Flood, as a peril, can be one of the most devastating losses we face as homeowners. Most notably, flood is increasingly overlooked by buyers during the purchase of their new home, which means most of you reading this are not likely covered against a flood loss. This is the case because flood is not traditionally covered under a homeowners insurance policy, and a lender does not require flood insurance unless the home is located within a predetermined flood zone. Regardless of the determination, rain and overflow of water do not decide to limit themselves because of your address, leaving many of you vulnerable to severe loss and damage to your home due to flood waters.
Now that we have your attention, it is not too late! There are benefits to those of you who are not located within a flood zone. Given that you're chance of flooding in any given year is less than 1%, you can enjoy cheaper rates! I know what you're thinking, "Less than 1% in any given year!! There's no way I should have to worry." Less than one-percent actually means that during a 30-year fixed mortgage, the likelihood of flooding is under 30%. Looking at last years average as reported by FEMA, the months of August, October and November produced flood claims that were anywhere from $40,000-55,000 in damages, making it more important than ever that you protect yourself against the hazards of flooding.
Why now? The flood program has a mandatory 30-day waiting period, unless you are newly purchasing the property, or rolling over coverage from a previous flood policy. Taking action as a homeowner is the most important step in the process. We strongly encourage you to take action by submitting a request for a quote, or calling one of our Insurance Agents at (956) 618-3535 to discuss your options.