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People who suffered major property damage along the Upper Guadalupe River are learning the hardship of a disaster without flood insurance. Insurance experts said fewer than 7% of Texans have flood insurance.
But a new program offers some relief.
Many homeowners have insurance for their property — but it doesn’t cover flood damage.
That means even if their home is destroyed in a flood, their regular insurance won’t pay for repairs or replacement.
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The Federal Emergency Management Agency (FEMA) reports that more than 25% of flood insurance claims come from outside high-risk flood zones.
Many homeowners have been unable to sign up for FEMA's National Flood Insurance Program because the premium must be paid up-front and all at once.
However, there is now a change that allows for an installment payment plan.
The average annual premium for a policy from this program is approximately $900, which breaks down to about $75 monthly — according to Nerdwallet.
Policyholders can receive further information about the plan from their insurance provider.
