Flood Insurance

The Realization19532015181_ef6593f0bc_b

When it comes to flood insurance, remember the old adage, “An ounce of prevention is worth a pound of cure.” The recent hurricanes in Florida and Texas gave us a swift reminder of their potential danger. With Hurricane Harvey dropping a  staggering 51.9 inches of water on Houston, it will take years to recover and rebuild. Many residents will never forget the devastation to a city set in a floodplain. With flooding carrying the title of the most common natural disaster in the U.S., no state is immune.

The Risk

Typical homeowners insurance does not cover flooding. The 20% in Houston that protected their home with flood insurance certainly realize the value while others will have to carry the burden of out-of-pocket expenses. 80% did not, pouring salt in the would of an already difficult situation. Many of these residents accepted the risk, believing data from previous storms, lacking requirements of flood insurance from their mortgage lender, and considering their need to purchase insurance less than the premium required. The storm caught Houston and the rest of America off guard. We now have to take a step back and reconsider flood insurance from a new perspective.

The Reward

Flood insurance exists for the worst of times. Floods can occur despite storms. Dams, broken levees, melting snow and rerouting of water due to new development can cause flooding. Gain a broader perspective of your area, your pure risk, and consider flood insurance. It doesn’t matter whether you rent, own a home, or own a business. You can purchase flood insurance.

If you have any questions, LNIA can help you. We’ll make sure your ounce of prevention converts to golden coverage if you should need it.