Myths About Flood Insurance

Flood insurance can be confusing!  Do you need it?  Will it cover everything?  If you own a home in the Arlington, TX area, you may need it, and you want to make sure it covers your assets if you do.  There are several myths about flood insurance that muddy the issue.  Here are some myths busted about flood insurance for you.

1.    You must live in a flood plain to get a policy.  Not true.  If you reside in a flood plain, the mortgage company may require flood insurance, but you can buy a policy even if you don’t.

2.    Flood insurance is only for high-risk areas.  This myth is also not true.  Anyone can purchase flood insurance.  Remember that there are different types of flooding that can damage a home.

3.    A flood insurance policy will cover everything.  Not necessarily true.  There are caps on the amount of coverage for the structure of the house and personal property.  It would be best if you worked with an agent to review any limitation in your area.

4.    A homeowner’s policy will cover a possible flood.  Unfortunately, this is not true.  Typical homeowner’s policies exclude earthquakes and floods.  Make sure of your home coverage with an agent.

5.    All water damage is the same.  Not true.  Some storm damage may be covered under your homeowner’s policy and some may not. 

6.    Flood plain maps don’t change.  These maps actually do change over time, and an agent can help you check.

Strack Insurance Services

We at Strack Insurance Services also live in the Arlington, TX area, so we know which type of flood insurance will best protect your valuable assets.  Contact a Strack agent today to explore your current policy or a new policy to fit your needs.