Texas Department of Insurance: Only about 14% of Texans are covered by flood insurance
NORTH TEXAS (CBSDFW.COM) - After all the flooding we've seen here in North Texas, you might be wondering if you need flood insurance.
The Texas Department of Insurance tells us only about 14% of Texans are covered by flood insurance. They point out if it can rain, it can flood, so having a flood insurance policy is a good idea.
"We would definitely recommend," Texas Department of Insurance's Mistie Hinote said. "Almost every major city in Texas is in high risk of flooding. Especially that North Texas area."
Hinote says on average, policies cost about $700 a year. However, if you live outside a high risk flood zone, you can usually buy a federal policy for less than $500 a year.
"About 40% of federal flood policies occur outside of those high-risk flood areas," she said.
She says to figure out what area you're in, call your insurance agent. They always keep this information.
A flood insurance policy will cover your home up to $250,000. You'll need a separate flood policy for your personal belongings, which provides coverage up to $100,000.
"For cars, there's probably a lot of flooded cars, and that falls under your auto insurance," Hinote said.
She said to make sure you have comprehensive coverage, which covers flood damage and usually pays for rentals.
For all of these policies there is always a waiting period before it kicks in. That's usually about 30 days.