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Does My Texas Property Need Flood Insurance?

Posted by admin on August 9, 2021
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The most recent research from the journal, Environment Research Letter, found that in the United States, nearly 41 million Americans live in flood zones.

As a matter of fact, with hurricane season in full effect, most Texans can expect to see storms and heavy rainfall from now until November.

Here at Santa Cruz Properties, our sales experts can guide you through the land buying process to help you find the right lot for you. From budget advice to location selection, we make the process as simple as possible for you.

Flooding in Texas

Before we take a closer look at flood insurance, let’s review some Texas flood facts.

  1. Flash Floods in Texas – Here in the Lone Star state, we’re no strangers to floods. According to the National Weather Service, Central Texas is one of the most flash-flood-prone areas in the United States. A Blue Ribbon Study identified 4,722 flash flood events in Texas from 1986 to 2000.That information is not so surprising when you consider that Texas has had some of the most catastrophic floods in American history.
  2. Texas Properties Most at Risk for Flooding – The First Street Foundation Flood Model recently identified Houston as the city with the greatest number of properties at risk for flooding in the United States. With 186,481 properties at risk, Texas leads the list ahead of other states such as Illinois and Louisiana.
  3. Texas Has the Most Flood Fatalities – In the United States, most flood fatalities are vehicle-related, and Texas has had the most from 1960 to 1995. At 612 deaths, this is more than double compared to the next closest state, California (255 deaths).
  4. Texas Properties Have the Most Flood-Related Damages – An analysis of U.S. Flood Insurance Loss Statistics from 1978 to 2001 shows that Texas has the most flood-related damages in the nation. A reported $2,249,450,933.34 in insurance payments can be attributed to that time frame, which is 700 million more than the runner-up state, Louisiana.
  5. Texas Structures in Floodplains – According to a Blue Ribbon Study, there are approximately 8 million structures in Texas located within floodplains. 3 million of those structures do not have flood insurance.

With that information in mind, it should be obvious that flood insurance is most definitely worth considering for your land. As a property owner, you should take the necessary precautions to keep your investment safe from any inclement weather.

When you research insurance coverage for your property, it should be noted that homeowner’s insurance does NOT include flood insurance.

Homeowner’s Insurance Compared to Flood Insurance

Most assume that their homeowner’s insurance covers flood damage, but that is far from the truth.

Homeowner’s insurance can cover your property and any structures on it. This coverage can help pay to repair or replace your home and belongings if they’re damaged (by fire, for example) or stolen.

However, if you only have homeowner’s insurance at the time of a flood, you will have to pay for costly repairs and replace any damaged belongings with your own money.

With flood insurance, your coverage is extended to include flood-related damages to your home and/or belongings. This only covers damages that are a direct result of flooding.

For example, if flooding causes a canal to overflow onto your property, flood insurance can cover the damages. Flood insurance cannot cover the damages if the overflow is due to blockage or something unrelated to flooding.

Moreover, personal items outside your home such as patio furniture aren’t covered by flood insurance. If your patio gets mold damage, your coverage won’t be able to cover the cost to repair/rebuild the deck.

Ultimately, you should consider the flood history of any lots or properties you’re considering before investing.

Look at Local Flood History Before You Purchase Land

If you’re ready to invest in land, you can save yourself a lot of trouble by doing some research on local flood history so that you can determine whether or not your lot is in a flood zone. Doing so can help save you money on insurance, as people in the highest-risk areas will have to pay more for coverage.

MLS listings usually include information regarding flood zones. Additionally, sellers are obligated to disclose issues related to drainage or flooding problems.

When considering a waterfront lot, your liability for flooding increases dramatically. This can lead to higher insurance premiums, and some lenders may require you to pay a year’s worth of flood insurance upfront.

Buying Land in the Rio Grande Valley

The Rio Grande Valley is full of economic growth and development, making it a prime region for land investments.

Are you dreaming of owning land in Edinburg? Santa Cruz Properties is proud to offer owner-financing options in Hidalgo County to help make your dream a reality.

Our sales team is ready to provide you with affordable owner-financing options to help make land ownership possible. Contact us today to get started!

Contact Santa Cruz Properties

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