Texas Flood Insurance in Texas
Although Texas residents probably consider tornadoes the top natural hazard they deal with annually, floods also occur frequently in Texas. Oryx Insurance Group of Texas serves the state with flood insurance to provide protection from financial loss.
The federal government monitors the insurance policies offered through the National Flood Insurance Program (NFIP). The Federal Emergency Management Agency (FEMA) studies each area and uses algorithms to determine the likelihood of a flood in each area. It then maps each area to visually communicate flood danger. Oryx Insurance Group offers flood insurance that meets or exceeds NFIP requirements.
Flood Insurance for Homeowners
Homeowners insurance does not provide coverage for floods, although it does cover many other natural hazards. The federal government requires all financial lenders who purchase insurance through the Federal Deposit Insurance Corporation (FDIC) to require flood insurance purchase by those who take out a mortgage loan. When you purchase a home, the seller must reveal to you before closing if the house sits in a flood zone that requires you to purchase flood insurance.
Flood insurance comes in two parts – structure and contents. You can choose either or both to customize your policy. Most homeowners choose a policy that covers both their home’s structure, so they can cover repair or rebuilding costs if a flood damages the home and the contents of the home.
Flood Insurance for Renters
When you rent a home, whether an apartment, condo, or house, your landlord, the homeowner, carries flood insurance to protect the structure if the home sits in a flood zone requiring it. Their policy does not protect your personal belongings. Without flood insurance, you’d experience a financial loss if a flood damaged your personal property because the renter’s insurance does not cover floods.
Renters can purchase flood insurance that only covers contents. Most renters only purchase this limited coverage flood insurance.
Flood Insurance for Business Owners
Flood insurance also protects businesses. Whether you own the building in which you do business or lease the space, flood insurance protects you from financial loss.
Business owners who own a commercial building in which they do business typically purchase a full flood policy to cover both structure and contents. Business owners who own a building but lease it typically purchase a structure-only policy. In contrast, those operating a business in a leased space typically choose a policy that only covers contents to protect the cost of replacing inventory and business equipment.
Contact Oryx Insurance Group Today
Wherever you reside or do business in Texas, you can count on Oryx Insurance Group of Texas for high-quality flood insurance. Contact us today to protect your home, business, and belongings from financial loss.