Just about everyone who purchases a new home using a mortgage buys homeowners insurance. This kind of insurance protects a homeowner from losses related to storms, fire, vandalism, and burglary. However, the damage caused by standing water after a storm is not covered by a standard homeowners insurance policy. To protect against water damage, buyers have to get flood insurance. These Flood Insurance Tips in The Woodlands TX will help home buyers choose the right policy.
Waiting Period
New home buyers who get a flood insurance policy have to wait 30 days for their coverage to go into effect. Any damage caused by flooding during that time will be the property owner’s responsibility. Home buyers should pay close attention to the weather forecast and try to time their purchase to avoid any major storms or flooding.
Preferred Rate
Some homeowners can save money by taking advantage of the preferred rate. Homeowners who live at higher elevations or who accept more of the risk by choosing a higher deductible may be able to pay less for their coverage.
Contents versus Structure
Flood insurance has two parts. One part of the insurance covers the actual home and the other covers the belongings in the home. It’s important to have enough coverage so, if a flood does happen, the insurance will pay enough to replace the lost items. Homeowners who need more flood insurance than is available through the government program may be able to get private coverage from Insurance Offices Texas residents use for this purpose.
Basements
Government flood insurance only offers limited protection for items families store in their basements. Homeowners should be careful about what they keep in the lower level of their home and make sure valuable items can be easily moved to a higher floor in case water gets into the house.
Ideally, a new homeowner will never have to use their flood insurance. However, if they need it, it will be invaluable. After reviewing these and other Flood Insurance Tips in The Woodlands TX, a buyer should Visit the website to learn more about their options for insuring their new house.
