Before purchasing flood insurance, make sure you understand the protection flood insurance has to offer. You don’t want to be led astray by misconceptions about flood coverage. The following list of flood insurance facts and myths compiled by Shell Insurance Agency can save you time, frustration, and money in insuring your Deer Park, TX home.
Myth: Homeowners’ insurance covers flood damage
Fact: Standard homeowner’s insurance covers water damage due to leaky pipes or rain entering a broken window. It does not, however, cover flooding. If your home is flooded and you don’t have flood coverage, you’re stuck paying for damages on your own.
Myth: Only homeowners in flood zones can purchase flood insurance
Fact: Any Texas homeowner can purchase flood insurance, as long as his or her community is participating in the National Flood Insurance Program (NFIP). As floods are quite common in Texas, flood insurance is a worthwhile investment to protect your home. Flood insurance is relatively inexpensive if you live outside of a flood zone, making it a practical addition to your home insurance package.
Myth: Only homeowners in flood zones need flood insurance
Fact: Floods can occur anywhere, putting any homeowner at risk of losing their home or valuables to this disaster. In fact, approximately 25% of flood claims come from homeowners living outside flood zones. By purchasing a flood policy, you can be prepared to face flood disasters.
Myth: Flood insurance is only for homeowners
Fact: Homeowners, renters, and business owners can purchase flood insurance to protect their home, condo, apartment, or commercial structure. Residential homes can be insured for up to $250,000 with a maximum of $100,000 coverage for contents. Commercial structures and contents can be insured for up to $500,000 each.
To learn more about flood insurance protection for your Deer Park, TX home, contact Shell Insurance Agency today.