Posted by John Coyle on Sun, Jun 14, 2009
Yes, it’s true. Flood is not a covered peril even if you have an “all perils” (or HOB) homeowner’s policy. In order to be covered from floodwaters, you must purchase a separate flood policy written through the National Flood Insurance Program (NFIP).
Many homeowners believe that if they do not live in a flood zone they don’t need flood insurance. However, in 2008, one-third of all NFIP claims paid out went to homeowners in low-risk communities.
Texas Preferred Flood Insurance Is Inexpensive
If you currently live in a low or moderate flood zone (B, C or X), your flood insurance rates are very affordable. The NFIP offers rate packages that you may purchase to protect your home and contents.
|
Building Coverage
$ 30,000
$ 50,000
$ 75,000
$ 100,000
$ 125,000
$ 150,000
$ 200,000
$ 250,000
|
Contents Coverage
$ 12,000
$ 20,000
$ 30,000
$ 40,000
$ 50,000
$ 60,000
$ 80,000
$ 100,000
|
Premium
$ 148,000
$ 196,000
$ 230,000
$ 257,000
$ 277,000
$ 296,000
$ 326,000
$ 348,000
|
f you are renting or if you live in a condominium or town home, you may purchase a contents only policy that runs from $80.00 for $12,000 of coverage up to $201.00 for $100,000 coverage per year. Contact our agents right now for a free quote.
Texas Flood Insurance Costs Less Than A Federal Disaster Loan
Uninsured individuals that suffer water damage from flooding may be forced to take out a loan in order to pay for the destruction to their property. The Federal Emergency Management Agency (FEMA) gives assistance to uninsured homeowners through the purchase of a Small Business Administration loan. This is typically a loan that must be paid back with interest. *For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).
A Texas Flooding Loss is More Probable Than a Fire Loss
Yes, it’s true. *According to the NFIP, during a thirty-year mortgage, your chances of having flood damage are about 26% compared to a 9% chance of having a fire. In fact, Texas has a long history of surviving major disasters. Since 2000, four hurricanes impacted Texans along with two tropical storms. During this same time, FEMA made eight other major disaster declarations. Flooding occurred in six of those eight severe storms. Altogether, it took more than $3,181,000,000 in disaster assistance to help pay for the damages sustained in only eight years’ time.
You May Pay for a Flood Insurance Policy and Not Be Insured When a Storm Hits
How can that be? Unlike most other lines of insurance business, a flood insurance policy does not go into effect for thirty days following its purchase. That means that by the time a storm is in the Atlantic Ocean and on it’s way toward the United States, it’s already too late for Texans to be insured when it makes landfall. The only exception is when purchasing a home. Your flood insurance goes into effect immediately when you pay your annual premium at your home closing.
Our Agents Keep Homeowners Afloat
When rising water comes your way, your flood policy will keep you financially afloat. Get yours today. Contact John Coyle at jcoyle@tristarins.com or call 214-387-0600.
Posted by John Coyle on Tue, Mar 31, 2009
After the Rain has Fallen: Flood Damage Solutions
Not a force to be reckoned with, floods occur in every state, regardless of the elevation level. In fact, 25% of all floods occur outside of high-risk areas that are not considered flood prone. That being said, many people find out too late that their home is in danger of flooding and end up paying thousands in costly repairs. Flood or water damage comes in the form of soggy floors, rotting wood, rusting metal, mold, mildew and more. An unfortunate truth is that your homeowner’s insurance policy does not and never will cover flood loss to your home and contents. You can however, take out a flood insurance policy that will cover the cost of repairs, belongings and cleanup. Tri-Star Insurance Professionals Inc. located in North Plano and servicing the North Dallas, Frisco, McKinney, Allen and surrounding areas, offers Texas flood insurance policies to renters and homeowners. Tri-Star flood policies protect you and your loved ones from flood damage caused by overflowing tidal waters, surface water accumulation and river overflows.
Flood-Zone.net is a leading website dedicated to providing accurate flood facts and tips that will keep you one step ahead of a storm. If ever you are the unfortunate victim of a flood there are many post flood steps you can take to ensure that your home suffers as little damage as possible.
Tread Carefully: If your home is still full of standing water after a flood, watch your steps as you enter. Wearing rubber boots will save your feet from sharp objects such as broken glass. Turn off the electricity at the breaker box and move electrical cords to higher ground.
