As of Tuesday afternoon, at least 1,000 homes had flooded in Harris County and six fatalities were reported in one of the most devastating natural disasters in the area. While it's certainly a time to reflect on one's own safety and the safety of their loved ones, it's also important to know how to protect your clients in a similar event in the future. Because Houston homeowners’ insurance policies typically do not cover floods those not required to obtain flood insurance may be in a stressful situation, wishing they would have obtained coverage. Oftentimes, real estate agents can play a vital roll in a homeowner's decision to obtain flood insurance -- even if they live within a low-risk zone. It is recommended by numerous outlets that all agents encourage homeowners or recent homebuyers to obtain flood insurance via the National Flood Insurance Program (NFIP), a federal program that allows flood coverage to be purchased through a number of insurance companies. Home...
- Typical homeowner insurance policies don't cover floods.
- Homeowners need to ensure they have proper flood coverage, as certain situations aren't covered by all insurance plans.
- New NFIP flood insurance premiums took effect on April 1.