Flood Insurance in Florida: An Overview

The reason why flood insurance is essential for Floridian homeowners is that the coastline state is among the most vulnerable in America to natural disasters. With over 1,300 miles of coastline, Florida beach homes have high risks of flooding and damage from hurricanes.

Here’s a deeper look at the importance of flood insurance if you live anywhere in Florida.

Homeowners Insurance Vs. Flood Insurance

Standard homeowners insurance policies don’t include flood damage. Instead, it can be covered by a flood insurance add-on to your existing policy. Homeowners and commercial property owners need flood insurance in Florida because floods are unpredictable in the present age of climate change. Just because a city doesn’t have a history of flooding doesn’t mean it will never deal with the issue.

Flood coverage is separate from general coverage because floods can cause massive damage. While a standard homeowners plan covers certain natural disasters like severe storms, it has limits that can be supplemented and customized with add-on coverage.

Do All Florida Homeowners Need Flood Insurance?

Florida mortgage brokers use flood zone maps to calculate the risks for flooding throughout the state. However, none can predict with absolute certainty what the consequences of flooding will be in any given region. Hurricane Irma, for example, led to unexpected flooding in areas where flooding was thought only to occur once in a century. Since Florida’s elevation is only slightly above sea level throughout the state, all Floridian homeowners should consider flood insurance.

How Can You Get Flood Insurance?

The Flood Emergency Management Agency (FEMA) oversees the National Flood Insurance Program (NFIP). This flood insurance coverage is designed to be affordable for homeowners who live in areas with regular flooding. This coverage, however, is limited to $250,000 in coverage for the structure and $100,000 for personal possessions within the home. Commercial insurers can provide additional coverage.

Extent of Coverage

The NFIP policy covers only up to a specific limit and does not cover all types of flooding. It doesn’t cover pipe leaks, which fall under the category of homeowner maintenance. Nor does it cover accidental flooding due to negligence, like forgetting about a running water faucet.

How Much Does Flood Insurance Cost?

Insurance costs vary among agencies, but the average annual cost of flood insurance to a homeowner is about $700. There are various ways to adjust rates based on what the policy covers. Some Floridians may wonder if they need flood insurance at all. The answer is that it provides predictable financial stability in the sense you’ll be more prepared to handle a flood disaster.

You will sleep better at night as a homeowner if you carry flood insurance in Florida. No one likes natural disasters, but it’s still a good idea to prepare for them. Contact us at Locke Insurance Group for more information about the right coverage for your needs.

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