Flood Insurance - Myths and Misconceptions

"I don't live in a flood zone. I don't need flood insurance."
The truth is, everybody lives in a flood zone - where it rains, it can flood. It is commonly thought that homes located in areas designated as Zone X are "not in a flood zone" however this only means there is a less than 1% chance of the property being affected by flood each year. A less than 1% chance of flooding each year may not seem like an event to worry about, but homes that are considered to be "in a flood zone" such as Zone AE are only exposed to a 1% chance - there isn't much of a difference between the two zones. Over a 30-year mortgage, the 1% chance of the property flooding grows to a 26% chance. Over 25% of flood claims across the United States come from outside high risk flood areas.

"My home survived Harvey, the worst flood event in this area's history, therefore my home is safe from all future floods. I don't need flood insurance."
In June 2016 the Brazos River in Fort Bend County, reached the highest elevation since May 1957, causing extensive flood damage to thousands of unsuspecting homeowners. Just over one year later in August 2017, the rains of Hurricane Harvey brought a new record of heights to the Brazos River and left even greater flood damage than what was experienced the previous year. Two record breaking floods in only 14 months time - who is to say the floods caused by Hurricane Harvey is the worst to come? The Brazos River is not the only potential cause of flooding - how is the growing development in your area affecting water runoff? As more homes, buildings, parking lots, and other structures are taking the place of permeable ground, major rain events could cause flooding in previously unaffected areas. Is going without flood insurance a risk you really want to take?

"If my home floods, disaster assistance will be available. I don't need flood insurance."
Disaster assistance from the federal government becomes an option only if the President declares a major disaster and if available, it is not guaranteed. If you do qualify for assistance, it will most likely be provided as a loan, and you will be required to maintain continuous flood insurance coverage during the life of the loan. A $50,000 disaster home loan with interest will cost $303 every month for 20 years; flood insurance for homes that qualify for a Preferred Risk policy with $50,000 in coverage, costs on average $271 for the year. It is no contest between having flood insurance coverage and relying on disaster assistance - flood insurance will always be the better option.

Call the trusted professionals at Fulshear Insurance® today to assure you have peace of mind the next time it rains. Fulshear Insurance® is family owned and operated, and we look forward to serving you. Call us today toll free: 1.855.533.9067 or send your inquiry via email: Info@FulshearInsurance.com .

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