As spring approaches, we can expect to see more rainfall and occasional thunderstorms in our region. While it's good to have rain on a regular basis, the Gulf Coast has seen an increase in sudden downpours and unexpected flooding events, leading to damaged property and vehicles.
Unfortunately, many in our area don't carry Flood Insurance for their homes or businesses, making them extremely vulnerable to costly and time-consuming flood damage. In today's Aegis blog post, we'll discuss three reasons why you need to carry Flood Insurance for your home or business.
Floods Occur More Often
Over the last decade, Texas has seen a rise in the number and severity of flood events, whether due to hurricanes, tropical storms, severe weather systems, or sudden rainstorms that catch people off guard. Just in the last fifteen years, 100-year and 500-year rainfall events have occurred multiple times across southeast Texas, leading environmental scientists to redefine what constitutes a 100-year rainfall event in our region.
In addition, constant development and construction in our region results in less open land to absorb heavy rainfall. This means local areas that haven't normally flooded in the past are more likely to experience some sort of impact from flooding or heavy rainfall, so property owners need to be prepared.
Small Floods Create Huge Losses
Just one inch of standing water in a home or business can cause an average of $25,000 in damages, so it's essential to have the financial peace of mind that comes with Flood Insurance. Without this coverage, property owners can face significant out-of-pocket costs for removing and replacing flooded walls, flooring, carpeting, appliances, furniture, computer equipment, and other damaged property from the building.
Most businesses, renters, or homeowners don't have the financial resources available to quickly and fully pay for renovations and repairs, or to cover their ongoing expenses while repairs are made. Flood damage that occurs without the protection of Flood Insurance can often leave people in a terrible financial bind.
Not Covered by Homeowners or Commercial Insurance
It's a common misconception that standard Homeowners, Renters, or Business Insurance policies cover flood damage, when in fact they do not. Too often property owners learn this the hard way, after flood waters have damaged their property and there is no insurance policy in place to help mitigate those losses.
Flood Insurance is a stand-alone insurance policy for homeowners, renters, and business owners that covers building damages, contents in a building, or both. Policy holders have to make sure they have this added as a separate policy to ensure their buildings and contents are covered in the event of a flood.
Individuals and businesses that need a Flood Insurance policy can get one through a private flood insurance company, or through the National Flood Insurance Program (NFIP). It's important to note that Flood Insurance through the NFIP does not cover the loss of use of a residential home, or any losses of income due to flood damage, so policyholders should contact their insurance company to make sure these losses can be covered separately.
Why You Shouldn't Wait to Get Flood Insurance
Flood Insurance can help policyholders make a faster recovery from flood damage, but it can only help if it's in place before flood disasters strike. Flood Insurance policies typically have a 30-day waiting period, so renters, homeowners, and business owners should take steps now to get Flood Insurance coverage before spring and summer storms arrive in our region.
How Aegis Can Help
Aegis Insurance & Financial Services is a leading provider of Personal and Commercial Insurance policies across the greater Gulf Coast region, including Flood Insurance coverage. Our team of insurance specialists can identify your risks and create a customized insurance solution that protects what matters most, whether it's your home, apartment, or business.
Contact Aegis today at 713-850-7622 to discuss Flood Insurance coverage, or fill out our online form to request a free quote!