Our thoughts and prayers go out to the people of Texas and Louisiana as they deal with the devastation and aftermath of all the damage done from Hurricane Harvey this past week. It’s hard to imagine how you pick up your life and move on when you have nothing left. Insurance is a mechanism that is designed to help you thru times such as these but even your policies have limitations.
Everyone must remember that flood insurance is NOT covered by regular homeowners insurance or business property insurance. Flood insurance is a federally funded program and is a completely separate coverage. Unless you live in a flood prone area and have had a mortgage on your property it is unlikely you have ever considered the purchase of something you never consider much of a risk. It is estimated that 52% of the homes in the Houston area alone did not have flood insurance. That would be kind of like assuming we’d never have a tornado here in Kansas.
Interestingly enough the flood insurance program is up for reauthorization (funding) September 30th, 2017 by the federal government. Congress has dilly dallied around for the past several years not fixing a program that has inadequate coverage and actuarially unsound pricing. Instead they pass extensions to procrastinate dealing with a solution for a few months or a year or two at a time. They have even left the program unfunded in the recent past which put all persons at risk that owned a policy or needed to purchase one during this gap period. I digress………………… I can’t fix Washington.
What I can fix and address for you at Kellerman Insurance is that our staff can give you information if you want to know more about flood insurance, talk with you about the limitations of the policy and help you to protect yourself. As a Trusted Choice Independent Insurance agency it is our hope that you never have to experience a flood, fire or tornado or any devastation but please take a moment to ask questions and make sure you have the coverage you think you have.
By – Cindy Hower