Flooding can happen under a variety of circumstances, whether resulting from a hurricane, a typical summer thunderstorm, or a burst pipe under your sink. Whether your flooding occurs as a result of natural events or a technical problem, your insurance adjuster will label the result as flood damage during an inspection.
Many people don’t know that their homeowners or renters insurance policies do not cover flooding. Instead, you will need to purchase a separate, additional flood insurance policy to protect your home from water damage due to flooding.
Flood Risks Are Common in Florida
Florida is flat, with much of the state not much higher than sea level. What little soil exists here quickly becomes saturated after several days of rain, while storm drains may fill up and overflow. Once the ground is holding as much water as it can, additional rain begins to pool. This tends to lead to flooding, especially in low-lying areas.
That scenario is just a typical August in Florida! Additionally, Florida frequently experiences hurricanes, which bring wind, several inches of rain, and several feet of storm surge. The storm surge can flood coastal areas, bringing water into homes and even sweeping some beachfront homes out into the ocean when the waters recede.
If I Already Have Homeowners Insurance, Why Do I Need Flood Insurance?
It’s definitely a good idea to speak with a flood insurance agent and determine your flood risks, as well as what level of flood insurance coverage you might need for your home. Most flood policies are an add-on to your current homeowners or renters insurance, and will cost extra.
Am I Required to Have Flood Insurance in Florida?
Florida does not require all residents to have flood insurance. However, the National Flood Insurance Program (NFIP) requires that homeowners in both general high-risk and coastal high-risk flood zones get flood insurance coverage. If your community participates in the NFIP, you will need to get flood insurance.
Some communities may participate with the NFIP to offer discounted flood insurance rates. As an example, the city of Boca Raton uses the NFIP’s Community Rating System (CRS) to manage floodplains, which can qualify residents in high-risk zones for a 15% discount on their rates for flood insurance.
Exception: Mortgage Lenders
Although the state does not require flood insurance in all cases, some mortgage lenders may mandate that you get a flood insurance policy to qualify for a mortgage in a high-risk flood zone.
If you intend to purchase a home in Florida, check the FEMA Florida Flood Maps to see if your new home will be in a flood zone. Speak with your mortgage broker about flood insurance requirements in different neighborhoods.
What Does Flood Insurance Cover in a Flood?
Flood insurance in Florida covers two aspects of your home with separate flood policies: the building and the contents. The building portion of a flood insurance policy covers the structure itself. Flood damage to a building can be limited to standing water damage to the floor and walls, but it could also include rapid flood erosion under the foundation, causing a collapse of part or all of the structure.
The contents part of flood insurance coverage includes the items inside your home. If you lose furniture, appliances, rugs, toys, or anything else from inside your home due to flood damage, this policy can help you recuperate the value and replace your lost items.
Florida residents who want complete home protection for their property and belongings should consult their flood insurance agent about getting both the building and the contents included in their flood insurance coverage.
How Do I Find Flood Insurance Near Me?
Before searching for “flood insurance near me,” consider whether you want to spend the time comparing rates yourself or if you want the assistance of an experienced flood insurance agent. An independent agent usually has access to special comparison tools that allow them to find you the best flood insurance rates from different carriers, allowing them to quickly compare coverage levels for you.
The NFIP, managed by FEMA, determines rates for coverage and premiums, and it also provides the coverage for U.S. flood insurance policies across the country. Rates differ based on how much coverage you choose, your home’s location, and your deductible. An agent can compare options in a few minutes, whereas it could take several hours for you to compare your options through your own research.
Contact Us at The Gordon Agency in Boca Raton for Flood Insurance in Florida
The Gordon Agency, located in Boca Raton, FL, is a multi-line independent agency providing numerous insurance solutions to South Florida residents. We cover home, auto, life, business, and flood insurance, as well as several other options and bundles. We strive to provide the best insurance policy options to South Florida residents. Call us today at 561-988-3330 or contact us online.
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