Is It Necessary To Consider Purchasing Flood Insurance For Homes and Businesses?

Floods are a widespread natural disaster on earth, coming second only to wildfires. National Geographic says that all fifty states in the US are vulnerable to flooding. Flood damage in the US to at-risk homes is estimated to rise to $32 billion by 2051. There were approximately 4.3 million homes at risk of economic damage related to floods in California, Florida, South Carolina, and Texas this year, according to a Reuters report in February. Be Happy Restoration Services provides water damage and flood restoration services in Sunnyvale, TX, and other nearby areas. This company has the expertise and equipment to ensure flood restoration services are immediate and effective, with minimum disruption to clients’ life or business operations.

Why home and business owners should consider purchasing flood insurance

Standard policies do not cover flood damage

It is important to remember that standard insurance policies offered to homeowners, renters, and business owners do not cover flood damage costs.

Flood insurance purchase may be a requirement

Mortgage lenders stipulate the purchase of flood insurance by homes and businesses in high-risk flood zones. It is safer to purchase flood insurance even when there is no legal compulsion.

Floods can occur anywhere

FEMA data says that nearly all cities in Texas have a risk of flooding as they may be exposed to Gulf Coast hurricanes or are in the "Flash Flood Alley," where the risk of flash floods is the highest in the country. Hurricane Harvey affected many areas that were not considered to be high-risk flood zones. With the changes in nature over time, flooding is not confined to high-risk areas. Twenty percent of insurance claims are from moderate-to-low-risk flood zones. So, flooding can be unpredictable, causing flood damage that requires expensive flood restoration services. Purchasing flood insurance would be helpful in these situations.

Flood damage is a common cause of property loss

Flood damage is one of the leading causes of damage to property across the US. The risk of experiencing flood damage is 27 times more likely than an experience of fire damage for those living or working in high-risk flood zones in a mortgage period of thirty years.

Changes in land

Land development and construction are causing profound changes to natural runoff paths, putting those previously considered safe areas at risk of floods. Homes and businesses that were earlier safe from flood damage are now at risk. Be Happy Restoration Services understands the devastation that flood damage causes and ensures prompt flood restoration services in Sunnyvale, TX.

Flood damage can be severe

Flood damage can be caused even by small amounts of water. Instances of flash floods can lead to sudden and massive destruction by 10 to 20 feet walls of water.

Multiple causes for flooding

Usually, people associate floods with rain and hurricanes. But flooding can also be due to melting snow, winter storms, mudslides, etc. Damage to dams or levees and malfunctioning city drainage systems can also cause floods.

The cost of federal assistance is high

The government offers federal assistance for flood damage. But when availed, this must be paid back with interest. Flood insurance is cheaper in comparison. Less costly “Preferred Risk” policies may be available for homes in low-risk areas.

FEMA suggests measures that may lower flood insurance costs

Flood mitigation measures that lower flood risk can decrease the flood insurance premium. These include elevating property and installing flood openings.
Choosing a higher deductible will bring down premiums. But this may not be a suitable option for everyone.
An elevation certificate that determines a home's flood risk may help reduce the insurance bill.
Community discounts may be available if the home is in a community enrolled in the NFIP community rating system that calculates efforts by a community toward flood mitigation in the area.

The average cost of flood insurance in Texas

On average, flood insurance costs around $700 a year. But, this varies according to the area's flood risk, the value of the home or building, and the value of contents within.

NFIP policy owners can choose coverage from the options NFIP offers.

Be Happy Restoration Services cautions home and business owners that being in a low-risk flood zone do not guarantee safety from flood damage. Flood restoration services can be expensive, and flood insurance would greatly help. Be Happy Restoration Services is available 24/7 to respond to emergencies, including flood restoration services in Sunnyvale, TX. Contact these restoration professionals at (214) 616-9951 for their services, including fire damage restoration, asbestos abatement, water damage, flood restoration services, etc.