Many areas of Texas have been ravaged by severe drought conditions over the last few years, and while heavy rains were hoped for many people, the extreme flooding that occurred in the spring of 2015 took many by surprise. The flood conditions in some areas of the state broke records, and many who never thought a flood could reach their home were caught off-guard. Some insurance professionals state that as many as half of the homeowners who were impacted by the recent floods in Texas did not have flood insurance. With this in mind, take a look at https://www.texasquotes.com/homeowners-insurance/, it is important to ascertain the need for this type of coverage.
The Requirement for Flood Insurance
Some homeowners in Texas are required to purchase flood insurance. There are flood plain maps that indicate the likelihood that a flood will impact the land within different periods of time, such as 50, 100 or 200 years. Most insurance companies will require flood insurance if a home lies in a 100-year flood plain. If you are required to purchase this type of insurance, keep in mind that your lender may purchase the coverage for you if you fail to do so. Typically, coverage purchased by a lender may be more expensive for you than coverage you could find on your own.
The Lay of the Land
Keep in mind that just because a lender does not require coverage does not mean that flooding cannot occur. As a homeowner, you should carefully survey the land on your own. Pay attention to areas where drainage may be an issue and how water runs through your property during heavy rainstorms. If your home is located at the bottom of a hill or in a valley, flooding may be more likely to occur. This may be particularly true when the ground is already saturated and a very heavy downpour occurs. Just because the area has not flooded yet does not mean that it will not. In addition, if the ground grades toward the home rather than away from the home, this can also increase the likelihood of flooding inside the home.
Proximity to Bodies of Water
Another factor to consider when determining if you need flood coverage on your homeowners insurance 10-15 policy is how close your home is to a body of water. All bodies of water can swell and cause flooding, including small creeks and ponds. Rivers and their tributaries as well as dammed lakes may be especially prone to flooding during times of heavy rain. Think about the elevation change as well as the distance between your home and the water. Remember that many of the homes that were destroyed in the Wimberley, Texas area during the 2015 floods were washed away by a 40-foot wave on the Blanco River. While it can be difficult to imagine a wave of water that big rushing through what may only be a tranquil, lazy river or creek right now, this could be a possibility that could impact your home.
Some Texas homeowners insurance policy specifically exclude floods from the covered perils unless a flood clause is added to the policy. It is important for you to determine if there is a potential for flooding in your home. If you believe that you would benefit from flood insurance even if your lender does not require it, speak with your insurance agent about your existing coverage. If you do not have this type of coverage and believe it would benefit you, it is important to add it to your policy before the next storm comes.
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