With all the recent rain in the Lakeway Area, I feel the need to discuss an important topic: flood insurance. There are many misconceptions about flood insurance that I hope to clarify for you today.
Myth #1: “Flood insurance is automatically covered under my property insurance.” This is the most common misconception about flood insurance. Unfortunately, flood insurance is almost always excluded from most property insurance policies. If you think you have flood insurance, you should be paying a premium specifically for flood insurance.
Myth #2: “My property is not in a flood zone, so I can’t buy flood insurance.” This is not true. Anyone can buy flood insurance. However, the worse the flood zone, the more expensive the premium.
Myth #3: “A sewer or drain back up is considered flood insurance.” Whether it occurs at your home or business, a sewer or drain back up is not considered flood insurance. Flood is the natural flow of water and mud outside their boundaries.
I hope I have cleared up some flood myths for you. The best time to explore flood insurance is when there is not a pending potential flood. Call your insurance agent, give them your address, and let them give you a quote for flood insurance. Depending on where your house or business is located you may be surprised at how inexpensive—or expensive—it can be.
Strate Insurance Group offers flood insurance for our family and business customers. Click here to learn more about what we can offer.
— Tom Strate, President and Chief Risk Manager, Strate Insurance Group, Inc.