It’s been a full year since Hurricane Harvey made landfall in Houston, Texas and we’re still feeling the effects of the storm that overstayed it’s welcome. Harvey was deemed a ‘1,000-year flood’ and residents of Houston can still recently recall the Memorial Day Flood (May 2015) and Tax Day Flood (April 2016) but neither compared to the catastrophic damage Harvey brought.
When it came to home insurance, a fair number of Houstonians didn’t have flood coverage because it’s sold separate from home insurance. While flood insurance is available with most companies, some homeowners aren’t required to have it if their home is located in a flood-risk zone. The thought is, why have pay for flood insurance if you’ve never previously had to file?
The unfortunate thing is, a lot of people didn’t anticipate the what the storm would bring and opted to not have flood coverage. Harvey damaged more than 300,000 structures and caused an estimated $125 billion in destruction. Harris County Judge Ed Emmett, said more than 100,000 homes in Harris County didn’t have flood insurance. According to FEMA, 80% of all households affected by Harvey weren’t covered for floods. An AP Analysis found fewer than 1 in 5 homes in high-risk flood zones had coverage. (Source: Insurance Journal)
So, what do all those statistics that tell you? That you would bet your last dollar that post-Harvey, Texans jumped on the chance for flood insurance! FEMA saw an increase in flood insurance policies by as much as 18% in Texas, and 23% just in Harris County. The trend after natural disasters is there’s an uptick in policy purchases, however residents usually cancel after some time because they feel it’s an unnecessary added expense they don’t need anymore. We get it, no one wants to pay for something they think they’re never going to use. At TGS Insurance, we like to drive a culture of readiness or preparedness. You always need something when you don’t have it, and we want you to be prepared.
Why you should either keep (or get) flood insurance
According to a recent poll by the Property Casualty Insurers Association of America (PCI), 72% of Texas residents have not taken any precautions this year for hurricane season. Almost 15% of poll takers reported that their property was damaged in last year’s hurricane. It’s been a year post-Harvey and while some residents have jumped on the chance of protecting their home, there are quite a few that remain unprotected. Just a few inches of water can cost thousands of dollars in damage- can you afford an inch or two of water in your home? So if you have flood insurance, keep it! If you don’t, get it. (Source: Insurance Journal)
If you’re curious about how much flood coverage will cost, not to worry- we’ve got your back! Each home is different, so we’ll build you a customized protection plan that fits YOUR budget with our A+ carriers. The average policy is about $700 a year, but that varies depending on your flood risk, the value of your home and other factors.
Don’t forget about your car!
Your home is very important to protect during a flood, but let’s not forget about your car. According to a Car and Drive report, over 1 million cars were destroyed in Hurricane Harvey. Most auto insurance policies carry flood coverage for cars, as long as you’ve got comprehensive coverage in place. If you’re unsure if your current auto policy carries comprehensive coverage or want to add it, let us know. We’re happy to look over your current policy and assess what is needed.
We’re proud to have remained #HoustonStrong over the past year and want to continue to do so. By taking the proper precautions to protect yourself, family and home you’re staying #TGSISmart and insured. Don’t wait for bad weather to get protection. Most flood policies don’t go into effect until after 30 days, so get ahead of the game now by giving us a call at 1-855-771-4510 or visiting our website.