Insurance- 4/15/2021

Take a few minutes this month to review your existing homeowners insurance policy. Do you have adequate coverage on your investment property? Are you paying too much? Your investment property may not be located in a flood plain, but does your existing coverage protect you against flash flooding or run-off resulting from new construction? What about sudden and accidental water discharge, foundation, or back-up of sewer drain lines and seepage? 

FLOOD INSURANCE FACTS – The following are some important facts about flood insurance.

#1 - Flood is not covered under standard homeowners insurance policies

#2 – Flood insurance costs less than $1.35 dollars per day in most cases. The average flood costs a consumer about $55,000

#3 – 20% of all floods occur in low-to-moderate risk neighborhoods (neighborhoods that probably never flooded before). Just an inch of water that enters your home can cost you thousands in damage

#4 – It takes 30 days for a flood insurance policy to take effect. Thinking you can buy flood insurance when you need it is not a wise decision. It is important to carry flood insurance year round

#5 – The government will not pay for losses not covered by a flood policy. 

Dog Bites!

Does your current policy protect you against dog bite claims? More than one-third of all homeowner’s insurance liability claims are the result of dog bites and canine related injuries. Toby Brooks (toby.brooks@goosehead.com) is an agency owner with Goosehead Insurance and an expert on all matters related to property insurance. Give Toby a call (254-231-0402) or e-mail him if you have insurance questions. Toby will work hard to find you the best policy and can save you money in most cases.