Real Talk w/ Harris – Flood Insurance

– If you live in Houston, there are three
words that you’ve probably heard a lot the last six months that you probably never want to hear again. – One is flooding, the second is Harvey, and the third is insurance – Unfortunately, we’re going to be talking about all three right now – I’m Harris Benson with John Daugherty, Realtors..this is Real Talk w/ Harris – I’m here with Leash Yu with Agency Yu, thank you so much for being here – He’s an expert home owner’s insurance agent and president of Agency Yu – Can you just dive into homeowner’s insurance as it pertains to flood insurance? – For you homeowners and home buyers, you all will have to have homeowner’s insurance – Understand that homeowner’s insurance does not cover flooding. The rising water from outside of your home to the inside of your home and the only way to cover that is to buy a FEMA flood policy – If you live in the Houston area, you absolutely want to buy flood insurance. Period. – Just because your home didn’t flood during Harvey doesn’t mean your home is not going to flood – There are plenty of homes that didn’t flood during Harvey that flooded during previous events – So Harvey floods weren’t just the only barometer to whether or not you should buy flood insurance. – Always consider flood insurance when you’re buying a house and if you own a home – It’s my understanding that there are some implications as to when flood insurance becomes active depending on the way you bought your home – Anytime you buy a FEMA flood policy, there’s a 30-day wait for it to become active – If you pay for it today, you have to wait 30-days for it to become active – The only time you can get around the 30-day wait is if you are buying a house that has a loan on it – If you have a loan on a home and you’re closing on the home today, you can purchase the flood insurance today and it’s effective today. – If you’re buying the house with cash, 30-day wait – If your buying the house after you’ve closed on the home insurance policy, 30-day wait – The only time to get around that is to purchase it the day you close on a home with a loan – This also goes into something we spoke about before – Make sure your insurance agent is a part of your team when you buy a home – You deal with someone like myself as a realtor, you’ll deal with a loan officer if you’re getting a loan – Also make sure that you have an insurance agent right by your side because you all need to be having these conversations, that way you take advantage of every little thing that you can – Because 30 days can truly make a big difference – I’m Harris Benson with John Daugherty, Realtors, this is Leash Yu with Agency Yu

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