Flood Insurance2023-05-03T12:58:13+00:00

Flood Insurance

Flood Insurance

Flood insurance is a kind of insurance coverage that is available for all residential and commercial properties. More and more people are talking about flood insurance these days because of flood damage caused by melting snow, heavy or continuous rainfall, coastal area storm surges, flash flooding, among many other natural catastrophes that occur every year.

What is Flood Insurance?

Flood insurance is offered by insurance companies as a coverage plan that provides protection for your home in the event of financial losses due to flooding. It is important that we make a distinction between damage due to rising floodwaters and damage due to wind-driven rain such as fierce types of rainstorms caused by hurricanes.

Structures can get damaged by water when it enters areas like holes in a roof, doors, or through windows. When this kind of damage occurs, losses are usually not replaced by flood insurance. Flood insurance only covers the overflow of inland tidal waters and the unusual or rapid accumulation of runoff surface waters.

Although there are some private insurers on the market, the government program NFIP, which is administered by FEMA, issues most flood insurance policies.

When is Flood Insurance Required?

Any home that is financed by loans that are guaranteed by the federal government in areas that are designated by FEMA as “special flood hazard areas” require flood insurance. These areas are also commonly referred to as “flood zones”.

FEMA defines flood zones as areas of land where there is 1% of flood water encroachment during any year. This is commonly referred to as the 100-year flood. You can check the area where you live on the flood risk profile which includes a map. This information can be found on the FEMA website.

Here are a few other reasons:

– Flood insurance is sometimes required by lenders to provide coverage for only the property structure
– Required when buying a home in a high-risk flood area that is a designated flood zone
– Required by lenders that are federally insured or regulated such as FHA
– Sometimes used to eliminate risk by the lender in the event that the borrower leaves the home and discontinues making mortgage payments

Why It is Important to Have It

If your home is at a high elevation, this does not mean there is no risk of flooding. There is still a 1% chance or greater risk of flooding during any year in many areas. This means that flooding often occurs in places that are outside of flood-prone areas.

If the 100-year event occurs where you live, it is possible that water can reach a higher level that’s beyond the established flood zone. In fact, 20% of claims against the National Flood Insurance Program come from homes outside of risk flood areas.

After a flood and there is major damage to a home, flood insurance can take care of the repairs. In some cases where entire homes get wiped out from floods, flood insurance will cover rebuilding the entire home. When the property floods, the insurance company will make a payment for the amount needed to make repairs or cover the cost of what was destroyed.

Contact GEC Insurance Services

GEC Insurance Services offers flood insurance for those who are purchasing or refinancing a home. We take the time to help you why this type of insurance coverage is necessary when purchasing a home. We also provide you with options on how to reduce its cost and find the right flood insurance solution that protects your home and property. Give us a call today to be matched with one of our local advisors who can help you discuss your flood insurance needs.

Flood Insurance Articles

How to Check if Your Homeowner Insurance Covers Flood Insurance

If you live in a flood-prone area, you may wonder what your homeowner's insurance policy covers. After all, flooding can cause significant damage to your home and property. If you are not sure whether your current policy will help pay for repairs in the event of a flood, here are some steps that can help: Contact Your Insurance Company You will want to contact your insurance company to ask if they cover flood damage. If they do not, you may have to buy additional coverage. You can also check the National Flood Insurance Program website to see if they offer [...]

Tips to Prepare Your Home for Spring Flooding

Every year, the winter months bring with them a host of problems. The snow and ice create icy roads, slick sidewalks, and a messy daily commute. It's easy to stay inside during the frigid days and evenings when it isn't necessary to clear sidewalks or shovel every afternoon, but then when spring comes around, all that work will have been for nothing. Just as the winter months can create many problems, so can spring bring with it a multitude of problems if you're not prepared ahead of time. Here are some tips to prepare your home for spring flooding: 1. [...]

Be Prepared for Spring Storms with These Simple Steps

Spring is a time to get out and enjoy the weather. However, if you are living in an apartment or condominium, do not forget about the safety of your building. If you live in a building with a pool, keep that in mind as well! In case of a spring storm, it will be important to have storm-proofing in place. The following are some simple steps to help protect you, your property and those around you from these storms: 1) Be Aware – What are the signs? Weather can change quickly when there's heavy snowfall or rain. When the moisture-laden [...]

What Does Flood Insurance Cover?

The first thing you need to know is what does flood insurance cover? Floods are the most common disaster in America and can cause lots of damage. Flood Insurance protects your home from water damage from “rising waters”. It also can include coverage for other property that may be damaged by floods, like property inside your home and/or garage. If you're not sure if you should buy it, I'll help answer some of the questions about why flooding happens and how much it costs to get covered! Flood insurance covers your house and property inside it. Flood insurance covers the [...]

Knowing the Difference in Water Damage Coverage and Flood Insurance

An insurance policy is a blessing when you find your claim for damage is covered. The nature of the business started off as an excellent way for a collective group to participate in the pool from which recovery funds are paid. A loss that an individual cannot sustain alone is easily managed using the law of large numbers. This is the concept behind certain decisions such as whether an insurance company offers certain coverages as well as when and why certain claims are denied. A perfect example of these distinctions can be played out in the difference between what is [...]

Feel Safe about Your Belongings during Flash Floods

Unfortunately, flash floods have destroyed many homes in the Texas area. As a result, people have also had parts of their lives destroyed. Homes damaged by flooding can create a great deal of stress for individuals and families. They may have lost possessions in the floods, and they may have had memories attached to those valuables. In order to protect yourself against the harrowing effects of floods, you should look into the benefits of flood insurance. Protection for Homeowners Obtaining flood insurance is pivotal if you are a homeowner, particularly if you live in an area that has been devastated [...]

