Professional Engineering Inspections wishes you a Happy New Year! As the new year approaches it is a good time to remember to run through your annual list of “to-dos” such as changing your smoke detector batteries, and checking your insurance coverage.
The Texas Department of Insurance (TDI) recommends reviewing your insurance coverage annually. In addition to health insurances and auto insurances this review should include insurances on your home, business, and property and should consider all aspects of your risk. In many parts of Houston this includes the need to consider flood insurance.
Did you know that flood insurance is typically not part of your homeowner or building insurance? Did you know that flood maps for coastal areas of Harris County have recently been updated for the purposes of insurance and that new maps become effective January 6, 2017? This is going to result in rate changes for those properties in affected areas. The result is going to be that some owner’s risk and resulting rates are going up while others will have lower risk and lower rates. Remember that you may not be covered for a flood loss if you have not purchased it.
Keep in mind that risk maps such as Flood maps can and do often change. This is why you should review insurance coverage yearly. The Greater Houston area is a fast-growing city and new construction effects draining patterns and ground absorption rates causing areas to flood during heavy rain events that have never flooded in past years. If you live in a high growth area this could include you.
In general, consider flood insurance even if you are not in a high-risk area. Flood insurance rates are normally low in areas with low risk and increase as risk increases. Having a flood policy may literally be cheap insurance.