If tomorrow your home were to face even just an inch of flooding, then this alone can cost you up to $25,000 in repairs. But with flood insurance, you won’t have to worry about these costs.
Texas has become well-known for its unique climatic conditions. Tornadoes, hailstorms, and hurricanes are just some of the few weather risks a Texan homeowner may face regularly. If you are a homeowner who has purchased homeowners insurance and has dwelling coverage, then the good news is your policy will cover the repairs needed to fix up the home should damage occur. That being said, one thing your homeowner’s insurance will not cover is damage to a property caused by flooding.
Where Does it Flood the Most in Texas?
In the state of Texas, homeowners are not required to purchase flood insurance. However, if your home is located in a zone considered at high risk of flooding, your lender will require you to buy flooding insurance. Texas’s more eastern parts are especially prone to heavy flooding; some common cities include Dallas, Fort Worth, and Houston.
How Much Does Flood Insurance Cost in Fort Worth, Texas?
The cost of purchasing flood insurance in Texas can range a fair bit. This is mainly because there are several factors insurance agencies need to account for when determining the annual cost of your insurance premiums. The first and perhaps most important factor an insurance agency will consider is the flood risk to your home. If your home is located in a high-risk flood zone, you must purchase flooding insurance as a condition of your mortgage. However, if you’re located in a moderate to low-risk flood zone, purchasing insurance will be entirely up to you. For homes located in a high-risk zone, expect premiums to be at a higher range. Other factors that influence the cost of your premiums include:
- The age and design of your home.
- Elevation of your utilities.
- Even the type of coverage protection you’re purchasing.
What Does Flood Insurance Cover?
Flooding of the home can result in direct physical damage and loss of personal contents, and damage to a house’s infrastructure. So when a flood damages your home, you can expect the following to be covered:
- Repairs the foundation of your home.
- Repairs any damaged electrical and plumbing systems.
- Repair or replacement of appliances such as refrigerators, stoves, and dishwashers
- Repair or replacement of damaged carpeting and/or wooden floorings.
As we mentioned above, flood insurance in Texas will cover damage to the contents of your home. The replacement of contents will be paid out as actual cash value with consideration to the depreciation of the items. Often these can include:
- Clothing, furniture, and portable electronic devices.
- Valuables such as art, paintings.
In the state of Texas, the average payout for content coverage is $100,000. In contrast, the payout for building coverage is $250,000.
The Best Way to Buy Flood Insurance in Fort Worth, Texas
In the USA, the Federal Emergency Management Agency manages the National Flood Insurance Program (NFIP), which provides flooding insurance policies to public members. Fort Worth actively participates in the NFIP program, thus enabling community members to receive insurance. But you don’t need to stick with the NFIP! There are many other insurance agencies like GEICO and Farmers who offer flood insurance policies to their consumers.
When shopping for a flood insurance policy, it’s always best to compare deductibles, premiums, and other policies such as homeowners insurance. The process of researching and comparing can be a tedious task. We highly recommend reaching out to an independent insurance agency. James Little Insurance agencies provide unbiased quotes on some of Texas’s top insurance agencies’ different insurance policies. As an independent agency, we can assure you that all policy quotes are in your favor! We do our best to find the most affordable and comprehensive plans, so you won’t have to worry about affordability in the long-run.
Floods can happen anywhere, and at any time, so it’s essential to be prepared! Talk to one of our agents today for a free quote on affordable flood insurance in Texas.