If you own a home in Austin, TX, then you may not realize some of the mythology around flood insurance. Below we’ve broken down 5 flood insurance myths that may end up saving you thousands!
1) Myth: Flood damage is covered by your standard homeowners insurance policy.
Fact: Standard home owners insurance policies do not cover floods.
2) Myth: Flood insurance is expensive.
Fact: Flood insurance may cost as little as $129 per year. Nationally speaking, the average flood costs a consumer $55,000!
3) Myth: My neighborhood never floods. Therefore, I don’t need flood insurance.
Fact: An inch of water inside your home can cost you thousands of dollars for proper remediation.
The toxic effects of improperly treated or repaired flooding can lead to serious health conditions, especially for children and older adults.
4) Myth: I can purchase flood insurance when “needed".
Fact: It takes 30 days to activate a flood insurance policy once purchased. No one can predict future flooding (or the lottery).
5) Myth: Federal flooding disasters will be paid for by government.
Fact: Our government does not and will not pay for losses that are not covered by your flood policy.
So, if you don’t have flood insurance or you’re not sure about your policy coverage for your luxury home, you may just want to call your insurance provider.
If there has been any flooding associated with your current For Sale Austin, TX, property OR if you are under contract for a property that has just flooded prior to you closing/moving in, you’ll want to read this article for Buyers and Sellers.