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Flood Insurance Information

In 1968 the National Flood Insurance Program (NFIP) was established to offer flood protection for property owners. The insurance is sold by private participating companies and the risk is backed by the federal government. The cost is the same at each participating company.

Standard homeowner policies DO NOT cover flood damage. One of the main coverage’s on a homeowner’s policy is for fire damage. Floods damage far more homes than fire so it is important to get a separate flood policy. There is a misconception that flood insurance is not necessary because of government disaster relief for flooded areas. The truth is that these relief programs are generally in the form of a loan. The loan then has to be repaid in addition to any payment you are already making for your home mortgage.

You can insure just your home or business or add coverage for your personal property at additional cost. It is also possible to get just the personal property coverage. This can be a good option if you are renting. The cost is typically around $400 per year (less for personal property only coverage). If you are in an area that is at high risk for flooding, the cost will be higher. Your insurance agent can give you the rate for your home. If your agent doesn’t sell flood insurance you can contact the NFIP at 800-427-4661. You can also find information at www.floodsmart.gov website. Texas residents can get information or a quote from my website at www.Texas-Flood-Insurance.com. There is a standard 30 day waiting period for flood insurance to go into effect. You can’t wait until a big storm threatens and get the insurance at the last minute!

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