Do I Need Flood Insurance On My New Home?

Owning a home comes with several responsibilities. When moving into a new home, the to-do list is quite long. You have to make any necessary repairs, test the smoke detectors, change the locks, forward your mail, and so much more. One of the biggest obligations that you have when moving into a new home is securing the proper insurance coverage.

If your new home comes with a mortgage, the lender will most likely require you to purchase homeowner’s insurance. Unless you are moving into a high-risk flood zone, you will probably not be required to purchase flood insurance. However, you should know "about 25% of flood insurance claims come from moderate- to low-risk areas."

It is up to you to decide whether or not this type of insurance policy is in your best interest for your new home in Dallas, TX. Fortunately, the agents at Alloy Insurance Partners have the skills and expertise to help you make this important decision.

What Is Flood Insurance?

According to the Federal Emergency Management Agency (FEMA), "Floods are the most common and costly natural disaster in the United States." Flood insurance is a type of insurance that can be added to your home insurance policy to protect your home if you experience loss from water damage that relates directly to natural flooding.

There are two types of flood insurance available, which are building property coverage and personal property coverage. Building property coverage will protect the building and the foundation, while personal property coverage protects your personal belongings. It is highly recommended that you consider purchasing both for your new home.

If you are still not sure if you need to purchase flood insurance for your new home in Dallas, TX, contact Alloy Insurance Partners. We will be happy to answer any questions and provide you with the details that you need to make an informed decision. Give us a call today!

Why Should Someone Invest in Flood Insurance?

Climatic changes bring about weather changes that cause erratic hurricanes that result in torrential rainfalls. And as you know, if it rains, it can flood. And when it floods, there is a potential loss of property and lives. Unfortunately, typical home insurance doesn’t cover flood damage. That said, the issue of investing in flood insurance has never been more pressing.

So, why should a resident in Dallas, TX invest in flood insurance from Alloy Insurance Partners? Here are the reasons.

Floods damage can be extensive

Did you know that a one-inch rise in water levels can cause damages to the tune of $25,000? Given that flood damage can be catastrophic, that’s why you need flood insurance to ensure you don’t incur out-of-pocket expenses whenever floods strike.

Floods can strike anywhere

While homes in flood zones are at high risk, floods can strike anywhere it rains. In fact, according to FEMA, about 20% of flood insurance claims are from residents living in areas not considered at risk of floods! Because no home is safe from floods, you must invest in flood insurance.

To protect your assets

When you invest in flood insurance, you protect your building and its contents whenever floods strike. This way, you don’t have to start from scratch whenever floods destroy your assets.

It may be mandatory

Yes, no Texas law requires you to purchase flood insurance, but if your home is mortgaged-financed, and it’s located in a flood-plain area, your lender may insist you purchase flood insurance. And even if you live in a low to moderate flood risk area, your lender may still insist you buy flood insurance.

Buy flood insurance today!

As you can see, flood insurance is a must-have investment if you value a home. If you live in Dallas, TX, and its environs, please get in touch with Alloy Insurance Partners to invest in flood insurance.

Benefits of flood insurance for TX home owners

Alloy Insurance Partners understands that many residents in the greater Dallas, TX area may be confused about floor insurance and if they should have it. Of course, if you live in a flood zone, your lender will require you to have this coverage, but what if you’re outside such areas? It is our belief that it’s important for homeowners to be knowledgeable about floods and insurance coverage so that they can make a wise decision. 

Benefits of flood insurance

With flood insurance protection in place, area residents can enjoy greater coverage for their Texas homes, both inside and out.

  • Protection for your home – typically, primary homeowner policies do not cover all types of water and storm damages. With a separate flood insurance policy, you gain additional protection for your family home. Even in instances where it is not required, obtaining flood insurance is a smart move.
  • Protection for your belongings – your home and your belongings are covered by separate policies, and it’s important to have both! Texas experienced heavy storms that can create flooding, and the resultant water can damage both your home and its interior items. 

Hurricanes do affect the Dallas region, and with them come damaging storms that can create a flood situation. Because of this, it is strongly recommended that all citizens carry flood protection regardless of their home’s location and flood zone status. Rest easy knowing that your home and possessions are protected no matter what Mother Nature throws at them!

