Some lenders require mortgage holders to buy flood insurance regardless of whether they live in a high-risk zone.If you live in a designated high-risk flood zone, and you have a mortgage backed by a federally-insured lender, then you will have a coverage requirement.Many homeowners are required to buy flood insurance: There is also coverage for debris removal costs, loss avoidance and cost of compliance. Non-Residential Businesses and Buildings: $500,000 Structure/$500,000 Contents.Other Residential Buildings: $500,000 Structure/$100,000 Contents.One- To Four-family Residential Addresses: $250,000 Structure/$100,000 Contents.NFIP plans will offer coverage up to the following limits: Contents Coverage: Coverage insures the possessions inside your home.Structure Insurance: Coverage protects your house itself.NFIP plans must comply with standards set by federal law. Non-NFIP plans are also available, though they are less common. You can buy NFIP plans both through major insurers and the NFIP Direct system. If you live in a community that participates in the NFIP, then you can buy an NFIP plan. Most flood insurance plans are underwritten by the National Flood Insurance Program (NFIP). By filing a claim on your flood insurance plan, you will be able to receive compensation for these losses, and you won’t spend precious personal money trying to fix the damage. At this time, a separate flood insurance policy becomes necessary.Įven an inch of water in your home can cause thousands of dollars in damage to both your dwelling and possessions. However, the unpredictability and astronomical costs of flooding related to river swells, storm surge, heavy rain or similar occurrences make it hard for home insurance to cover the risk. Standard home insurance might cover you for household water damage that results from a burst pipe or similar incident.
Depending on how your home stacks up, your need for flood insurance might be significant. Of course, some properties face higher flood risks than others.
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To get covered today, just call us at (956) 581-1034 or request your free quote online.Īll homes are at risk of floods, even those that have never flooded before. With the help of Raymond Longoria Insurance, you will be able to receive benefits that are customized to fit the risks present on your property. To get coverage against floods, you will need to buy separate flood insurance.įlood insurance is a tightly regulated marketplace, and flood insurance laws influence both who must buy coverage, and what coverage they can receive. However, your homeowners insurance will not provide coverage for this damage. If you live in an area that is prone to floods, then your home will face significant property damage risks. Flood Insurance Information Edinburg, McAllen, Mission and surrounding areas in the Rio Grande Valley of Texas
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