Common Myths of Flood insurance.
The first myth is that flood insurance is included in your standard homeowner’s policy. The truth is while many homeowners’ policies do cover weather damage caused by a burst pipe in your home or coming in through a hole caused by a storm, even a toilette that is overflown; a standard homeowner’s policy does not cover water damage caused by water outside the home. Such as damage from: flash floods, inland flooding, even seasonal storms.To protect against these risk’s you’ll want to secure a separate flood policy, for you home, condo or renter’s policy.
The next myth is that many people assume that Federal Disaster Assistance Programs will cover the expenses to rebuild your home after a flood. While it is true, that there are federal disaster relief programs for floods, in order for these to become available, the President must declare a disaster. FEMA's facts about flood insurance explains more about the myths.
And remember even if the relief funds are made available, it’s usually in the form of a loan that must be paid back with interest… and of course this would be in addition to any mortgage loan you still owe on your home.
With flood insurance, when you submit a claim, you’re compensated for all covered losses. Regardless of whether or not a disaster has been declared, and you don’t have to pay it back.
The next myth is that you don’t need flood insurance, because you don’t live in an area that floods. The fact is everyone lives in a flood zone; it just depends whether or not it’s a low, moderate or high risk area. For those people living in high risk areas, flood insurance is almost always required (by your bank) but if you live in moderate to low risk zones, flooding can still happen.
Every year, heavy rains, melting snow, clogged sewage drains and failed levees and dams cause MILLIONS of Dollars in FLOOD Damage. In fact, according to FEMA; close to 25% of all flood claims are filed from homeowners that live in low to moderate risk zones. So remember, even if you live on top of a hill, you still may be at risk.
Start your flood Insurance quote now.
Or call us today,so we can decide whether Flood Insurance is right for you. (972) 991-9100
12770 Coit Road, Suite 110, Dallas, TX 75251 | | Fax: (972) 690-1733 | Service@Thumannagency.com