In Harris County, more homes flood annually than are destroyed by fire. If you have a mortgage, you likely have fire insurance as part of your homeowner's policy. But do you have flood insurance?
There are several things to keep in mind when considering purchasing a flood insurance policy:
- Floods are Harris County’s number one natural hazard.
- Flood insurance can be the difference between recovering and being financially devastated.
- The damage from just one inch of water can cost more than $20,000.
- NFIP provides flood insurance to homeowners, renters, and business owners.
- There are two components to the flood insurance policy. Coverage for your building is designed to pay for the necessary repair or replacement of flood damaged structural components—for example, walls, floors, heating and cooling systems, large appliances, cabinets and or attached bookcases. The maximum building property coverage you can purchase is $250,000. Flood insurance contents coverage protects your personal property, such as clothing, furniture, small appliances, bedding and other items in the home. The maximum contents coverage you can purchase is $100,000.
- Flood insurance typically takes 30 days to take effect.
VIDEO: Learn more about Flood Insurance