Dallas flood insurance Archives - Wise Insurance Group

Home Buyers and Flood Insurance

Brandi Wright, a realtor in Arlington, Texas sent me a text message earlier today asking a really interesting question, “Is there a way to find out if a home has ever had a flood claim?” Adding to the “Twilight Zone” coincidence factor, was an article appearing on Insurance Journal in my email this morning entitled, “States with the Best, Worst Home Flood Damage Disclosure Laws.” Let’s look at a couple of interesting notes related to the home buying experience and flood insurance.

Excess Flood Insurance

Over the past two weeks, I’ve written about flood insurance. I wanted to wrap up this theme and address one of the limitations of a standard, government backed flood policy and that is the policy’s limits. Limits are present on all forms of insurance including home, car, jewelry, commercial, and even flood. When I refer to a policy’s limits, I’m referring to the maximum amount of coverage available on the policy for a specific item. The question we’ll answer in this post is how to obtain coverage beyond a standard flood insurance policy’s limits.

Flooding, Flood Insurance, and 10 Little Known Facts

Many people tend to discount a flood can happen to them since they aren’t in a 50 or 100-year flood plain. But as many Houstonians can attest in the aftermath of Hurricane Harvey, that may not count for much!

Here are 10 little known facts about flooding & flood insurance worth knowing!

Potential Changes in the Flood Insurance Program

The National Flood Insurance Program, or NFIP, was already in deep debt, to the tune of $24.6 billion, before Hurricanes Harvey, Irma, and Maria, and Tropical Storm Nate hit our shores. Further complicating matters, the Congressional Budget Office, or CBO, is projecting a budgetary shortfall of $1.4 billion. Let’s examine what’s causing the budgetary shortfall and what the future implications are for the flood insurance program.

Commercial Flood Insurance

There are two types of commercial flood insurance, standard flood insurance, which is a FEMA administered policy and excess flood insurance. Both serve a purpose for small, medium, and large businesses and offer coverage to help get the business back up and running.

An Overview on Flood Insurance

Many people refer to a major water leak as flooding. Insurance, however, defines flooding, or a flood as rising water caused by rivers, lakes & streams overflowing their banks, rising water from heavy rains, or tidal surge which enters the home. This type of water damage isn’t covered by your home insurance policy, it’s only covered by flood insurance.

Flood Insurance versus Federal Disaster Assistance

In August a slow moving unnamed storm system settled over Louisiana dumping up to 31.39 inches of rain over 72 hours resulting in a 1,000 year rain. Massive flooding occurred affecting 188,729 homes and 507,495 people, of which 60,000 were damaged by flood waters. It’s estimated that 78% of the homes damaged by flood waters did not have flood insurance.

Flood Insurance and Cleaning Up After The Flood

One of my Houston clients called me in April. It was the morning after they’d been evacuated by boat from their home in the middle of the night as north west Houston flooded. The water eventually reached 10 feet deep in the street and topped out about 2 plus feet on the first floor of her and her husband’s home. I used that conversation to review the preparations she and her husband made in advance of the floodwaters and outline a plan of what to do when the water receded. They good news is they have flood insurance!

Questions and Answers on Flood Insurance

When a massive amount of rain falls in a short period of time, flooding is inevitable. After seeing these two events, I felt it important to revisit flood insurance by answers some of the questions I’m asked by homeowners. Over the next two weeks, I’ll also answer the question of who needs flood insurance and talk about cleaning up after a flood.

Flood Insurance Limits and How to Get Around Them

There are a number of things most people don’t know about flooding of flood insurance, such as flooding is the top natural disaster in the US, and that flash floods are the top weather related killer, or that 20% of all flood claims are from low and moderate risk flood zone areas (see https://wiseinsurancegroup.com/texas-floods-and-flood-insurance/). There is one other thing most people don’t know about flood insurance, and that is there are limits on how much a policy will pay on a claim.

Tag: Dallas flood insurance

Home Buyers and Flood Insurance

Excess Flood Insurance

Flooding, Flood Insurance, and 10 Little Known Facts

Potential Changes in the Flood Insurance Program

Commercial Flood Insurance

An Overview on Flood Insurance

Flood Insurance versus Federal Disaster Assistance

Flood Insurance and Cleaning Up After The Flood

Questions and Answers on Flood Insurance

Flood Insurance Limits and How to Get Around Them

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