Under-Insured? – Part 4
Believe it or not, some of the most devastating disasters are not covered by the standard homeowners insurance policy. Damage from a flood or earthquake is not covered unless paid for with an extra premium. Most people think of rising streams, rivers, lakes and oceans when they think of flood. But 67% of all flood claims are caused by a large amount of rainfall in a short time period that causes standing groundwater to infiltrate your house. Did you know that an inch of water can cause property damage, and that two feet can whisk your car away?
Unfortunately, in the last few years too many people have learned the value of flood insurance. Think that you don’t need it? Recall the insane bout of rain that we had just two weeks ago, and the flooding caused by hurricane Ike! If you are a new homeowner, you can be sure that flood insurance is a wise investment. Texas and Louisiana have some strange quirks about flood insurance. Depending on where you live, there may be other factors that impact which type of flood insurance you can obtain:
- If your property is located in a Texas coastal county or parts of Harris County, you may only be able to obtain windstorm coverage from a special insurance pool called the Texas Windstorm Insurance Association.
- If your property is located in a Louisiana coastal parish or other inland parishes, you may only be able to obtain windstorm coverage from a special insurance pool called the Louisiana Citizens Property Insurance Corp.
- Certain Gulf Coast residents may have to buy flood insurance before they are even eligible for a Texas Windstorm Insurance Association policy or a Louisiana Citizens Property Insurance Policy.
- Certain structures may have to be inspected by a Texas Department of Insurance approved engineer or by a Louisiana Citizens Property approved inspector.
As you see, there are some quirks in the insurance performance and availability regarding flood insurance requirements for where you live. Elzey Insurance has been family owned and Texas-based for over 25 years. You can get a free quote from us by visiting our Flood Insurance page. We know and understand the area, especially the flood insurance requirements. That’s why we will personally contact you after we produce your quote! Fill out the free quote form, or give us a call at 281-998-2500 if you have any questions!