Toss Out: Cleanup begins by getting rid of permanently water-damaged goods such as rugs, photographs, food, books and mattresses. Items that absorb water may be prone to mold infestation and need to be disposed of properly. The Environmental Protection Agency (EPA) suggests turning to professionals for hazardous waste disposal.
Dehumidify Dry: Standing water can be removed using a portable submersible sump pump and a wet dry vacuum. After eliminating most of the water, a low temperature dehumidifier can be used to dry floors and walls. Open windows for ventilation and to deter the growth of mold spores.
Do-it-yourself cleanup is smart, but taking out a flood insurance policy is smarter because it will cover professional repair and cleaning leaving no room for problems down the road. Even if you already hold a flood insurance policy in Texas or are looking for one that will fit your budget, Tri-Star can help you find a policy that won’t break the bank. As an independent insurance agency, Tri-Star Insurance can represent other top companies such as Travelers, Germania, Safeco, and Kemper when looking for the most competitive rate.
For more information Contact John Coyle at jcoyle@tristarins.com or call 214-387-0600.
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.
Posted by Roger Harkins on Fri, Sep 26, 2008
If you’ve just received a homeowners insurance quote and find that you don’t understand a word of it then you are probably in the majority. Reading an insurance policy can be a daunting task, especially with the many exclusions, inclusions and deductibles sprinkled throughout. Usually, a standard quote begins with a list of basic coverage’s from A through F with an additional list of options to consider below. The knowledgeable staff at Tri-Star Insurance Professionals Inc. in Frisco, North Dallas and Plano will walk you through a homeowners insurance quote step by step to ensure that you fully understand your options.
Basic Coverages Include:
- Coverage A - The coverage A section of your homeowners insurance policy, also known as Dwelling Coverage, is the replacement cost estimate of the physical structure of the primary dwelling of a home. Since Coverage A only covers structures that are attached to the home by a wall or roof, other buildings such as a guest house, fence or detached garage aren’t included. Determining the right amount of Dwelling Coverage is important because many of the subsequent coverage’s of your homeowners policy are based on a percentage of this figure. You must purchase enough coverage to cover the cost of completely rebuilding your home in the event of a disaster. Bear in mind that rebuilding costs won’t necessarily reflect the market value of your home.
- Coverage B - Coverage B applies to any edifice or other structure that is on your property yet not connected to the home itself including a detached garage, pool house, shed, barn, fence or anything of that nature. The typical coverage limit for other structures is about 10 percent of the Coverage A Dwelling amount.
- Coverage C – Coverage C falls under the personal property category, which basically pertains to any item that you own that is not considered a permanent part of your home’s configuration. Insurance agents usually refer to things such as furniture, clothing, electronics and other valuables as “contents”.
- Coverage D – Coverage D refers to the loss of use of your home due to damage caused by a covered loss and pays for any reasonable expenses incurred from living elsewhere while waiting for repairs.
- Coverage E – In the event of a mishap that occurs on or off your property, you will need to be adequately covered in case of a lawsuit. Coverage E, or personal liability coverage, covers bodily injury or property damage for which you are legally responsible.
- Coverage F – Coverage F pays for the medical payments of others who were injured while on your premises or for the activities of the insured. For example, if your dog runs off and bites someone or a friend is swimming in your pool and falls off the diving board you will be covered.
To learn more about the intricacies of your homeowners insurance quote so that you can feel confident in your coverage, contact Tri-Star Insurance Professionals, Inc. today at 214-387-0600 or toll-free at 1-800-990-4600. Stay tuned to learn more about the additional coverages available!
Related Links
Homeowners Blog
Texas Department of Insurance
Consumer Reports
Posted by John Coyle on Mon, Jun 30, 2008
If you are considering moving to a condominium, you may be wondering whether you need a standard homeowner’s policy or something more.There are a lot of perks to condo living in Texas. You don't have to deal with tending to your lawn all summer long. You never have to paint a house again. Your utilities bills are cut dramatically. For those of you who are interested in low-impact living, you may even find yourself in a "green" condo! There are many benefits, no doubt. Nevertheless, there is one piece of business that you still need to take care of -- condo insurance. No, you don't need your homeowners’ policy any more, but you do need to protect your property and investment. John Coyle knows how to help you get the coverage you need at a price you can live with. Tri-Star Insurance offers these tips about buying insurance for your condominium.
HO-6
Condominium insurance is different from standard homeowners insurance. The policy you need for a condo is referred to as an HO-6. An HO-6 protects your personal property from damage and loss from things like fire, smoke, vandalism, theft, storms, lightning, theft, explosion, broken glass or volcanic eruptions. However, it does not cover earthquakes, floods or hurricanes. You will need separate coverage for these types of disasters.
