Playgrounds, Ex- Girlfriends, and Bad Private Flood Insurance Carriers

Today, we want to talk about playgrounds, ex-girlfriends, and bad private flood insurance carriers, and simply see the ones they have the same.

Ever remember when you were a kid on a hot summer day and you went to go on that slide only to get your legs burned? Sure, you might've reconsidered trying it again later only to get burned.

Ever had that ex-girlfriend that flamed you the first time around, broke your heart, only to find out that you're going to get back together because you wanted to? Well, that's bound to happen again, unfortunately.

This is the same with the private flood insurance market right now especially in the state of Texas. When Hurricane Harvey ravaged Texas, a lot of flood insurance carriers in the private market immediately pulled away from providing flood policies to residents of the state. This is because they have the power to do so and we've mentioned this a bunch of times.

You see, unlike the Federal Emergency Management Agency (FEMA), private carriers aren't required by the federal government to take all the risks. If a private carrier deems that your property's too high of a risk for flooding, they most likely reject from writing you a policy. However, despite this happening with Hurricane Harvey, lots of people seem to forget it happened. You know, like retrying that scorching slide or getting back with your ex.

Private flood insurance carriers might do this again this year as we're facing spring floods and going deeper into the hurricane season. At the time of writing, some carriers are already starting what we call the "spring moratorium" and stop writing policies for certain areas.

It's also possible that we see this happen in Alabama with its gulf coast issue and the Birmingham flooding recently might even put the nail in the coffin. Nashville may also see limited options in the private market, if not having no option at all to go through private flood due to what happened in late March this year.

This is why it's important to do your homework and consult your insurance agent on the long-term rate stabilities of these carriers before you get back to them. You want to look at how claims are handled and how fast they get processed.

These are the things you want to look into to avoid getting burned again by your flood insurance especially if you live in areas like Texas, Louisiana, Tennesee, and even North Carolina where the Topsail Beach area's experiencing these issues. 

Remember, we have an educational background in flood mitigation and we want to help you protect your property's value long term. If you have any questions, reach out to us through the links below.