FLOOD
INSURANCE
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1
out of 3 homes damaged by flooding lie outside of the
Special Flood Hazard Area (SFHA). |
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The
Town of Trophy Club participates in the National Flood Insurance
Program (NFIP) that makes available federally backed flood
insurance for all structures, whether or not they are located
within the floodplain. Membership within NFIP - and the availability
to Town residents of flood insurance - requires the Town to
manage its floodplain in ways that meet or exceed standards
set by FEMA. As such, the Town updated their Floodplain Ordinance
(2005-18) in June of 2005 to not only meet but to exceed federal
requirements. Federal financial assistance requires the purchase
of flood insurance for buildings located within Special Flood
Hazard Areas (SFHA) - a requirement that affects nearly all
mortgages financed through commercial lending institutions.
While the mandatory flood insurance purchase requirement has
been in effect for many years, not all lending institutions
required flood insurance in the past. Today, however, most
institutions are now requiring the purchase of flood insurance,
and some are reviewing all mortgage loans to determine whether
flood insurance is required and should have been required
in the past. If your property or home is above or outside
the floodplain, you may qualify for a Letter of Map Amendment
to correct the Flood Insurance Rate Map.
Flood
insurance is available for all properties in Trophy Club.
While most homeowners' policies do not cover flood losses,
flood insurance is available for all properties in Trophy
Club. You can protect your home and contents through the National
Flood Insurance Program. You should obtain coverage for structure
and contents. There can be more damage to the contents than
the structure. Renters can buy contents coverage even if the
owner does not insure the structure. There is a 30-day waiting
period before the policy becomes effective.
To
find out more about flood insurance, contact any licensed
property/casualty agent or broker - the same person who sells
your home and auto policies. You can also go to www.floodsmart.gov
for more information and to find an insurance agent in your
area. All agencies charge the same premiums.
If
an insurance agent tells you that you cannot get flood insurance,
you need to report that insurance agent to:
TEXAS
DEPARTMENT OF INSURANCE
Consumer Protection (111-1A)
P. O. Box 149091
Austin, Texas 78714-9091
Fax Number: (512) 475-1771
Complaint
Form
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