An overflowing of water onto land that is normally dry is called flooding. Flooding can occur when there are heavy rains, when ocean waves come to the shore, when there is snow that melts quickly, or when dams burst. Floods are the most common weather-related incidents. Flash floods are the most dangerous floods as they cause a lot of destruction in very little time.
According to a Reuters report in February 2022, $20 billion of flood damage is estimated to at-risk US homes this year due to rising sea levels and extreme weather. This is projected to rise to $231 billion by 2051. Around 4.3 million homes in Florida, California, South Carolina, and Texas are at risk of economic damage due to flooding this year. In this article, Proven Restoration LLC explains the necessity of purchasing flood insurance for homes and businesses. Proven Restoration LLC is a full-service water damage restoration and reconstruction contractor operating within Texas. The company also provides flood restoration services in areas like Spring, Texas.
Flood insurance is sold separately from a homeowners' insurance policy. Unless the home or business is located in a high-risk flood area, flood insurance is not required.
Why home and business owners must consider buying flood insurance
1. Flood Damage Not Covered By Standard Policies
Standard insurance policies for homeowners, renters, and commercial property owners do not cover flood damage.
2. Requirements to Buy Flood Insurance
Homes and businesses located in high-risk flood zones are required by their mortgage lenders to purchase flood insurance. Even when not legally required, having flood insurance is important for those located in a high-risk flood zone.
3. Floods Can Occur In Moderate-to-Low Risk Flood Areas
Those in low-to-moderate risk areas should purchase flood insurance too. According to FEMA, nearly all cities in Texas are exposed to Gulf Coast hurricanes or lie in the "Flash Flood Alley", one of the areas that are the most susceptible to flash floods in the US. Many areas affected by Hurricane Harvey were not high-risk flood zones. Flood damage and flood restoration services can be expensive and flood insurance can help.
4. Experiencing Flood Damage Is Highly Likely
The NFIP says that people working or living in high-risk areas are 27 times more likely to experience flood damage than fire damage during a mortgage period of 30 years.
5. Changes in the land
Previously safe areas can experience floods due to land development and construction that change natural runoff paths. This can cause flood damage to homes and businesses that was unexpected in the past. Companies like Proven Restoration LLC understand that flood damage can be devastating for people, and they provide swift flood restoration services in Texas, including in Spring, Texas.
6. Flood Damage Can Be A Lot
Sometimes even small amounts of water can cause significant damage to residential and commercial property. Disasters like flash floods can produce 10 to 20 feet walls of water that can destroy a lot.
7. Flooding Has Multiple Reasons
Though flooding is usually associated with rains and hurricanes, there are other causes of floods. Mudslides, winter storms, and melting snow can all cause floods. Drainage systems that are not functioning optimally and damage to levees or dams can result in floods.
8. Federal Disaster Assistance Is Costly
When federal disaster assistance is taken it has to be paid back to the government with interest. In comparison, flood insurance works out to be more affordable. Flood insurance premiums will be calculated based on factors like the community rating system and coverage types. But homes in moderate to low-risk areas may obtain a Preferred Risk policy that costs less.
9. Steps Taken For Damage-Prevention Can Be Reimbursed
Insured homeowners and business owners may claim reimbursement expenses for preventive measures they take when there is an imminent risk of flooding. This can include renting a pump or paying for storage space to protect belongings from flood damage.
Home and business owners must understand that just the zone and location do not ensure that they are safe from floods. Flood insurance is affordable. Flood damage can be costly and having flood insurance will be of immense help. Proven Restoration LLC can be trusted for flood restoration services. Their flood restoration professionals are certified, bonded, and insured. An emergency crew from Proven LLC is available 24/7. Home and business owners in Spring, TX can access their high-quality flood restoration services by calling Proven Restoration LLC at (713) 906-5133.