The incredible amount of damage that a flood can do should not be underestimated. For many homeowners though, the importance of flood insurance is often overlooked. Many homeowners are not aware that their homeowners’ insurance policy may not include flood insurance.
“Unlike theft and other losses, flood damages are not covered by regular homeowner insurance policies,” says Texas Insurance Agency. “The only way to insure your home or business against flood damage is through flood insurance.”
For homeowners in high-risk areas, as well as those who are in moderate and low-risk areas, coverage to protect against flooding is an important precaution. According to NFIP, nearly 25% of all flood related insurance claims, come from low-risk areas. While flooding insurance is especially important for those who live in a designated flood zone, it’s also important for low-risk areas as well. Since flooding can also occur in inland areas and away from coastal areas and major rivers.
In 2012, the average flood insurance policy premium was about $650 per year. For low-risk areas, premiums are generally much lower. While the cost of flood insurance may seem high to some, it’s important to note that the average flood claim amounted to nearly $42,000 from 2008 to 2012.
Floods can cause devastating amounts of damage. In some cases, the extent of this damage can be difficult to repair. Without flood insurance, this damage can be especially devastating.
Texas Insurance Agency provides flood insurance for homeowners throughout the state of Texas. Flood insurance is also available for renters, to protect their belongings in case of a flood. For more information on flood insurance, or to find out how affordable a flood insurance policy can be visit Texas Insurance Agency: www.insuranceagencytexas.com/