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Did you know that most property policies exclude damage caused by a flood? Some policies may have some contents coverage for loss by flood but most exclude loss to the building structure itself. This lesson has been learned the hard way in Texas in neighborhoods that aren't prone to flooding and have maybe never flooded in the past.
The losses caused by flooding can be so severe that flood insurance is a specialized line of insurance with heavy federal government involvement called the National Flood Insurance Plan.
Every city is divided into flood zones by FEMA. If your property is in a high risk flood zone and you have a mortgage it is likely the mortgage company forced you to purchase flood insurance.
Premium for flood insurance are not cheap. However, the lower your flood rating the cheaper the coverage is. So it goes without saying that the higher the possibility of flooding in your area, the higher the premium.
If you live in low lying areas close to streams, rivers, watersheds, etc. you may want to look into flood coverage. When potential flooding is imminent the NFIP shuts down so last minute policies can't be purchased so you have to be proactive.
Contact Harold Diers & Company if you would like to find out more. Email us at agency@hdiers.com.