27 Feb 2020
home front door protected from flood water with sandbags

Protect your home from flood damage.

If you have homeowners insurance, then you may assume that you are protected against all forces of nature.  However, this isn’t the case.  Certain perils are considered so expensive and risky that standard insurance providers refuse to cover them.  One common example of this is floods.  Because flood damage is excluded from coverage under homeowners policies, you will need to secure coverage with a separate flood insurance policy.

Flood Insurance Basics

Most flood insurance policies are administered by the Federal Emergency Management Agency (FEMA).  Insurance providers work with FEMA to offer homeowners access to this coverage in flood-prone areas.  Flood insurance offers coverage for the physical damages and losses caused by floods and flood-related erosion.  This coverage extends to floods caused by heavy rain, dam breaks, clogged storm drains, unusual tide surges, and so on.

Flood Insurance Cost

The cost of your flood coverage is dependent on several factors.  When determining your coverage rates, insurers will look at the following:

  • The amount of coverage you have purchased
  • The deductibles you set
  • The location of your home
  • The age, occupancy, and structure of your home
  • The elevation of your home’s lowest floor relative to the elevation of the 1% annual chance flood

This is what you need to know about flood insurance coverage for your home.  Do you have additional questions about your home coverage?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  We are ready to assist you with all your home insurance needs today.