Corpus Christi Texas Flood Insurance

Corpus Christi Texas Flood Insurance

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For anyone who enjoys warm weather and living near the water, Corpus Christi, Texas is about as close to heaven as one can get. The Gulf of Mexico, Corpus Christi Bay, Laguna Madre and several other bodies of water provide natural beauty not found many other places than the Gulf coast. But the proximity to water also creates a higher opportunity for flooding. For this reason, residents of Corpus Christi should seriously consider purchasing flood insurance for their property.

 

According to the Federal Emergency Management Agency (FEMA), an area of land is considered to be a Special Flood Hazard Area (SFHA) if it has a one-in-four chance of flooding at least once during a thirty-year period. There are many locations in Corpus Christi that meet these standards, and are therefore classified as SFHAs. Tropical storms and hurricanes, as well as seasonal downpours can be triggers for flooding events in the city.

Owners of property  in Corpus Christi that is financed by the federal government may know that they are required to be covered by a flood insurance policy if they are located in a SFHA, but other residents may not be fully aware of the reasons why flood insurance coverage is important. In the event of a flood, standard homeowners or business insurance policies will not cover damages that occur as a result. Even a small amount of water can result in damages that would cost several thousand dollars to repair, and larger amounts of water from storm surge or heavy rains could result in tens or hundreds of thousands of dollars in damages. Very few property owners have that kind of money to spend, so they are left to finance repairs through loans that must be repaid or simply accept the financial ruin.

Playing the Odds?

FEMA designates swaths of land as SFHAs if they have a one-in-four chance of flooding during a thirty year period. These kinds of statistics can lead to a false sense of security. But other data shows Corpus Christi being affected by flood-inducing tropical events once every 4.17 years. Those odds don’t sound so good, right?

 

Source: hurricanecity.com

Flood insurance policies in Corpus Christi can be issued from one of two programs. The first, the National Flood Insurance Program (NFIP), is a long-standing government-backed program that is available for purchase through local, regional, and national insurance carriers. The second, the National Catastrophe Flood Insurance Program (NCIP), is a relatively new program that is backed by private insurers and available in a limited number of states with higher-than-average flood risks. Texas is included in that number.

Each program has its own pros and cons, so it is important that Corpus Christi property owners carefully consider each program and determine which flood insurance policy will best fit their needs. In addition to determining which program provides the most appropriate coverage for the best premium, it is important to note the length of time between policy approval and policy activation. For the NCIP, the waiting time is fifteen days, whereas NFIP policyholders have a thirty day waiting period. This time before policy activation may not seem like a lot, but sometimes even one day can make a huge difference when dealing with unpredictable natural events like flooding.

The decision to purchase flood insurance is not something to be made lightly, but with careful thought and planning. Taking the steps necessary to obtain the policy will provide both financial protection against flood damage costs and an accompanying peace of mind. Contact us now for more information about the Corpus Christi Texas flood insurance.

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All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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