If you own your own home, you may wonder if you need flood insurance. In many situations, flood insurance is a good idea. At Texas Independent Insurance in Allen, TX, we offer flood insurance.
Why Get Flood Insurance?
You may think your homeowner’s insurance offers protection, but your policy will not cover flooding. Federal assistance is also very limited. Federal disaster relief may include a $5,000 grant or a loan that must be paid back.
Flood Insurance Requirements
In some cases, flood insurance is required. If you have a government-backed mortgage, you must have flood insurance if you live in a high-risk flood area.
Mortgage companies can legally require you to have flood insurance as well. This may depend on whether you live in a flood-prone area, and it can vary from lender to lender.
If you live in a high flood-risk area and have received federal disaster relief, you must also have flood insurance. If you don’t maintain flood insurance, you won’t be eligible for disaster relief in the future.
What If I’m Not Required to Have Flood Insurance?
If you are required to have flood insurance, the decision is easy. However, if you aren’t required to have a flood policy, you’ll need to choose your own.
Flood insurance is excellent if you live in a high flood-risk area. But even if you don’t live in a flood-prone area, you should consider getting flood insurance. Floods can occur anywhere. In fact, 25% of floods occur in areas that are low or moderate risk. Don’t assume your property is safe from flooding because it’s not in a flood plane.
Flood Insurance with Texas Independent Insurance
If you need flood insurance in Allen, TX, contact us at Texas Independent Insurance. Our experienced agents will discuss your situation and help you decide if flood insurance is right for you.
