Florida Flood Insurance – It’s Not All The Same

The Sunshine State is a great place to live. It has some of the warmest weather, and there are so many things to do and see all year-long. However, in Florida, we have a rainy season that can sometimes bring heavy rains without notice. There’s also the possibility of tropical storms or hurricanes. In other words, flooding in many parts of the state are likely, and it’s very important to have the right kind of flood insurance. Not all flood coverage is the same, and some policies may have limitations that you’re not aware of. Let’s check out fictional couple Mary and Fred, to give you a perfect example of the importance of understanding your flood insurance policy.

Some areas in Florida are more prone to flooding than others. In fact, if you live in certain flood zones you must take out flood insurance, or you won’t be able to get a loan on the property. However, this was not the case with Fred and Mary. They were in the process of buying a lovely home in the Tampa area. It was not close to the Gulf of Mexico, nor any large bodies of water. Before they bought the property, the real estate salesperson told them there had not been any flooding in the area for a long time, and they were considered “low risk.”

Fred was not in favor of buying flood insurance because their insurance agent told them it was expensive. Besides, since they lived in a low risk area, he didn’t see the need to spend the extra money. Mary thought differently than Fred, and she talked to a woman she knew that worked as an independent insurance agent. She told Mary about preferred risk flood insurance in Florida that was affordable and it would cover most losses.

Mary told Fred that they really needed flood insurance to protect their investment and she eventually convinced Fred to change insurance agencies and buy the coverage. This turned out to be a fateful decision.

Almost one year later, a heavy storm with flash flooding swept through the region and Fred and Mary’s home had several inches of water inside. They called a home restoration service, and the company worked with their insurance company to take care of the damages. Needless to say, Fred hasn’t doubted any of Mary’s opinions since then.

 

How Does Florida Flood Insurance Work?

Flood coverage protects your home from flooding because standard homeowner’s insurance does not usually include flood damage. It may pay for water damage if the roof leaks but if a flood strikes you need special insurance.

 

Who Needs Flood Protection?

Just about every homeowner should consider flood coverage because the state is surrounded by water on three sides and there are several rivers and an abundance of fresh water lakes in Florida. All of these things can present unique flooding hazards. Landlords and people owning commercial property also need this protection.

 

What is Typical Flood Insurance Coverage?

Your coverage depends on whether you choose the government sponsored program through FEMA (National Flood Insurance Program), or you can choose a private market flood insurance program. Dennis Insurance Agency offers both options.  The National Flood Insurance Program offers as much as $250,000 coverage for your house and contents coverage of $100,000.  Private market flood insurance companies often have higher coverage limit options available.

 

You Have Options besides Government Flood Insurance

The Private market flood insurance programs offer many advantages over the government flood insurance program such as:

  • Higher coverage limits available
  • No surveyor’s elevation certificate required
  • No waiting period or shorter waiting period for coverage to begin
  • Payment plan options
  • Lower rates than FEMA in many cases
  • Additional coverage options and endorsement not available through FEMA

 

Preferred Risk Flood Insurance

Many homes in Florida are in zones where flooding risks are low to moderate, and they can qualify for preferred risk policies. This is a very good idea because about 25% of all flood claims coverage from lower risk areas.   Premiums for Preferred Risk Flood Insurance are often surprisingly affordable.

 

Don’t Wait Until It’s Too Late

Once your home gets hit by a flood, it’s too late to do anything about insurance. You could be out many thousands of dollars in damages. Talk to an independent insurance agent from Dennis Insurance Agency today. We’ll go over your situation and help you choose the right coverage for your needs.

Our staff is not paid commissions on sales, so they have no reason to sell you more insurance than you really need. They work hard to serve your needs, and at Dennis Insurance Agency, our clients are our number one concern.

Flooding can happen in Florida at any time of the year, and each day you go without flood insurance you take chances on your financial future. Call us at 800-238-7556 toll-free or click this link for a no-obligation online quote now.