Posted by John Coyle on Mon, Mar 16, 2009
Flood insurance. Those two little words may mean nothing to you now, but consider this: according to the Federal Emergency Management Agency (FEMA), 25% of flood insurance claims hail from areas that are not labeled as flood zones and result in over a billion dollars of property damage each year. In response to the soaring cost of taxpayer funded disaster relief for flood victims, Congress created the National Flood Insurance Program (NFIP) to develop flood management plans and underwrite insurance policies.
As homeowners’ insurance policies do not cover damages resulting from flood waters, federal flood insurance is the only coverage that protects your property and belongings from damage caused by rising water due to flooding. So even if there is only the slightest possibility of flooding in your area, having adequate insurance can offset the high cost of repairing water damage in your home or business, because not all water damage resulting from a flood occurs in flood zones. Tri-Star Insurance Professionals, Inc. located in North Plano and servicing North Dallas, Frisco, McKinney, Allen and surrounding areas, knows what you need to keep your property high and dry.
To offset the cost of abundant water damage claims, FEMA mandates that any homeowner with a government-backed mortgage such as an FHA or VA loan must carry flood insurance in a high-risk zone. So that means that people with homes or businesses that are situated on flood zones are required to purchase flood insurance policies. Obviously, if you own a home or business in Texas and do not currently pay for flood insurance you are not considered “high-risk”, but that doesn’t mean you are out of the water.
If you are uncertain whether or not you reside on a flood zone, there are many easy ways to find out. Flood-Zone.net is a great website to quickly determine your flood risk and learn interesting facts about floods such as:
- Floods are world’s the most common natural disaster
- Floods do not just occur near bodies of water such as lakes, ponds or oceans
- Flash floods cause more fatalities in the US than any other natural disaster
- Floods can and do happen in areas previously considered out of reach
- Roughly one in four flood disasters occur in areas with a low to moderate flooding risk
Generally, flood insurance policies are affordable, especially for those not living in a designated flood zone. Tri-Star Insurance can not only help you purchase a reasonably priced flood insurance policy, but can help you save a bundle on your other policies as well. Tri-Star is an independent insurance agency, which means they have the ability to represent companies such as Safeco, Kemper, Hartford and Travelers to find you the best price. With Tri-Star, you have a choice.
If you want to learn more about federal flood insurance policies contact Roger Harkins of Tri-Star Insurance today at 214-387-0600 or visit them on the web at www.tristarins.com. Give yourself peace of mind by knowing your home and business will be covered in the event of a flash flood or heavy rains.