Floods are becoming more frequent around San Antonio, TX, and across the nation. Whether you live in Texas or any of the other markets we serve, Integrity Advisors Agency LLC wants to remind you that being located near water is not a prerequisite for needing flood insurance.
Here are five crucial facts that all homeowners should know about the risk of flooding and the necessity of flood insurance.
- A "100-year flood zone" implies that, on average, a damaging flood will occur every 100 years. However, it’s a common misconception to believe that you are safe just because your flood zone experienced a 100-year flood recently. Each year carries an equal chance of flooding, even if a flood occurred just last year.
- Everyone resides in a flood zone. Any home is susceptible to flooding. Regardless of whether your mortgage holder requires flood insurance or you reside outside a high-risk flood zone known as a Special Flood Hazard Area, flood insurance is necessary.
- Your homeowner’s policy does not offer coverage for flood damage. Flood coverage must be procured through a separate policy provided by the National Flood Insurance Program (NFIP). This program also extends coverage to renters (although only a house’s owner can secure flood insurance for the actual structure). NFIP policies pay out even if your state does not declare an emergency.
- Flood insurance isn’t instantaneous; it only kicks in 30 days after you initiate the policy.
- Your community must participate in the National Flood Insurance Program for you to qualify for coverage.
For most homeowners, flood insurance caps at $250,000 for the building and $100,000 for contents.
If you have any questions about flood coverage in San Antonio, TX, or anywhere else in the state, feel free to contact us at Integrity Advisors Agency LLC today!
