When should a Houston property owner get flood insurance?

The Houston, TX area continues to be one of the fastest-growing metro areas in the country. Due to this growth, Houston continues to be a good area to own a home. If you would like to purchase a property in Texas, you must have the right insurance at all times. One important form of coverage to consider getting is flood insurance. There are a few situations when a property owner here should consider getting flood coverage.

When Insurance is a Loan Requirement

Some property owners in the Houston area are required to get insurance to comply with their loan requirements. Most Houston property buyers are going to take out a mortgage when they purchase their home. If you have taken out a mortgage, you will need to comply with any insurance standards that they have. If your home is in a flood zone, the lender will require that you carry a flood insurance plan at all times.

When Concerned About Flood Risk

You should also consider getting a flood insurance plan if you are concerned about flood risk. If your home is located near a river, lake, or other waterways that are prone to flooding, you should make sure that you are adequately insured. Since home insurance may not cover all flood damages, having the additional insurance plan will be helpful. 

People that are in the Houston, TX area will want to ensure that they have the right insurance for their home. If you are assessing your flood insurance needs, calling Memorial Insurance Agency is a great option. If you do call Memorial Insurance Agency you can determine whether flood insurance is right for you and your situation. They will then help you build a new plan that provides appropriate coverage. 

How much flood insurance do you need in Houston, TX?

Houston, TX is a beautiful city with an abundance of opportunities. H-Town is also a region prone to hurricanes and tornadoes that bring heavy flooding. Flood insurance is an absolute must in Houston, which is why the agents at Memorial Insurance Agency are eager to help you find the right plan. 

Does flood insurance come with a standard home insurance policy?

Flood insurance does not come standard with a traditional home insurance plan. The average standard home indemnity plan pays for general liability along with damages to the structure not related to natural disasters. 

Some homeowners in Houston, TX purchase a standard home insurance policy with the impression that they are fully covered in all instances of unexpected disasters. They are devastated to learn they do not have the protection needed to recover when tragedy strikes. 

Avoiding the downfall of being underinsured is often a matter of speaking with a professional who can thoroughly explain the benefits of your policy. Understanding the difference between what is considered a natural disaster and a man-made incident is also important. 

Does flood insurance cover a burst pipe?

Flood insurance does not cover a burst pipe that causes significant damage to your structure or personal items. A good standard insurance plan may pay for such damages. 

How much flood insurance do you need?

The amount of flood insurance you may need depends on a number of factors not limited to:

  • The value of your home;
  • Your budget; 
  • Your lifestyle preferences;
  • How often your area experiences inclement weather. 

The agents at Memorial Insurance Agency can help you understand the benefits of flood insurance. They can also assist in crafting the policy that best suits your needs. Call Memorial Insurance today for a quote for flood insurance coverage.

Do I Need Insurance If I Live Outside a Flood Plain?

The agents of Memorial Insurance Agency serve residents who live in the Houston, TX area. They understand that purchasing home insurance can be confusing at times, so they are always available to answer questions and address any concerns their clients may have. One concern that often arises is whether or not flood insurance is needed. Knowing where flood plains are located will help answer this question.

What Is a Flood Plain?

A flood plain is a geographic area of land where floods are most likely to occur. A flood plain extends outward from bodies of water like lakes, rivers, streams, ponds, and coastal regions. Flood plains normally include any low lying areas where water may not be able to escape from. If you are concerned about flooding and want to know if your property lies within or near a flood plain, talk to your insurance agent. They can find that information out for you.

Different Types of Storm and Water Damage

Texas is known for strong storms and intense weather conditions  Strong winds and heavy rains can wreak havoc on already full lakes, ponds, and rivers. Heavy rains can also cause large pools of water to form in areas that don’t normally flood or hold water. This isn’t necessarily considered flooding but may fall under the category of storm damage.

The agents of Memorial Insurance Agency understand how confusing it can be trying to figure out your insurance when it comes to flooding and water damage. Residents who live in the Houston, TX area should contact an agent if they have questions about whether or not they are close to a flood plain and how this will impact their insurance needs. 

Reasons to Consider Flood Insurance

There are many reasons for homeowners to consider flood insurance.  At times throughout the year, photos of the results of floodwater can be seen in the media.  While the threat of flooding is real for many communities, not every home is at the same level of risk.  At Memorial Insurance Agency, our agents work with homeowners in the Houston, TX area to make the decision if flood insurance is protection that you need. 

