas receive more than 10 inches of rainfall in just a few days. This results in a lot of evictions, flooded homes, injured people and a large amount of stress.

The floods and other natural disasters, drive up the homeowners insurance rates in the Texas area. Insurance companies have to pay out excessive sums of money to those hit by the flooding. This is charged back to their customers inflating the prices. The rates of homeowners insurance in the state of Texas, are now the third highest in the country.

 

Will homeowners insurance cover flooding?

A lot of people that have their houses damaged by the excessive rainfall, can’t get compensation because they aren’t covered for flood damage. This can ruin entire families, leaving them homeless and could put them in financial trouble.

To be sure you don’t fall into this situation, it’s crucial to know what your homeowners insurance policy covers. Most homeowner insurance companies don’t include a flood coverage in their standard insurance. If you want to be liable for flood damage compensation, you should have flood insurance added.

Homeowners Insurance Cover Flooding

By Tatiana Gerus (Flickr: Brisbane flood, The Centenary suburbs) [CC BY-SA 2.0 (http://creativecommons.org/licenses/by-sa/2.0)]

 

Even if you do have flood insurance, you might still not be compensated for the entire amount of damage. Your home might be worth less than the maximum amount of money the insurance pays out. It’s also good to know that the insurance regularly goes into effect after about a month after it was made.

It’s important to sit down with your insurance agent well before a flood hits. Even if you’re living on a hill, you can still be affected by a flood and lose everything.

 

Average cost of homeowners insurance

The average cost of homeowners insurance in Texas is about $150 per month. Rates have been climbing rapidly over the past years and are expected to keep doing so. The costs are very dependent from one house to the other, though.

The average price of flood insurance is about $70 per month but it’s very different from one region to the other. Insurance companies have exact data on the areas that are hit by floods and change their rates accordingly. You would be much cheaper off if you’re living in a so called low risk area.

 

What to do with a flood damaged house

Having your house damaged by a flood without proper insurance, can have strong effects on you financially and in severe cases emotionally. A professional can give you some well needed advice in a situation like this.

We are willing to take over your house, even if it has severe flood damage. All you have to do is fill out your name, email and phone number on our website. We will then call you with a price offer that’s completely free of charge and without any obligations. Now you don’t have to worry anymore about your damaged house and you can keep your focus on the future.

 

Photo Credits: FEMA/Susie Shapira (This image is from the FEMA Photo Library.) [Public domain], via Wikimedia Commons

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