Purchase Flood Insurance Before the Next Tropical Storm

A flood survey in Guadalupe County, TX is necessary for assessing your flood risk. Once you know of the risk, then it is time to purchase flood insurance. Many property owners protest this purchase because they do not want to deal with the expense, and often feel like damage will not be covered anyway. However, homes have a 26 percent chance of flood damage as opposed to a 9 percent chance of fire. This makes flood insurance a necessary investment. Here are five factors to consider when purchasing coverage:

• Risk: FEMA flood insurance maps rate risk in an area from very low to very high. Most homes fall into the moderate-risk category. However, if you live near or within a floodplain, your risk is substantial. Anyone who lives in a floodplain should have flood insurance, since there is a reasonable risk that you will face this damage within the time you own your home. In some high-risk areas, flood insurance is required, leaving you little choice but to make the investment.
• Insurers: Unlike car or home insurance, there is no “shopping around” for flood insurance. All rates are set by the National Flood Insurance Program. The amount you pay depends on location, home size and building type and frequency of floods. High-risk areas expectedly cost more to insure than low-risk areas.
• Time is of the essence: There is a 30-day waiting period before flood insurance takes effect. If you wait until predictions of a tropical storm arise, it will likely be too late to get coverage. However, if you order your flood survey in Guadalupe County, TX early and purchase insurance soon after you receive results, you are more likely to have the coverage when you need it. This is not a task that should fall victim to procrastination.
• Requirements: It is likely that you want to save money and secure the lowest premium rates. That may reduce your coverage, but requirements may not allow you that option. For example, if your dream home is in a floodplain, you may need flood insurance before you receive financing. Also, FEMA maps indicate whether flood insurance is required in particularly high-risk areas. If this is the case with your dream home, your only options are to purchase coverage for floods or find another place to purchase.
• Other options: Sometimes, you can go without flood insurance. If buildups raise buildings to a safer elevation, they may no longer pose a flood risk. However, going without is not a guarantee. You still need a flood survey, and with it, you can apply for a map amendment or revision. From there, you could be required to schedule a land survey to determine whether the building is adequately fortified against floods. Depending on the results, you may get away with less coverage, even if you cannot completely avoid the flood insurance requirements.

Bettersworth & Associates, Inc. is available if you need a flood survey in Guadalupe County, TX. Contact us today to learn more or schedule a consultation.

Categorised in: Flood Survey