Recent catastrophic flooding in Texas caused by Hurricane Harvey may have Floridians wondering, “Will I be covered when the next storm hits?”
Now is the time to find out. Unfortunately traditional homeowners insurance does not cover damage caused by flooding. Unless you have purchased flood insurance through the National Flood Insurance Program or a qualifying private flood insurance plan, you will not be covered during the next flood.
If you live in a flood zone, you may be required to purchase flood insurance through the National Flood Insurance Program to qualify for a mortgage. But the events in Texas have shown us that even if you’re not in a defined flood zone, you could still be in trouble. In Houston, only 15 percent of homeowners were covered.
Not sure where to start when it comes to purchasing flood insurance? I have compiled an easy to read guide to help you navigate the ins and outs of the National Flood Insurance Program at the following link: Questions and Answers About Flood Insurance.
Also of interest: Without Congressional action, the National Flood Insurance Program lapses after September 30, 2017, meaning that no new policies can be written. Unavailability of flood insurance stalled thousands of home sales in flood zones during past lapses of the National Flood Insurance Program. More information on the NFIP’s expiration and pending legislation is available here.