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flood insurance

What You Need To Know About Home Insurance Gaps

Protect your home from costly insurance gaps!

You’re the king (or queen) of your castle! You’ve invested in homeowners insurance and you always take the necessary precautions. You’ve ensured that your home is well cared for, but even with all your efforts, your home may be at risk for insurance gaps. Make sure there isn’t a lapse in your coverage. Check out these common insurance gaps mistakes.

  • Home Equity vs. Rebuilding Costs. Make sure that you have enough home insurance coverage for rebuilding costs. The value of your home, including the land it’s on is very different than rebuilding costs. Don’t confuse the two.
  • Coverage Limits. Be aware that there are limits to your coverage. Should you need additional coverage for your home consider taking out a personal property or umbrella insurance policy. Just be sure to conduct annual home inventories to ensure that all your coverage information is up to date in case you need to replace something.
  • While you may assume that your policy has you covered for water damage, that’s not the case. Far too many homeowners find out that their coverage isn’t sufficient until it’s too late. Flooding caused by both environmental and human sources are not covered under your home insurance policy.
  • Natural disasters. While your insurance is there to keep you and your home safe from damage and disaster, most natural disasters aren’t covered by your home insurance. You need a separate policy for each natural disaster.

Be sure to protect your castle with the right insurance policies. From flood insurance to personal property policies, contact the professionals at The Schwab Agency. Located in Colleyville, Texas, we serve all your insurance needs.

Flash Flood Safety Colleyville TX

Stay safe from the dangers of flash floods.

From the polar vortex to record-breaking heat waves, weather patterns in the U.S. have been a little crazy over the past few years. With unpredictable weather patterns and an increased risk of flood, make sure you’re prepared for the unexpected. Be sure to know what to do in the event of a flash flood.

A flash flood generally occurs with heavy rainfall, when the ground is unable to absorb all the water, and especially near rivers along the floodplain. They’re likely the most common type of natural disaster and can be extremely dangerous.

  • In the event of a flood, make sure that you take necessary precautions and keep an emergency kit handy.
  • Know the difference between a Flood Watch and a Flood Warning. Both instances should keep you on your guard, but they have different meanings. A Flood Watch means it’s possible for a flood to come, whereas a Flood Warning means a flood is coming.
  • Stay vigilant. Be sure to keep and eye on the weather report. Look out for warnings from the National Weather Service.
  • Head to higher ground. In the event that you get caught in a storm, be sure to get as high up as possible.
  • Steer clear of any water. Running water is extremely powerful (It did carve the Grand Canyon after all!). If you come across running water, turn around. A few inches of water can sweep an adult off their feet and a couple feet of water can send a car downstream.
  • After a flood be wary of downed power lines.
  • Inspect your home after a flood. Evaluate any damages and be sure to check for any small critters like rats and snakes that may have taken shelter from the storm in your home.

Make sure you’re prepared for flash floods and get extra protection with flood insurance! For the best insurance, contact the professionals at The Schwab Agency. Located in Colleyville, Texas, we serve all your insurance needs.

Homeowners Insurance Coverage Needs

Investing in the right homeowners insurance policy is the best way to ensure that you and your home are protected in case of any disaster. However, deciding just how much home insurance you need can be easier said than done. Knowing how much protection you need will help to keep all of your belongings protected from any unfortunate accident.

When looking for the right policy, keep in mind that you should invest in enough protection to cover the cost to completely rebuild your home if it is destroyed. You should not base your coverage off of the market value of your home. The square footage, number of stories, age of your house, and many other factors will help to determine how much your house will cost to rebuild. You should also take into consideration the current labor costs and the cost of materials that it would take to get your house looking the same. Working with your insurance agent can help give you a better idea of how much coverage you need.

It is important to keep in mind that while homeowners insurance will provide coverage for many situations, it will not provide protection for any disaster. Typical homeowners insurance policies will not provide any coverage for damage that is done during a flood or earthquake. Only specific earthquake insurance and flood insurance policies will keep your home safe. While you may not be required to invest in these additional policies, they will help to better protect your house.

For all of your homeowner’s insurance needs, contact the insurance professionals at The Schwab Agency in Colleyville, Texas. As an independent insurance agency, we will work with you to ensure that you have the coverage that you deserve, all at the right price to fit your budget.