Don't Wait to Purchase Florida Flood Insurance

Don't Wait to Purchase Florida Flood Insurance

November 03, 2022

Floods do not follow a map! 

Hurricane Ian brought severe devastation and flooding to various areas of Florida, resulting in around $60 billion in damages leading to the age-old question... "Why is this not covered by home insurance?"

Most Homeowners insurance do not cover flooding, but rather provide coverage for incidents like hurricanes, fire, and water that comes from within your home. There is a difference between water damage and flood damage. Although flooding is caused by water, flood damage and water damage are evaluated separately by insurance companies. A flood is a tremendous overflow of water that submerges dry land. Flooding is also considered to be a temporary condition where an overwhelming amount of water completely or partially covers two or more acres of land in a rural area or two or more properties in a general residential area that is normally dry.

Am I in a Flood Zone? 

Yes. Florida is one of the most vulnerable states to flooding in all of America, as 36% of all properties in the sunshine state are considered to be at high risk of flooding within the next 30 years. FEMA has created a map to indicate high, moderate and low risk flood zones, but no matter where you live or work some risk of flood exists.

Tropical storms and hurricanes in Florida typically cause flooding across the state, making it crucial to secure flood insurance even when it’s not required by your lender. Although FEMA created flood maps for Florida that display the areas most vulnerable to flooding FEMA reports that between 2014-2018 40% of all flood insurance claims were outside of the high-risk flood areas

What is covered on my Flood Policy?

Flood insurance covers the cost of rebuilding after damage to rising water. 

Flood insurance is offered in two types of coverage: building coverage and contents coverage. Most people elect to purchase both, as they combine to provide ample coverage of your home and valuables from flooding damages. Building coverage provides protection for your house itself and all important items attached to it, which include electric, plumbing, HVAC, and solar equipment. Additionally, appliances like the refrigerator, stove, and dishwasher will be covered by your building flood insurance.

Contents coverage is often also known as personal property coverage. This covers your personal belongings such as clothing, furniture, washer, dryer, and electronics like televisions. Rare and collectible items need to be specifically added to this insurance policy to ensure your payout will be enough to cover their worth.

When is Flood Insurance Required?

You are required to purchase flood insurance if you have a government backed loan on a home in Florida that is located inside what FEMA has declared a high-risk flood zone.

If you live in Florida, you should consider purchasing flood insurance even if you’re not required to have it by your mortgage lender. Unfortunately, it does not take severe flooding to cause extensive damage just 1 inch of water can cause $25,000 of damage to your home. Click Here to see how much a flood could cost you! 

Don’t Wait to Purchase Coverage

There is a 30-day waiting period for Florida flood insurance to take effect. Natural disasters do not give a 30-day warning, making it important to be proactive about your coverage. Fortunately, companies like Family Insurance Services are here to ensure you’re covered in the event of a flood. Contact us today to create a flood insurance plan that protects your home and the valuables inside of it.