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Why Flood Insurance Is A Good Idea
FEMA has created a map of the United States that determines the probability that the property will flood. This map was created as a guideline for federally
backed mortgages. Flood insurance rates are based on the area that the said property would be in. FEMA rates these areas by letters. For example letters "AE"
would be at the highest risk and these properties are required to keep the property covered by flood insurance if the mortgage is a federally backed loan such
as a VA or FHA. Also, most mortgage companies will require flood insurance if the property is in high risk areas.
There are many areas in the Galveston County area and other areas that do not require flood insurance because the risk is not high enough. A normal home
owner's insurance policy does not cover rising water. Many do not cove mold damage either. With this being said FEMA regulated the rates on flood insurance
and if your property is not in a flood zone, flood insurance is relatively affordable. For a typical $200,000 home is under $500 a year. That is less than $41 a month. The average loss from a flood is a little over $31,000. It makes sense to include flood insurance in with your other insurance to protect your home. At the following link you can see recorded data through FEMA of flood events. Many of these were not due to a hurricane.
The following is a link to Mercury Insurance Bergvall in Texas City. Get your quote today.