The first of June is officially the start of the annual hurricane season on the Texas Gulf Coast. There is already a tropical disturbance in the Gulf making it's way to the Texas coast line. As the storm targets places like Brownsville, Corpus Christi and Port Aransas images of Hurricane Harvey start to spring to mind. The flooding along the coast and up into Houston was absolutely tragic. The sad reality is that many homeowners still don't carry flood insurance. If you don't have it now, it's not that difficult to obtain it. But time is of the essence.
There is one very important thing to realize with Flood Insurance policies. If they aren't mandated by your lender as part of a transaction, you will have a 30 day wait period before the policy becomes effective. That means that you can't pay for it today and make a claim next week unless your Lender made you obtain the coverage as part of a purchase or refinance. Hurricane season really ratchets up late summer and early fall, so putting the policy in place today will still give you some time before then.
Are There Other Restrictions?
The good news is that Insurance For Texans operates as an Independent Insurance Agency and can provide you with many options for insurance. Including flood insurance. Most additional restrictions come with choosing to work with the National Flood Insurance Program otherwise known as NFIP. They will limit the amount of coverage you can obtain for both your dwelling ($250,000) and personal property ($100,000). They will also govern acceptable deductibles. The good news for Texans is that private flood markets can either make up the difference in needed coverage, provide additional coverage, or even replace it altogether. That's why it's important to obtain flood insurance from an independent agent who is an expert in providing you the coverage.
So How Do I Get Flood Insurance?
The process to obtain a quote and put the policy in place is relatively simple. Insurance For Texans will collect some basic information about you, your home or building, and any requirements from a lender. From there, we will shop across the entire marketplace for you so that you don't have to worry about it. Since we leverage both the private markets and NFIP you can rest easy knowing that Insurance For Texans has secured the best coverage for you. From there, it will be as simple as submitting the formal application and paying for the coverage.
What's The Catch?
The ultimate catch is that if you don't act, you can't get coverage in the middle of a storm. So if a Hurricane decides to park over the coast and dump 48 inches of rain again, your house may float away without coverage. Beyond that, there are ways to bring the costs down using things like elevation certificates and map amendments. But again, the ultimate gotcha is simply not taking action. Don't hesitate to speak with one of our agents today.