It's Time to Think About Flood InsuranceYour in North Texas Home

The Federal Emergency Management Agency (FEMA) estimated that 2,200 Texas residents who were affected by flooding from Tropical Storm Fay a handful of years ago who had flood insurance claimed close to $44 million in damages.  Sadly, those residents who did not have flood insurance had to dig in their pockets for money to repair the damages, or file for emergency assistance funds, which they would eventually have to pay back.  As flood season approaches the DFW Metroplex, Tri-Star Insurance in Plano is ready and waiting to talk about your property protection this year.

Although North Texas may not be as consistently threatened by tropical storms as residents closer to the Gulf, heavy rains that have been prevalent over the past few summers pose the same amount of danger by flooding to property that is close to a Texas lake or river.  Just a few inches of water can bring thousands of dollars in restoration and repair costs.  "I commend those Texas property owners who protect themselves by purchasing flood insurance," said Federal Insurance and Mitigation Administrator Anthony S. Lowe, who manages the National Flood Insurance Program (NFIP). "I strongly urge those who don't have a policy to buy one before the next flood," he added. "You can recover so much faster and more completely when you have flood insurance."

According to FEMA, everyone lives in a flood zone.  There is no such thing as a home that cannot be flooded.  Flood insurance protects you from the financial loss and devastation caused by flooding; federal disaster assistance funding, on the other hand, is normally a loan that you must pay back with interest.  For homeowners with a significant amount of property and memories to protect, the option of federal disaster assistance is not a good substitute for insurance.

• Doesn’t my regular homeowner’s policy cover flooding?

One of the main reasons people get homeowners insurance, besides the requirement of insurance by their mortgage company, is for protection against a loss from fire. Texans, though, are far more likely to have flood damage than fire damage. Flood insurance is valuable coverage for your most important assets, your family home.

Most homeowners insurance does not cover floods. Flood insurance, like earthquake insurance, is designated as “single peril” insurance and is sold separately from homeowners insurance. Flood insurance protects against financial losses to homes and buildings and their contents, but not the land surrounding them. The coverage applies regardless to the nature of flooding, whether the flood is from heavy or prolonged rains, coastal storm surge, levee dam failure, blocked storm drainage systems, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.

Flood insurance should cost the same wherever you purchase it, because the rates are set by the National Flood Insurance Program.  As you work with the North Dallas-Plano-Frisco insurance agency of Tri-Star Insurance, you’ll gain not only peace of mind on the standard insurance coverage for your home, but you’ll learn of the value and need for  affordable flood insurance as well.  Start the process before the summer rains hit and call 214-387-0600 today!