Flood Insurance
Types of Flood Insurance
Flood insurance is one of the most important policies we can have. Flooding is not covered by your homeowners insurance. You must purchase a separate flood policy to have this valuable coverage.
The most common type of flood insurance is the NFIP - National Flood Insurance Program underwritten by the federal government. It's also known as the FEMA policy. The rates are set by the federal government and do not vary from agent to agent. Maximum coverage available under this policy is $250,000 dwelling and $100,000 contents. For homes you already own, there is a 30 day waiting period for the policy to be in effect. If you purchase flood insurance the same day or prior to purchasing and closing on your home, the policy will be effective the same day, provided you have a mortgage on the home. Cash sales have a 30 day waiting period.
Private Flood Insurance has become very popular since Hurricane Harvey flooded many homes and roadways in the Houston Area in August 2017. Many of the homes that flooded were NOT in the 100-year flood plain, which is the flood plain required to purchase flood insurance if they carry a mortgage on their home. Private Flood Insurance is available to everyone and offers limits up to $1,000,000. The waiting period is often between 0-14 days.
Excess Flood Insurance is a policy that builds on top of the NFIP flood insurance or private flood insurance. It is an extension of coverage once the maximums have been reached in the underlying policy.
Fulshear Insurance Group is happy to discuss and explore the options available to you. Give us a call today for your free quote! 281.533.9067 or toll free: 1.855.533.9067. We offer the best rates for your home and flood insurance in Elyson Community in Katy, TX!
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