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Do You Really Need Flood Insurance in Texas?

Posted by admin on August 10, 2022
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There can be a lot of upkeep when you own property and, sometimes, these costs may seem unnecessary. And while most property owners recognize the importance of purchasing homeowner’s insurance, they may not realize just how important flood insurance is.

In fact, you might assume that homeowner’s insurance covers flood damages, but that’s far from the truth. Read on to learn the facts about flooding in Texas and why you need flood insurance coverage. 

Understanding Flood Risks in Texas

Texas has unique geography and regions of the state that are at high risk when it comes to flooding. Some critical facts about flooding in Texas include:  

  • Large number of structures in floodplains: There are about 8 million structures in Texas floodplains. About 3 million do not have any form of flood protection.
  • Highest risk city for flooding: Houston leads the nation in how many properties are at risk for flooding. Approximately 186,000 structures are at risk of flood damage in the city.
  • History of flooding: Texas has had some of the most catastrophic floodings in American history. Texas as a whole is also at risk for flash flooding, and Central Texas had 4,722 flash flood events from 1986 to 2000, according to a Blue Ribbon study.
  • Highest flood-related damages in the nation: The factors above have caused Texas to have the highest flood-related damages in the nation. From 1978 to 2001, there was approximately $2.5 billion in insurance payments paid out within the state. 
  • Highest number of fatalities: Unfortunately, Texas also has the highest number of flood-related fatalities. 612 deaths from 1960 to 1995 occurred due to flooding in Texas. 

All these facts point to the importance of flood insurance, especially if you live in a flood zone. 

Homeowner’s Insurance Versus Flood Insurance

Homeowner’s insurance covers your property and any structures on it, typically paying out for property damages or possessions that are lost or stolen. While this form of insurance is a necessity for homeowners, you should also understand that it does NOT cover flood damage. 

Flood insurance extends your coverage to damages caused by flooding to your home or property. This includes expensive items that are within the home. 

Do Your Research

It’s important to note that if your property is in a high-risk area, you will pay more for flood insurance. 

Additionally, if you’re trying to be proactive, you can check the flood history for the property before starting the buying process. Typically, MLS listings may include this information, or you can talk with the seller to disclose flooding or draining issues. 

You should also be aware that waterfront properties are at an incredibly high risk of flooding, so you may need to pay a year’s fees upfront to obtain coverage. 

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If you are looking to buy a property for sale in Edinburg, Santa Cruz Properties is here for you. We can help connect you with owner-financed properties to make buying land affordable. Contact us today to get a head start.

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