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!
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.
Last week I wrote about the two types of hurricane related claims, wind and storm surge, which is related to flooding (see https://wiseinsurancegroup.com/two-types-insurance-claims-hurricane-harvey/). A conversation I had with a client reminded me of a third type of home insurance claim, wind driven rain, which can cause significant damage to the interior of your home.
The sun peeked out Wednesday afternoon for a few minutes over west Houston reminding everyone briefly that it still is there. This was followed by heavy rains stretching from Houston to almost New Orleans as Tropical Storm Harvey moved back onshore and headed in a northeasterly direction. The end of the rain may be in sight but it will take weeks or months before all the floodwaters in Houston and elsewhere recede and dry ground reappears.
Homeowners whose homes have been flooded, will be anxious to review the damage as quickly as possible. Here are some guidelines from FEMA I believe is important to share.
Last week’s home post outlined some of the questions I’ve been asked about flood insurance and the answers I’ve given (see https://wiseinsurancegroup.com/questions-answers-flood-insurance/). This week, I want to answer one more question, and that is, “Who needs flood insurance?” I don’t believe everyone needs it, however, there are some who do whose home may not even be in a flood zone.
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