Find out more about flood insurance today

If you are a homeowner in the greater Dallas, TX area, you can rely on Alloy Insurance Partners for all of your insurance needs. To find out more about flood insurance, call or stop by our office today!

Do I need flood insurance?

The biggest asset that most people in the Dallas, TX area will ever own is their home. Due to the importance of this asset, having appropriate insurance in place at all times is very important. One form of insurance that you may need to have for your home is flood insurance. There are several situations when you may need to get flood insurance for your Dallas area property. 

Required by Mortgage Lender

One of the most common situations, when someone is required to get flood insurance, is when it is required by their mortgage lender. If your home is located in a FEMA flood zone, the lender will likely want you to get flood insurance to ensure that their collateral is properly protected against flood damage. Most of the time, the lender will also require that you set up an escrow account and pay into it monthly. 

At-Risk for Flood Damage

Even if you are not in a flood zone, you are at a higher risk of flood damage if you are living in a flood zone. In some cases, those that are in even a low-risk flood zone could find that it is hard to get ample coverage for flood damage from their home insurance provider. Due to this, you should consider getting a full flood insurance policy. 

Depending on where you live in the Dallas, TX area, it might make sense for you to get flood insurance. If you do need this type of insurance or are confused about whether you would benefit from it, calling the Alloy Insurance Partners would be a great option. The team at the Alloy Insurance Partners can help someone to get into a flood insurance policy that provides them with the right type and level of flood insurance coverage. 

How much flood insurance do you need?

Some Dallas, TX homeowners face the shock of being underinsured when they need coverage the most. Coming home to ruins is not the time to learn that your policy does not cover natural disasters such as floods. The agents at Alloy Insurance Partners can work to help you find the home insurance policy that best suits your needs. How much flood insurance does an owner need to feel fully covered in Texas, though?

Is flood insurance required?

There is no official state law requiring all homeowners in Texas to have flood insurance. Those living in a flood zone, however, may find it challenging to remain in compliance with their mortgage contract without having a flood insurance plan. By definition, a flood zone is defined as a region in which the likelihood of severe flooding is at least one percent. Nearly every major city in Texas falls within this category. It is, thus, imperative that you purchase a flood insurance plan for your Dallas, TX home. 

How much does flood insurance cost? 

The average flood insurance plan can cost you an additional $700 annually. The specific amount you pay for coverage, of course, depends on several factors, which are not limited to how much you want to spend as a deductible as well as the square footage of your home. 

How much flood insurance do you need?

The average homeowner buys enough flood insurance to replace their home in the instance that the structure is completely destroyed. You may also want to purchase additional add-ons that pay for relocation as well as assets inside the family residence. These additional features are, of course, aside from how much you choose to pay for flood insurance coverage every year.

The agents at Alloy Insurance Partners create personalized plans to fit your budget and lifestyle. Call us today to get started with a quote for coverage!

Do You Have Flood Insurance For All of Your Property?

It is common for people who are diligent in purchasing full coverage car insurance, homeowner’s insurance, and life insurance to overlook flood insurance because they think that they are either covered by their homeowner’s insurance or that they live in a risk-free area. At Alloy insurance Partners, we want all Texans to be aware of the fact that flood coverage does not fall under the typical home insurance policy, and even low-risk zones can flood in extreme times. We serve Austin, San Angelo, Dallas, TX and the surrounding areas with quality insurance for everything from floods to auto coverage and more. 

Flood Insurance Stands Alone

If an area has even a 1% chance of flooding in Texas, then most lenders will require you to purchase flood insurance. However, Hurricane Harvey proved that it does not matter if the property falls into the official flooding zone, in extreme conditions anywhere can flood, and you will be left uncovered with a lot of damage to repair if you do not have this extra coverage. Typical flood insurance will cover your home up to $250,000. However, make sure all of your property is protected by adding a separate flood coverage for your property with a limit of $100,000. If you have special considerations, discuss them with one of our agents to see if we can write a perfect policy for your needs. 

Contact us at Alloy Insurance Partners if you want to discuss your options for flood insurance or any other insurance coverage. We can answer any questions you may have and give you flood insurance quotes. We serve Austin, San Angelo, Dallas, TX and the surrounding areas with quality insurance for all aspects of your life.