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7/17/2012 - Why residents even in low-risk areas need flood insurance


Even low-risk areas can flood.

The Texas Department of Insurance recently issued a reminder to renters and homeowners that may be applicable to individuals throughout the country.

As noted by the TDI, homeowners and renters insurance policies do not cover flood damage. As a result, many people who think that their home is not at risk for flooding do not realize that they are not covered until it is too late.

"About 20% of the flood insurance claims that [the National Flood Insurance Program] pays come from people who live in low-risk areas," TDI explained. "If you don't have flood insurance, you'll have to pay for repairs out of your own pocket."

The Lone Star State's insurance department notes that the average flood damage claim for Hurricane Ike in 2008 - the last hurricane to hit Texas - was $67,000. During the past 10 years, however, the average flood insurance claim paid in the U.S. was approximately $48,000, according to the Federal Emergency Management Agency.

To learn more about flood insurance options from Selective for low-risk areas, contact your agent today. You may even qualify for a Preferred Risk Policy (a low-cost flood insurance policy) that provides contents coverage for a price that’s more affordable than you may think. To learn more, click here.

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