Flood Insurance Boca Raton
In the eyes of our experienced Florida insurance agents, flooding is the least understood of all risks that Floridians face. Flood insurance is a must-have for Florida homeowners, given the frequent storms, the many flood zones that exist and the large amount of rainfall that the state receives every year. Many people mistakenly assume their renter’s or homeowner’s insurance covers damage caused by flooding. However, this is a mistaken assumption: homeowner’s and renter’s insurance typically exclude damage caused by flooding.
While flood coverage is the one of the most important type of insurance coverage for Floridians, it is not simply due to rainfall. Floods occur regularly in the Sunshine State and nearly every part of the state, particularly in South Florida, is at risk of flooding due to its low-lying nature and proximity to the ocean. Because this insurance is offered through a federal government program that sets rates based on where your property is located, the most important aspects of purchasing flood insurance coverage are selecting the right type of coverage, the best amount of coverage for your situation, and the correct deductible. The experienced insurance agents at The Gordon Agency in Boca Raton can assist you in making these important decisions to protect your home, personal possessions and business from damage caused by flooding.
Flooding Damage is Not Covered
by Most Homeowners or Renters Policies
Many Florida homeowners are surprised to learn, only after their home has flooded and they have suffered thousands or even tens of thousands of dollars of resulting uncovered losses, that their homeowner’s or renter’s insurance does not cover damage caused by flooding. Most homeowner’s insurance policies include a water exclusion that provides that damage caused by, among other things, flooding, pipe leaks, or sewage backups are not covered by the policy. Standard homeowner’s and renter’s policies provide limited coverage for damage caused by rain in certain limited circumstances, but homeowners (or renters) need to obtain separate and specific flood insurance coverage to ensure they are protected. Protecting your home and all that you own is not complete simply by procuring homeowner’s or renter’s insurance; flood coverage is an essential element of your insurance portfolio, particularly if you live in South Florida.
Flooding: A Florida Problem
In Florida, flooding is a serious issue given the amount of rain that is received in the Sunshine State every year. But the lack of elevation also means that virtually the entire state, particularly the South Florida, is prone to flooding even if there is what seems like minimal rainfall. Thus, someone who lives in Florida is much more likely to experience flooding than, for example, someone in Colorado might be. This is simply one more reason it is imperative that Floridians obtain flood coverage through an experienced Florida insurance agent.
Flood Insurance in the United States
The National Flood Insurance Program (NFIP), a government-sponsored program administered by the Federal Emergency Management Administration (FEMA), determines coverage and premiums and provides the actual coverage for flood insurance policies in the United States. Rates for flood insurance are subject to a set rate schedule published by FEMA based on (1) where your home is located (i.e., if it is in a flood plain), (2) how much coverage is selected by the insured, and (3) the deductible selected by the insured. Therefore, the real work in connection with flood coverage is determining what amount of coverage is right for you, how much coverage you need and what deductible would be best for you given where your home is located. This is where experienced insurance agents like those at The Gordon Agency assist you in determining the best protection from floods for you, your family and your home.
Flood Insurance Coverage Options
There are two primary types of coverage available under the flood insurance that can be purchased through the NFIP. The building coverage portion of the policy protects the actual physical structure of your home and will pay for any repairs as a result of a flood. The contents coverage of the policy is, like it sounds, protection for the actual contents of your house. It will pay to repair or replace your belongings that are damaged by a flood.
Obtaining Flood Insurance Through The Gordon Agency
As Florida insurance agents located in Boca Raton who have experience in assisting hundreds of Floridians in not only obtaining flood coverage, but also choosing the right amount of coverage and the right deductible for their situation, we can work with you to determine what coverage is right for your family. Options include what amount of coverage is most appropriate and what deductible you should choose. Don’t delay, however, because flood insurance under NFIP only becomes effective after a thirty- day waiting period. Contact The Gordon Agency to discuss coverage options today.