Texas is a beautiful and proud state – and not one you would necessarily associate with flooding. Of course the devastation brought on Houston by Hurricane Harvey in 2017 proved once again that flooding is the number one most common and deadly disaster in the United States. Unfortunately many homeowners in Houston lacked Texas Flood insurance and the losses from a flood can be absolutely catastrophic. it was estimated by USA today that approximately 80% of hurricane Harvey victims lacked Texas flood insurance:
Insurance experts say only a small fraction of homeowners in Harvey’s path of destruction have flood insurance. That means families with flooded basements, soaked furniture and water-damaged walls will have to dig deep into their pockets or take on more debt to fix up their homes. Some may be forced to sell, if they can, and leave their communities.
While homeowners insurance may cover damage from the high winds created in a hurricane, there is not coverage from inundation of flood waters. It’s vital to know this for homeowners, and unfortunately many people in Texas and other places refuse to purchase flood insurance if they are not required to have it. It’s times like this that I like to remind people that any property is vulnerable to flooding, even if your home doesn’t reside in a “special hazard flood area” or 100 year flood plain as they are commonly known. With the private Texas flood insurance programs available, you may be able to find very good coverage if your home resides in a 500 year flood plain or “X” zone.
Do I need Texas Flood Insurance?
Texas flood insurance should be purchased in advance of an oncoming storm – and this is important as flood insurance policies both private and NFIP contain waiting periods within them. The bright side of the private Texas flood insurance that we write is that our waiting period is 15 days vs 30 for the NFIP, and this is waived in the event of a rollover from a federal flood insurance policy or if you are closing on a new home.