Home, Auto and Business Insurance

If you are looking for reliable and comprehensive insurance coverage in Arlington and the surrounding Dallas and Ft. Worth areas, GEC Insurance is a top-notch choice. With their commitment to providing personalized service and a wide range of insurance products, you can rest assured that you’ll find the coverage you need to protect your family, your assets, and your peace of mind.

One of the many benefits of working with GEC Insurance is their team of experienced and knowledgeable agents. They understand the unique risks and challenges facing residents in Arlington and Dallas-Ft. Worth areas and can help you choose the right policies to meet your specific needs. Whether you’re looking for auto, home, or other types of insurance, GEC Insurance has you covered.

In addition to their expertise and personalized service, GEC Insurance also offers competitive rates and flexible payment options. They work with a variety of reputable insurance carriers to ensure that you have access to the best policies and prices on the market. And if you ever need to file a claim, their claims process is straightforward and hassle-free, so you can get back to your normal routine as quickly as possible.

Overall, if you’re in the market for insurance in Arlington or the surrounding Dallas-Ft. Worth areas, GEC Insurance is an excellent choice. With their dedication to customer service, comprehensive coverage options, and competitive rates, you can trust that you’ll be in good hands with GEC Insurance.

Homeowners Insurance

When it comes to protecting your home and belongings, having a reliable homeowners insurance policy is essential. And with GEC Insurance, you can get the coverage you need to safeguard your property against a variety of risks and hazards. Here are a few reasons why GEC Insurance is a great choice for homeowners insurance:

GEC Insurance offers a variety of homeowners insurance policies to meet your specific needs. Whether you own a single-family home, a condo, or a rental property, their agents can help you find the right coverage to protect your investment. They can also help you customize your policy with additional coverage options, such as personal property coverage, liability insurance, and more.

Another benefit of getting homeowners insurance with GEC is their commitment to providing personalized service. Their agents will work with you to understand your unique needs and concerns, and they can provide guidance and support throughout the claims process. Plus, if you ever have questions or need to make changes to your policy, you can always reach out to their team for assistance.

GEC Insurance also offers competitive rates and flexible payment options. They work with a variety of insurance carriers to ensure that you have access to affordable policies that meet your needs and budget. And with options for monthly, quarterly, or annual payments, you can choose the payment schedule that works best for you.

Homeowners insurance with GEC Insurance gives you peace of mind knowing that your home and belongings are protected. Whether you’re facing damage from a storm, theft, or other unexpected events, you can trust that GEC Insurance has your back. With their comprehensive coverage options and reliable claims process, you can rest assured that you’ll be taken care of when you need it most.

Auto Insurance

When it comes to protecting your vehicle and staying safe on the road, having reliable auto insurance is essential. And with GEC Insurance, you can get the coverage you need to drive with confidence. Here are a few reasons why GEC Insurance is a great choice for auto insurance:

GEC Insurance offers a variety of auto insurance policies to meet your specific needs. Whether you own a car, truck, or SUV, their agents can help you find the right coverage to protect your vehicle against a variety of risks, including accidents, theft, and more. They can also help you customize your policy with additional coverage options, such as roadside assistance, rental car reimbursement, and more.

Another benefit of getting auto insurance with GEC is their commitment to providing personalized service. Their agents will work with you to understand your unique needs and concerns, and they can provide guidance and support throughout the claims process. Plus, if you ever have questions or need to make changes to your policy, you can always reach out to their team for assistance.

In addition to their personalized service, GEC Insurance also offers competitive rates and flexible payment options. They work with a variety of insurance carriers to ensure that you have access to affordable policies that meet your needs and budget. And with options for monthly, quarterly, or annual payments, you can choose the payment schedule that works best for you.

Auto insurance with GEC Insurance gives you peace of mind knowing that you’re covered in case of an accident or other unexpected events. With their comprehensive coverage options and reliable claims process, you can rest assured that you’ll be taken care of when you need it most. And with their commitment to customer service, you can trust that you’ll have the support you need throughout the entire process.

Business Insurance

If you own a business, you know how important it is to protect your assets and investments. That’s where business insurance comes in, and GEC Insurance is a top choice for businesses in Arlington and the surrounding Dallas and Ft. Worth areas. Here are a few reasons why GEC Insurance is a great choice for business insurance:

GEC Insurance offers a variety of business insurance policies to meet your specific needs. Whether you’re looking for general liability insurance, property insurance, or other types of coverage, their agents can help you find the right policies to protect your business against a variety of risks, including lawsuits, property damage, and more.

Another benefit of getting business insurance with GEC is their commitment to providing personalized service. Their agents will work with you to understand your unique needs and concerns, and they can provide guidance and support throughout the claims process. Plus, if you ever have questions or need to make changes to your policy, you can always reach out to their team for assistance.

In addition to their personalized service, GEC Insurance also offers competitive rates and flexible payment options. They work with a variety of insurance carriers to ensure that you have access to affordable policies that meet your needs and budget. And with options for monthly, quarterly, or annual payments, you can choose the payment schedule that works best for you.

Getting business insurance with GEC Insurance gives you peace of mind knowing that your business is protected. Whether you’re facing a lawsuit, damage to your property, or other unexpected events, you can trust that GEC Insurance has your back. With their comprehensive coverage options and reliable claims process, you can rest assured that you’ll be taken care of when you need it most. And with their commitment to customer service, you can trust that you’ll have the support you need throughout the entire process.

 

Go to Top
Site designed by Thinkit Media, Inc..