CORPUS CHRISTI, Texas — Hurricane season starts in a few weeks, making now the time to consider purchasing flood insurance for your home.
A common misconception is that homeowners insurance covers flood damage. Homeowners insurance only covers theft or fire, meaning flood insurance must be purchased separately.
Flood insurance is optional, but Mistie Hinote, a spokesperson with the Texas Department of Flood Insurance, told me some lenders require it. She recommends double-checking with lenders and purchasing a policy with plenty of time.
"When you buy your policy, there is a 30-day waiting period before it takes effect. So if I were to buy a flood policy today I can't use it — I can't file a claim until 30 days from now. And that is going to be true for most flood policies you buy," Hinote said.
Just an inch of floodwater in a home can cost an owner around $25,000, Hinote said.
You can purchase flood insurance through a private company or the National Flood Insurance Program. Renters can also purchase flood insurance specifically for their belongings.
The National Flood Insurance Program reports that 32 percent of its claims come from homes outside high-risk areas.
To find out if you live in a high-risk area, you can check the FEMA Flood Map Service Center.
FEMA states any place with a 1% chance or higher chance of experiencing a flood each year is considered to have a high risk. Those areas have at least a one-in-four chance of flooding during a 30-year mortgage.
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