Everything to Know About Flood Insurance in Florida

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Flooding can happen at any moment and in any season, as we’ve witnessed in recent months and years. Floodwaters can wreak havoc on your property, causing significant and costly damage. You may have peace of mind knowing you’re making the right decisions for your family and property by understanding your home’s flood risk and flood insurance options. Here are a few things to keep in mind when it comes to flood insurance in Florida.

The US is very prone to flooding

In the United States, flooding is the most common and costly natural disaster. According to the Federal Emergency Management Agency (FEMA), floods occur in every region of the country and do more damage to houses than any other natural disaster. Not to mention that flooding is involved in around 90% of natural disasters.

Should you get flood insurance in Florida?

You may think that Florida flood insurance is not necessary for every home. It is true that flood insurance claims rarely come from moderate- to low-risk locations. However, consider that the vast majority of the homes and businesses destroyed by Hurricane Harvey in 2017 were classified as moderate- to low-risk. In light of this, we strongly advise you to purchase flood insurance. This way, you won’t have to deal with the repercussions and fix the situation yourself later.

You could pay less for flood insurance

Even if you live in a low-risk zone in Florida, purchasing flood insurance would be a very responsible decision. You should be aware that most insurance companies offer lower prices for cases that are not in severe or immediate danger. Make sure to use this to your advantage.

Know your flood zone at all times

Flood zones are geographic locations with constantly changing levels of flood danger. Everyone lives in a location where there’s some risk of floods. The difference is whether you live in a low, moderate, or high-risk area. For floodplain management and insurance purposes, these zones are the best way to make the needed distinction. Flood zone maps are a valuable tool for calculating the danger of flooding at your home or company. You can find them online at any time. Don’t make the mistake of getting too comfortable if you’re in the low-risk zone. Make sure to continuously inform yourself and to get flood insurance, especially in Florida.

Are you covered in the event of a flood if you have a homeowner insurance policy?

The majority of homeowner’s insurance policies only cover damage caused by fire, lightning, windstorms, hail, and theft/vandalism. Other policies may sometimes cover additional threats. However, insurance companies often exclude floods and earthquakes from such policies. As a result, you’ll need a separate flood insurance policy in Florida to cover any damage to your house caused by flooding.

What if the sum insured doesn’t cover the value of wrecked items?

Many private insurance firms provide additional or extra flood protection through flood insurance in Florida. They can provide limits higher than $250,000 or the NFIP coverage amount. The appropriate team of Florida flood insurance agents can help you find the extra coverage you may require.

Floodproofing a home

Floodproofing is remodeling or rebuilding with materials and techniques that will avoid or reduce flood damage in the future. There’s a vast number of advantages to floodproofing your home. One of the most important is that it’ll save you money and time during the next potential flood by protecting it from damage. Apart from the fact that you should be responsible enough to take the necessary measures and floodproof your home, you should also get Florida flood insurance.

What’s the cost of Florida flood insurance?

Floods and storm surges are not covered by homeowners’ or renters’ insurance. Nevertheless, you can obtain a flood policy through the National Flood Insurance Program (NFIP) or a private insurer. A flood insurance policy via the National Flood Insurance Program (NFIP) costs $562 per year on average. However, you may be able to find lower rates and more coverage flexibility by going through a private flood insurance firm.

Moving because of the floods

Even though you can take many precautions to secure and insure your home, sometimes that’s not enough. Unfortunately, there’ve been cases where homes are ruined in such a way that there’s no going back. If this happens to be your problem, relocation is probably the safest choice. Of course, a flood-related relocation could also arise if your home has become a part of a high-risk zone. Whatever the reason, make sure to relocate in the best way possible. By searching through Best Movers in Florida, you’ll be able to find a company that’ll go great with your needs. Moving is never easier than when someone takes care of the tricky parts.   

Should you purchase flood insurance for your brand new home?

Whether or not you get flood insurance in Florida is usually up to your decision. However, if you’re looking to buy a new home, things could be a bit different. Flood insurance is a must if your house is somewhere in a high-risk flood zone and your mortgage is from a federally regulated bank. As you know, the federal government doesn’t demand flood insurance for properties that are in moderate- to low-risk flood areas. Nevertheless, your lender could insist on it.

Conclusion

As you know, there’s a serious risk of flooding through the whole of Florida. Therefore, you shouldn’t think twice about taking precautions. All homeowners should purchase flood insurance due to the high number of flood claims filed in low- to moderate-risk areas. Do not wait until after a flood to see if you should’ve gotten the flood insurance in Florida.

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