Flooding is the biggest natural disaster that threatens US homes.  Yet home insurance policies do not cover flood events.  The financial impact of these events was brought to the attention of Congress in 1968.  Their response was to enact the National Flood Insurance Program (NFIP).  The program helps homeowners assess their level of risk and recover faster if their home is impacted by a flood. FEMA provides a tool that helps you define the risk level your home has.  If your home is at high or low-risk levels, the decision is easier.  Whether to ensure your home when it is at a moderate risk level will take more thought.  Your agent can help.  Consider this though, if you have a 1,000 sq. ft. home, 1 ft. of water causes $27,150 in damage on average.  These events can be financially devastating.  Also, renters can invest in flood insurance to protect their furniture and personal items. 

In the Houston, TX area, our team at Memorial Insurance Agency can help you decide if you can be better protected with flood insurance.  It provides broad coverage that is there when you need it.  Our website has some general information to get started.  Then come in to talk to one of our agents.  Protect your home and possession from the possibility of flood damage today.  Give us a call to get started!

Houston Flood Insurance Frequently Asked Questions

Memorial Insurance Agency serves Houston, TX with quality insurance services. We want all Houston residents to fully understand what is and is not covered in their current insurance policy, so they are never unpleasantly surprised or left without coverage after a natural disaster. Floods can occur practically anywhere in Texas, and many people do not realize their homeowner’s insurance may leave them in need. 

Flood Insurance FAQs in Texas:

  • Am I required to purchase flood insurance if I live in an official Flood Zone? The state of Texas and the Federal Government have no legal requirements for purchasing flood insurance, even if you live in a high-risk area. However, you will have policies available to you if you do. On the other hand, most mortgage companies will not offer loans for people to buy in high-risk zones unless they have flood coverage to protect their assets as they pay down their loans. 
  • Is flood insurance covered by my home or commercial insurance policy? No, homeowner’s and business insurance does not cover flood events. But adding flood insurance is simple, and the prices are fair for the amount of coverage. 
  • Who is eligible to purchase flood insurance? Anyone can buy quality private flood insurance to protect them. Those who live in designated zones can also buy National Flood Insurance from the U.S. Government. New areas flood all the time, so even if you are not in a designated zone, you may find the need for flood insurance at some point. 

Call us at Memorial Insurance Agency if you have any more questions or are ready to purchase flood insurance for your home or business. We want to see you fully protected and are ready to help those in Houston, TX, every day of the year. 

Flood Insurance Frequently Asked Questions

If you live in or around Houston, TX and own your home or business you should look into flood insurance for your assets because it is not included in common commercial or homeowner’s insurance policies. At Memorial Insurance Agency we meet people often who do not realize that their homeowner’s insurance does not cover certain situations such as a flood. We are happy to clear up common questions many customers have about flood insurance.

Flood Insurance FAQs

  • I don’t live in an area that is known to flood? Should I still purchase a policy? Yes, even if you are at a lower risk for a flood it can still happen from a variety of causes. Negate any risk to your assets with a simple policy add on. 
  • Does my homeowner’s insurance cover flooding? No, your homeowner’s insurance does not cover flooding in Texas, nor in most states in the US. But there are practices in place that make purchasing this insurance easy and affordable. 
  • What about flooding from within my home such as from a leaky pipe? According to the Texas Water Development Board In Texas, a “flood” is legally defined as a “temporary condition of partial or complete covering of two or more acres of dry land or two or more properties. This can be caused by an overflow of waters, mud-flow, rapid runoff, or collapse of land along a lake.” This means that your leaky pipe damage will not be covered under flood insurance, but may be covered by homeowner’s insurance. 

Contact us at Memorial Insurance Agency to learn more about flood insurance in Houston, TX. We will be happy to answer any questions you have about flood insurance, homeowner’s insurance, and other policies to fully cover your entire life. 

Tropical Storm Imelda

In the insurance world, there is a surefire way to tell when a major storm is coming – and you don’t even need to look at the weather forecast! What happens is that insurance carriers issue a moratorium on binding new business policies when a storm or hurricane is 24-48 hours away from making landfall.

