12 Aug South Padre Island Texas Flood Insurance
South Padre Island, Texas is a beautiful location along the Lone Star State’s Gulf Shore that serves a dual role as both tourist mecca and year-round home for beach lovers. A beautiful place to live or visit, South Padre Island is also, understandably, at high risk for flooding. Individuals who call the island home all year, or who own property that accommodates seasonal visitors, should take this risk seriously and carefully consider purchasing a flood insurance policy to financially protect themselves against flood damages.
Tropical storms and hurricanes are the main causes of flood events in South Padre Island. Any time a system approaches the island, heavy rains inundate the area and cause flood waters to rise. Additionally, the rains from strong inland storms can affect the island as they move out to sea. While management officials on the island have done their best over the years to mitigate flood risks to property, it’s impossible to eliminate flooding on a barrier island.
So, if the floods cannot be prevented, the next best course of action is to prepare for the floods ahead of time. One way to prepare is to obtain financial protection against flood damages in the form of a flood insurance policy. Many South Padre Island property owners may not realize this initially, but standard homeowners or business policies do not cover the cost of repairing flood-related damages. In this scenario, property owners would be left to finance the damages by obtaining loans or by paying out-of-pocket. Neither is an optimal solution, as even an inch or two of flood waters can result in tens of thousands of dollars in damages. This is why investing in an insurance policy and paying the corresponding premium can end up saving money in the long run.
| SPI Flood Facts– In the last thirty years, eight tropical systems have brought flooding rains to the island (areas are considered high risks if they have a 25% chance of flooding only ONCE in 30 years!)- Tropical systems affect SPI approximately once every four years.
Source: hurricanecity.com |
There are two programs that will provide flood insurance coverage to property owners in South Padre Island, Texas. The first is the National Flood Insurance Program, or NFIP, which is a government-funded program and was the only option for obtaining flood insurance policies for many years. NFIP policies can be purchased through local, regional, or national insurance carriers. The second option is the National Catastrophe Flood Insurance Program (NCIP). Though the name is similar, the NCIP operates differently than the NFIP. The NCIP is privately-backed, with different requirements and different types and amounts of coverage. The NCIP is also a newer option for obtaining flood insurance policies and is offered in only a select number of states at this time, including Texas.
Flooding is an inevitable part of life on South Padre Island, but with the proper financial protection that a flood insurance policy provides, property owners in this little piece of paradise can rest assured that they will not be left in a financially troubling position when the inevitable does occur. The peace of mind that accompanies that knowledge is worth much more than the cost of a flood insurance premium. Taking appropriate action today will mean protection for many future ‘tomorrows. Contact us now for more information about the South Padre Island Texas flood insurance.
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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