The Importance of Having Flood Insurance
Many individuals looking at canal front homes in rockport TX, inquire about the requirements or need for home flood insurance. While it’s true that the state of Texas doesn’t require homeowner’s insurance, any lenders or mortgage companies certainly will in effort to protect their investment. Furthermore, certain homeowners associations may also mandate that owners carry flood insurance to protect residents in connected properties. Generally, flood insurance must be purchased separately from home insurance policies.
Does Homeowner’s Insurance Cover Flooding?
Unfortunately, flooding doesn’t generally qualify for coverage under homeowners insurance policies these days. However, if a tree punctures the roof during rain and damage to floors and ceiling result, home policies may cover repairs. However, if water from the outside flows directly to the interior floors, only flood insurance will cover damages. According to the National Flood Insurance Program, flooding is constituted as:
“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from overflow of inland or tidal waters, from unusual and rapid accumulation or runoff of surface waters from any source, or from mudflow.”
Essentially, having flood insurance is a wise idea, as the weather in Texas is widely varied and somewhat unpredictable.
Why You Need Flood Insurance in Rockport
Because of heavy rains, tropical storms, flash floods and hurricanes, Texas experiences rather high rates of property damage and even fatalities due to excessive water inundation. Since flooding isn’t covered by homeowners insurance, any costs associated with replacing or repairing related damage would have to come out-of-pocket.
Think you aren’t at high risk? Consider that one in four flood-related losses happen in low-risk areas. Depending on federal aid to help? They may help, but it takes time and even in a state of federal emergency assistance is typically less than $10,000—not nearly enough to cover damage in the average single-story home.
If you are looking for a new home in Rockport, Texas take a look at the exciting Rockport listings at Rockport Properties today.