A home that sits closer to a body of water, such as the Gulf Coast or a river, is generally at higher risk than a house that’s miles away from the nearest water source. In addition, the home’s proximity to water could affect the price of flood insurance. Texas homeowners who build or buy homes on hills or other elevated areas could get lower flood insurance rates than those who buy homes in lower elevation areas. Homes that sit on higher ground tend to have lower risk of flooding than those sitting in low-lying areas. It may cost more to insure homes in either of these areas than it would to insure homes in a low-risk zone. Known as Flash Flood Alley, a wide band of North and Central Texas regularly sees severe weather that can lead to flash flooding and extensive flood damage. However, the Gulf Coast isn’t the only flood risk zone in Texas. The Texas coast, for example, is particularly prone to flooding as a result of severe weather conditions caused by hurricanes and tropical storms from the Gulf of Mexico. Homes in higher risk zones typically have higher flood insurance rates. Insurance companies then use these maps and risk zones to determine if a home is at higher risk for flooding due to location or weather patterns. FEMA uses geographical and historical flood data to create flood risk zones and risk maps.
Part of FEMA’s responsibilities include monitoring and managing flood risk assessment throughout the country. The Federal Emergency Management Agency (FEMA) is in charge of managing natural disasters and developing risk assessments for future disasters. Flood Risk and ZoneĪlthough flooding can happen almost anywhere, certain geographic regions and features increase flooding risk for homeowners. Additionally, the type of coverage and deductible the homeowner chooses affects what they’ll pay for insurance. Flood insurance companies use data from the insured home to calculate insurance rates, such as the elevation, location, and even foundation type used on the home. Although Texas homeowners typically pay less than the national average, the individual cost of flood insurance depends on a wide range of factors. The national average cost of flood insurance is $771 per year, while the average yearly cost in Texas is $661.
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