Why do insurance companies do this? In the same way that health insurance carriers exclude pre-existing conditions, property insurance carriers decline to insure buildings (and sometimes cars too) if the risk of loss is suddenly increased. This is understandable – otherwise, some people would only buy insurance at the last minute, when property damage from a storm or hurricane seems inevitable.

At the time of writing, many insurance carriers are not binding coverage due to the threat from Tropical Storm Imelda, which is currently deluging coastal Texas with rainfall. Thankfully, at this point, it’s not looking like becoming a major wind event, so the chance of you having to make a homeowners insurance claim is small. Flood insurance is another matter, and we recommend that every homeowner in the greater Houston area invests in this sensible – and usually inexpensive – coverage.

Latest Happenings at MIA!

Our Director of Operations, Dominic Le Croissette, with other real estate professionals at Sweet Bribery in The Heights.

What has the team at Memorial Insurance Agency in Houston been doing recently?

Last week, we sponsored a fantastic Champagne Floats event for real estate professionals at Sweet Bribery in The Heights. It was great to see such a big turnout of realtors, mortgage brokers, and other people involved in the flourishing Houston real estate market.

Our team continues to go from strength to strength! The new arrivals on our production team, Shannon Broll and Kevin Feehery, are really proving their expertise when it comes to writing home insurance, auto insurance, and flood insurance policies. It’s great to have them both on board!

And finally ….. our customer service manager, Denise Martinez, is leading by example with her awesome service to her clients – check out this lovely, heartfelt thank you letter from one of her customers.

Have a great weekend everyone!

Do I need flood insurance?

If you own a home in the Houston, TX area, it is important that you have it fully and properly covered by insurance. For most homeowners, this will mean having home insurance in place at all times. However, there are other types of insurance that you may need as well. Depending on your situation, you may also need to get flood insurance. There are several situations in which you will need to have flood insurance.

Required by Lender

One of the most common reasons why someone may need to get flood insurance is if their mortgage lender requires it. If your home is located in a FEMA flood zone, it is very likely that your lender will want you to have flood insurance. This is especially true if your mortgage is part of the FHA program. In these situations, you will likely need to escrow your payments on a monthly basis.

Flood Zone

Even if it is not required by your bank, you could still benefit greatly by having flood insurance if you are in or near a flood zone. Flood insurance will provide you with very valuable protection in the event your home is damaged by a flood. Further, your standard home insurance policy may not cover it if you are at risk of being affected by floods. 

There are a variety of situations in which someone in the Houston, TX area should have flood insurance. When you are trying to better understand your flood insurance needs and requirements, you should contact the team at Memorial Insurance Agency. The insurance professionals at Memorial Insurance Agency fully understand the complexities and importance of flood insurance. Because of this, they can help you get into a flood insurance policy that provides you with the right level of coverage. 

Excess Flood Coverage: Do You Need It?

As the two-year anniversary of Hurricane Harvey looms ever closer, the thoughts of many homeowners are turning to flood insurance. Floods are one of the most common and most expensive home hazards, and it pays to make sure you’re properly protected, especially in this era of ever more violent hurricanes and unpredictable rainfall patterns.

What Kind of Flood Insurance Do I Need?

While the National Flood Insurance Program (NFIP) offers suitable coverage for most homes, people with high-value properties ought to consider supplementing their NFIP policy with Excess Flood insurance. If there is potential for a flood to cause more than $250,000 of damage to the structure of your home, and $100,000 of damage to its contents (the maximum coverage limits available under the NFIP), then Excess Flood insurance is worth considering.

How Does Excess Flood Work?

In a nutshell, an Excess Flood policy kicks in once the limits of your coverage under the NFIP have been exhausted, so you typically won’t pay another deductible. You also get some attractive additional coverage options, including loss of use, which pays for you to live somewhere else if your home is rendered uninhabitable due to flood.

How Much Does It Cost?

Excess Flood is available from private insurers and is not subsidized by the NFIP, which means it costs more than an NFIP policy. Premiums vary depending on the location and construction of your home, the foundation type, and even the way your home faces! But on average, reckon on it being at least twice as expensive as the equivalent amount of NFIP coverage.

How Can I Find Out More?

Give your agent at Memorial Insurance a call on 713-461-8272, and we will be glad to answer any questions you may have, run an Excess Flood quote, or simply help you decide whether this coverage is necessary for your home.