Hurricane Beryl's impact: 6% drop in FEMA flood insurance policies in Texas
Houston - Hurricane Beryl's devastation is a reminder of the importance of having flood insurance to cover homes and properties in case of flooding.
Yet a report from Neptune Flood Insurance found 6% of FEMA flood insurance policies in Texas were canceled over the last year.
It reports Harris County has 20,645 fewer policies in place, Galveston County 1862 fewer, Montgomery County has 2485 fewer policies, and Fort Bend County 5548 fewer.
Many people canceled flood insurance as they wrestled with the rising cost of living from high inflation and rising FEMA rates.
But many don't realize that several private insurers also offer flood insurance, often providing more coverage at a 20% to 25% lower cost.
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While FEMA insurance is limited to $250,000 coverage for rebuilding, private insurance policies can provide higher amounts of coverage.
Private policies can also take effect much more quickly than FEMA.
"Through the government, the standard waiting period is 30 days. So, unless you have a home closing, it'll take 30 days for coverage to come into effect. Through Neptune, that's 10 days. And so you're able to get that coverage more quickly," said Matt Duffy of Neptune Flood Insurance.
"We also offer broader coverage. For example, temporary living expenses: if a storm comes through, and you're forced to leave your home, and you have to go and get a hotel or, you know, an AirBNB and be somewhere, we offer coverage that will pay for that," added Duffy.
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LendingTree offers a look a variety of private insurers offering flood insurance, including:
- Allstate
- Geico
- Neptune Flood
- Travelers
- Wright Flood
As it's early in the hurricane season, experts say property owners can still explore their options to have flood insurance in place throughout the season.