Texas Private Flood Insurance
Texas is a giant state and is the second largest state in the United States after Alaska. Much of the state of Texas is quite dry and Arid, but it also has a gigantic coastline that spans much of the gulf of Mexico. As natural disasters become more and more frequent, and contain greater strength, the need for insurance becomes a pressing issue for homeowners – even those that are not in designated flood zones. Previously, you could only obtain flood insurance through the Federal Government’s National Flood Insurance Program, or NFIP for short. However, there are now many Texas Private Flood Insurance options available for property owners in the lone star state.
How does Texas Private flood insurance differ from the NFIP program? There are a few key differences. With the FEMA / NFIP flood insurance, you are limited to a maximum dwelling coverage of $250,000 for your dwelling, and $100,000 for your personal contents. This also does not cover any personal contents that are below grade (IE in a basement of a home) The various Texas Private flood insurance options allow for higher coverage limits than the NFIP and will cover basement contents as well. Another key difference between the NFIP and Texas private flood insurance companies is that the premiums for the private insurers are a lot more affordable. The caveat here is that the private companies do not insure every property that is requested, and are somewhat more selective in their risk pool. The NFIP is forced to cover everyone that lives in a flood plain, and as such is subsidizing those who live in homes that have repeatedly flooded over the years. As you might imagine, this has caused the NFIP to be over 25 billion dollars in debt, especially after some of the more major storms such as Hurricanes Katrina, Irene, and most recently in Texas, Hurricane Harvey.
Texas Private flood insurance doesn’t just extend to those who live in A zones, but also is available for lower risk properties in 500 year floodplains (marked as X zones on the FEMA maps) While your house may reside in an X zone, it’s wise to keep in mind that almost a third of all flood losses in the United states occur in these “low risk” zones, and your regular homeowner’s policy does NOT cover the peril of flood. Protect your biggest investment, your home, from the dangers of flooding with a Texas Private flood insurance policy today.
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