Flood Insurance
Homeowners, renters and businesses must all account for various perils and hazards that could impose significant property damage and subsequent financial losses. Floods may be among the most prevalent potential incidents that may impact people across all walks of life, as these natural disasters can arise from many conditions and even a small amount of floodwater could inflict significant fiscal consequences. With this in mind, understanding and securing appropriate flood insurance is paramount.
Is Flood Insurance Important?
Flood insurance should be a high priority among insurance shoppers. Heavy rains, overflowing bodies of water and damaged infrastructure could all lead to torrential ramifications and catastrophic property damage. Furthermore, acquiring this type of insurance as a standalone policy or endorsement is often necessary, as most standard homeowners, renters and commercial property insurance policies may not include floods as a covered peril. With this in mind, all diligent individuals, families and businesses should strongly prioritize appropriate coverage to insulate themselves from potentially devastating out-of-pocket losses.
What Does Flood Insurance Cover?
Flood insurance typically consists of the following pair of features:
- Buildings coverage may provide funds to repair, rebuild or replace structural elements, including roofs, walls, foundations, plumbing and electrical systems.
- Contents coverage may help policyholders recoup losses involving their possessions, including electronics, furniture, clothing and equipment.
How Much Does Flood Insurance Cost?
Flood insurance is available through the National Flood Insurance Program and private flood insurance companies. While costs may vary depending on a policyholder’s unique circumstances, the following criteria are often considered:
- Location
- Topography
- Proximity to bodies of water
- Details of insured structures (e.g., number of floors, age and building materials)
- Value of insured possessions
- Coverage limits
- Deductibles
We’re Here to Help
With over 20 years of service to the Dallas area, the dedicated team at Lakewood Insurance is well-positioned to help local clients assess and address their flood coverage needs. Contact us today to learn more or to get a personalized private flood insurance quote.