Are You A Gambler?
Are You A Gambler?
I recently renewed all of my home insurance policies, the regular Homeowners policy, plus Windstorm and Flood Insurance. Here in the Houston area, hurricane country, home insurance is always a hot topic, and a major pain in the wallet! Where I sit, halfway between downtown Houston and the Gulf of Mexico, pretty much everyone understands that the wind can come calling and lenders generally require basic property hazard policies, but Flood Insurance is optional. That seems odd to me actually, since I would expect the lender to demand as much protection as they can, and of course, they ARE in a position to insist. Even more surprising, my insurance agent told me there are a LOT of people who don’t think they need flood insurance! I find it hard to believe there are that many gamblers out there!
I just thought I’d share a few thoughts... and no, I’m not selling insurance, and I am not getting any kickbacks from the insurance folks!
Part of the resistance problem lies in two words: “Flood Zone”. “Hey, I don’t need flood insurance, I’m not in a flood zone”. Or, there’s the ever popular “It has never flooded here before”. Another good one: “I’m on a hill, everything drains just fine and we’re way above any streams”. Oh yeah, how about “Floods only come once every hundred years (or 500 years)”?
I’ll bet you dollars to donuts that I can find you a flock of people who USED to repeat each of the above rationalizations:
Not in a flood zone:
On a hill:
The FACT is, there is a flood risk anywhere it rains, so, unless you are reading this from the middle of the Sahara Desert, it could happen to you. Take it from someone who had 27” of water on the first floor of MY home some years ago, it is NOT a pleasant experience (how’s THAT for a world-class understatement?).
If you’ve never priced flood insurance, you may be surprised that it is not all that expensive, especially compared to the cost you COULD face if you don’t have it.
FEMA’s Flood Insurance Program web site has a ton of good information that you can check out. Of course your regular home insurance agent can get you covered. Here’s hoping you never get to join me in saying “been there, done that”, but if you DO get flooded, I hope you aren’t in the “don’t believe I need insurance” group.
So, are you gambling on flood water?
P.S. As I write this, the sky is falling, what is referred to in these parts as a “frog-stranglin’ rain”. I think I better start building that ark. Anyone know what a “cubit” is?