How Does A Hurricane Affect Texas Homeowners Insurance

Hurricane season officially starts this summer until November for Texas. As soon as tropical storms began to make landfall in areas such as Louisiana and Southeast Texas, homeowners began to worry. It is the time of year when phone calls begin to pour in regarding coverage for Texans who may be impacted by the large storms brewing in the Gulf's warm waters. What are the most critical items that Texas homeowners should be aware of in hurricanes?

Acquaint Yourself With Your Hurricane & Named Storm Deductible

In Texas, homeowner plans often include three deductibles. If a named storm is responsible for the weather, you will be responsible for the hurricane and named storm deductible. There is a significant cost difference between 2% and 5% of the dwelling's value.

Your proximity to coastal waters may affect the amount of your minimum deductible. Working with an independent insurance agent can assist you in identifying alternatives that reduce your out-of-pocket expenses.

Purchase Flood Insurance As Soon As Possible!

Your homeowner's insurance coverage does not cover damage to your home caused by hurricane-related floodwaters, regardless of how loudly you scream.

If your lender does not need flood insurance at the time of closing, you will likely have to wait 30 days from the submission date of the application before the coverage kicks in. As a result, purchasing it before the event is not feasible.

Establish Or Verify Coverage Without Waiting For Warnings

The fact for homeowners is that if a warning is issued for a specific location, most house insurance companies who provide coverage for coastal properties will disable the option to purchase coverage.

Additionally, those companies will not permit you to amend the policy once the landing zone has been defined.

This is done to avoid what is known as industry-wide anti-selection. The only persons who change at that moment do so with the knowledge that they will make claims, and there will be insufficient premiums to cover those claims.

Act Promptly

Hurricanes are serious business, with unique consequences for homeowners and property owners. Insurance issues might arise when individuals attempt to act in ways that violate these three critical areas. Contact an insurance agent now if you're unsure of the type of Texas home insurance you have for your property near the Gulf. Their expertise can assist you in guiding your decision-making process if another storm occurs this season.