If you’ve watched the news recently you’ve probably seen the unbelievable amounts of rain the state of Texas has received. Not only has it destroyed roads and businesses but it has wrecked thousands of homes not to mention taken precious human life.
Flooding is something most homeowners don’t think about, however we in Nashville, and now in Texas, know all to well how devastating it can be. Let’s also not forget about how water destroyed New Orleans in 2005 with Hurricane Katrina.
Now matter where you live, flooding it a very real possibility.
Here’s what you need to know as a homeowner about flooding and flood insurance.
If you are a homeowner in a high risk area, you are required to purchase flood insurance, but regardless of where you live you should consider buying it as well. According to the Federal Emergency Management Agency, “more than 5.5 million homeowners in more than 21,000 communities across the U.S.” already have flood insurance.
Also according to the Federal Emergency Management Agency, “Floods are the most common weather emergency in the U.S.” Floods can happen anywhere and anytime. Even if you live miles away from a body of water, you can still be affected by flooding.
One common mistake people make is thinking that if their home floods the U.S. government will pay for the damage. Not necessarily so – only if the U.S. president declares your area a state of emergency does federal funding make its way towards you. Even with this, it is often times considered a loan and you have to pay it back plus interest. The benefit of privately owned flood insurance is that it pays qualified claims whether there’s been a state of emergency declared or not.
Premiums for flood insurance vary from state to state and your location within that state. Check with your local insurance agent or with the National Flood Insurance Program (floodsmart.gov).
Be aware there’s typically a 30 day grace period before coverage begins. Purchasing flood insurance sooner than later could literally mean the difference between a secure home and being completely destroyed. Remember it only takes a few inches of water to completely destroy a house. The force of flooding water is very powerful and not to be taken lightly.