Condominium insurance pays for things like your personal belongings, electronics, clothes, furniture and the other items in your home that you own. You will probably need extra coverage, however, for jewelry, art, baseball card collections or other personal luxury items.
Master Policies
Your condo association will have a master policy. This policy covers damage to the structure of the building, as well as things like elevators, stairwells, basements and other common areas. It is very important that you clearly understand everything that is and is not covered by the master policy, because whatever that policy does not cover is your personal responsibility. The premiums for the master policy will come out of your condo association’s dues, but unless the master specifically says otherwise, tenants need to pay the deductible on the policy before coverage kicks in. That deductible will be split evenly among all of the individual owners, so you need to know how much that is. Make sure you have an emergency fund, if you need one, to be able to contribute your required share.
There are two main categories of master policies. One is known as “bare walls in” and it covers damage to everything between the exterior framing and the walls of your condo. Fixtures and installations are not covered in a “bare walls in” policy. Neither are floors and ceilings of individual units. If your building has a “bare walls in” policy, you need to be sure you have extensive coverage in your HO-6 policy and its addendums. The other type of policy is known as an “all in.” This “all-in” is a sure bet because you won’t need individual coverage for the floors, ceilings, fixtures and installations.
Call a Pro
It can be easy to be confused about condominium coverage. Tri-Star Insurance Professionals, owned by John Coyle, provides condominium insurance that you need for your new North Dallas, Frisco or Plano home. To learn more about condo insurance, call them today at 214-387-0600 or toll-free at 1-800-990-4600.
Related Links
CondoAssociaton.com
Find a Condo
Condominium Decorating Tips
Posted by Roger Harkins on Tue, Apr 29, 2008
The Federal Emergency Management Agency (FEMA) estimated that 2,200 Texas residents who were affected by flooding from Tropical Storm Fay a handful of years ago who had flood insurance claimed close to $44 million in damages. Sadly, those residents who did not have flood insurance had to dig in their pockets for money to repair the damages, or file for emergency assistance funds, which they would eventually have to pay back. As flood season approaches the DFW Metroplex, Tri-Star Insurance in Plano is ready and waiting to talk about your property protection this year.
Although North Texas may not be as consistently threatened by tropical storms as residents closer to the Gulf, heavy rains that have been prevalent over the past few summers pose the same amount of danger by flooding to property that is close to a Texas lake or river. Just a few inches of water can bring thousands of dollars in restoration and repair costs. "I commend those Texas property owners who protect themselves by purchasing flood insurance," said Federal Insurance and Mitigation Administrator Anthony S. Lowe, who manages the National Flood Insurance Program (NFIP). "I strongly urge those who don't have a policy to buy one before the next flood," he added. "You can recover so much faster and more completely when you have flood insurance."
According to FEMA, everyone lives in a flood zone. There is no such thing as a home that cannot be flooded. Flood insurance protects you from the financial loss and devastation caused by flooding; federal disaster assistance funding, on the other hand, is normally a loan that you must pay back with interest. For homeowners with a significant amount of property and memories to protect, the option of federal disaster assistance is not a good substitute for insurance.
- Doesn’t my regular homeowner’s policy cover flooding?
One of the main reasons people get homeowners insurance, besides the requirement of insurance by their mortgage company, is for protection against a loss from fire. Texans, though, are far more likely to have flood damage than fire damage. Flood insurance is valuable coverage for your most important assets, your family home.
Most homeowners insurance does not cover floods. Flood insurance, like earthquake insurance, is designated as “single peril” insurance and is sold separately from homeowners insurance. Flood insurance protects against financial losses to homes and buildings and their contents, but not the land surrounding them. The coverage applies regardless to the nature of flooding, whether the flood is from heavy or prolonged rains, coastal storm surge, levee dam failure, blocked storm drainage systems, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.
Flood insurance should cost the same wherever you purchase it, because the rates are set by the National Flood Insurance Program. As you work with the North Dallas-Plano-Frisco insurance agency of Tri-Star Insurance, you’ll gain not only peace of mind on the standard insurance coverage for your home, but you’ll learn of the value and need for affordable flood insurance as well. Start the process before the summer rains hit and call 214-387-0600 today!
Related Links
FEMA
How to Clean Flood Damage
Dallas Ft. Worth Restoration