The National Flood Insurance Program (NFIP) is an underwriter for flood insurance policies obtained through local insurance agents. While there are many rules and qualifications for coverage, people often get caught up in myths that prevent them from getting flood coverage in the first place. When seeking the best flood insurance in Houston, TX .it is important to learn the facts about coverage. Here is an overview of the most common myths about the NFIP.
Myth: Flood insurance must be purchased through the NFIP.
Fact: This is false. The NFIP makes flood insurance available to the public through private insurance companies. You can choose which company you want when taking out a policy.
Myth: If your home was flooded it is too late to get flood insurance.
Fact: Flood insurance can be purchased at any time as long as your community participates in the NFIP (most do). It is recommended to get covered before disaster strikes, but it is never too late to get covered.
Myth: Water damage from tropical systems, tidal waves, or river overflow is not covered by NFIP.
Fact: This is false, but it depends on what is defined as flooding. More than one property in the area should be affected. The area is likely to be dry most of the time and when flooding occurs it may be considered temporary or general. In such areas, flooding created by overflow tidal waters, rapid runoff from another water source, mudflow from a river, or collapse of land near a body of water such as a lake or sea (due to ocean currents or rising water levels), may qualify as flooding.
Myth: Flood damage is covered by disaster aid.
Fact: Disaster assistance is available to help cover flood damage. You can learn more about this when seeking flood insurance quotes in Houston. Yet, it is only paid out when the president declares the area a disaster. Roughly half of flooding events that occur in the country receive such declaration. This is often why it is recommended to get insurance coverage so you don’t have to wait for declaration should a flood occur. Furthermore, if you don’t have a flood policy when applying for federal assistance you will be required to obtain coverage if you want to apply for aid in the future.
Myth: If you reside in a high-risk area flood insurance is not available.
Fact: This is false and in many cases, it is recommended for residents in high-risk zones to get coverage. The National Flood Insurance Program makes insurance coverage available to everyone, no matter where you live even if you live in a low-risk flood zone. There was a time in history when federal flood insurance wasn’t made available to private insurance companies. The legislation was later amended to include mortgage lenders requiring flood insurance coverage be obtained by borrowers seeking property in high-risk areas. Lenders are required to tell mortgage borrowers if the property is located in a high-risk area before closing and to obtain flood coverage.
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Myth: You cannot get flood insurance as soon as possible during or before a flood occurs.
Fact: Flood coverage can be obtained at any time, but there is a 30-day wait period after obtaining the policy. The waiting period begins after your first premium payment is made. There are exceptions to this rule to consider when seeking the flood insurance in Houston. If the policy pertains to a loan that is getting renewed, extended, or increased the coverage begins immediately if the premium payment is made at the time the loan is closed. If the flood map was revised within a 13-month period there is a 1-day wait period.
Myth: Homeowners don’t need flood insurance because their homeowners insurance covers flood damage.
Fact: This is false. Most homeowners insurance policies do not cover damage caused by flooding. Few learn this when it is too late. Review your homeowners insurance to learn what is covered. It is likely minimal water damage is covered. The NFIP offers specific flood coverage for your home and personal contents such as clothing and appliances. Coverage for your home (up to $250,000) includes covering costs associated with repairing and replacing the home. Coverage to replace personal possessions is available for up to $100,000.
Myth: You cannot get flood insurance coverage for a basem*nt.
Fact: The National Flood Insurance Program offers coverage for basem*nts. A typical flood insurance policy may not include certain specifics related to basem*nt damage, but separate coverage can be obtained since most basem*nts are underground or below ground level. You can ask about basem*nt coverage when discussing flood insurance quotes. It is important to understand what is covered and what is not when obtaining a building flood insurance policy (coverage for your home). Certain forms of equipment, structural repairs, and services may qualify for the basem*nt under your building policy.
Myth: Only people who live in high-risk zones are required to get flood insurance.
Fact: This is false because most areas across the country are susceptible to flooding. The NFIP claims at least 25 percent of flood claims come from moderate or low-risk areas. A special insurance policy known as Preferred Risk is available for those who live in high-risk areas. You can ask a local agent about this policy and whether it is recommended based on where you live. The policy offers affordable protection.
Additional Tips
According to the National Flood Insurance Program, over 20,000 communities across the United States participate in this program. This should clarify the myth that flood insurance is not available where they live. The program is easily available to anyone seeking protection for their home or business. Everyone should get flood insurance. Get quotes to estimate monthly premium costs. You can get more information from a trusted authorized local insurance agent and FEMA.
