The weather here in Tulsa, Oklahoma, can be incredibly unpredictable. Local homeowners know all too well how real the risk of water damage is — from spring storms to flash floods, it’s an ever-looming threat. And unfortunately, it’s a hazard not covered by standard homeowners insurance policies. That’s where flood insurance comes into play, but many homeowners don’t understand the importance of this extra policy or how it works. Today we’re here to help by giving you the basics of this essential add-on for Tulsa homes.
What Is Flood Insurance?
All too often we hear stories about homeowners who assumed their standard policy would be enough to protect them from any unforeseen circumstances that might arise, but this isn’t always the case. There are some things that aren’t covered under your standard plan, but that’s where specialized policies like flood insurance can step in to fill the gaps.
Flood insurance was introduced to cover damage specifically caused by rising water. That could include heavy rain, overflowing rivers or even a backed-up draining system. It’s a separate policy from your regular homeowners insurance, but you can get it from many private insurers or even the National Flood Insurance Program (NFIP). It includes two main types of coverage, of which you can find some examples below:
- Building Property; or the actual structure of your home
- Foundation
- Walls
- Electrical systems
- Built-in appliances
- Personal Property; or your separate, personal belongings
- Furniture
- Clothing
- Electronics
- Valuables
Tulsa’s Flood Risk: What You Should Know
If you’ve lived here for any extended period of time, you’re probably already familiar with the flood risk in Tulsa, but here are some numbers to put it in perspective:
- A home in a floodplain (which Tulsa is considered) has a 26% chance of flooding at least once during a 30-year mortgage
- Homes in moderate-to-low risk areas make up 25% of flood claims
- Flash floods and drainage backups can affect homes outside designated flood zones
In other words, if it rains in Tulsa there’s a very real possibility that your home could flood. However, there’s good news too. Thanks in large part to Tulsa’s astonishing flood history – from 1965 to 1980, for example, the federal government declared Tulsa a flood disaster area nine times – unbelievable strides have been made towards proactive floodplain management in the city. In fact, Tulsa is one of only two cities in the country to achieve a Class 1 rating from the NFIP’s Community Rating System. That means you’ll be eligible to receive up to a 45% discount on your flood insurance!
When Should You Buy Flood Insurance?
There’s no bad time to buy flood insurance, except for when it’s too late. Flood insurance policies will typically come with a 30-day waiting period before their benefits take effect, so you definitely can’t wait until a storm is on the horizon to get coverage. So, when should you buy flood insurance? Sooner than later.
You should also keep in mind that here in Tulsa, flood insurance is required by law if you’re looking to purchase, build or renovate a structure located in a flood hazard area. Make sure you look into this before putting a bid on a home, because you might be forced into flood insurance — though as we’ve clearly displayed, that wouldn’t necessarily be a bad thing. You may also be legally required to obtain it if you’re using federally backed financing or you’re applying for federal disaster assistance.
Find Flood Coverage at Glover Family Independent Insurance
If you’ve been convinced – or simply required – to get flood insurance but aren’t sure where to start, we’d be happy to help you find the right coverage here at Glover Family Independent Insurance. We’ll help you assess your risk, find the right policy, walk you through pricing and enrollment and, of course, provide ongoing support long after your policy has been signed. If you have any questions, or you’re ready to get started, give us a call today!