In 2021, the US experienced some of the worst weather events it has ever known. There were 20 separate billion-dollar weather and climate disasters. Although only two of them were officially flood events, many more brought flooding in their wake.
The bottom line is that if you’re a Florida homeowner, you need to get flood insurance. It’s not just there for catastrophic events – it’s there to protect you against localized flooding that can wreak havoc on your home.
1. What Is Flood Insurance?
The first thing you need to know is that flood insurance will not be included with a standard homeowners insurance policy. Flood insurance is almost always a separate policy for Florida properties.
Flooding should not be confused with other water-related problems within the home. Water back-up coverage is another coverage that can be added on to your homeowners policy but is not the same thing as flood damage. Flood is typically defined as rising water that affects two properties or two acres. If you have plumbing problems or a burst pipe, your homeowners policy would respond for the damage caused (assuming you’ve elected to purchase the proper coverage). But if you get flash flooding caused by heavy rain, your homeowners policy won’t touch it.
Flood Zone Requirements
When you’re buying a house, your realtor should help you conduct research and various searches. These findings will help you determine, among other things, whether your house is in a flood zone. Currently in Florida, if your home is in any other zone than “X” then your mortgage lender may make it a requirement to have flood insurance before they’ll lend you the money to buy your home.
Did you know that you can check your flood zone by using the FEMA Flood Map Service Center? FEMA advises that you should buy flood insurance even if you’re not in a flood zone. (Everything is technically considered a flood zone; some zones are just more “preferred” than others). FEMA also points out that homes in low to moderate-risk flood zones are five times more likely to get flooded than have a fire in a thirty-year period.
While your homeowners insurance will usually include fire coverage, it won’t include flood coverage. With weather and climate disasters on the rise, it’s the safest course to purchase flood insurance each year to protect your home.
Flood Insurance Options
The Government-run National Flood Insurance Program (NFIP) was set up to ensure that everyone can get access to flood insurance. It guarantees to provide insurance to homeowners, even in high-risk areas. In some cases, it may be the only type of flood insurance available to you.
There are very few exceptions to this coverage. However, in certain parts of Florida, such as the Coastal Barrier Resource Areas (CBRA), this coverage is not available. There are other types of flood insurance open to people living in these areas through private markets.
But for most homeowners who do not live in high-risk flood zones, there are many insurers to choose from. An insurance broker will help you to get the residential property and contents coverage you need.
How Long Do Flood Policies Take to Come Into Effect?
Flood policies are different from most insurance policies that provide immediate coverage. Some flood policies can take up to 30 days to be effective after you purchase them. Other private markets have waits up to 10 days so it’s important to get quotes early for flood.
It’s not worth waiting until a storm starts brewing to call a broker for some quotes. You need to act fast to be sure that your home covered.
2. Who Needs Flood Insurance?
Maybe you read the information above and thought, do I need flood insurance? After all, if you live in a low-risk flood zone, are you really likely to ever need it?
The fact is that flooding is the most common threat faced by Florida homeowners. Because of its location, the entire state of Florida is a flood zone. Flooding can occur at any time of the year and in any part of the state.
The bottom line is, in Florida, flood insurance is essential.
In low flood risk areas, the cost of flood insurance is very reasonable. When you work with an insurance broker and they will scour the market to get you the best level of coverage for the lowest annual payment.
3. What Are the Benefits of Flood Insurance?
Flood insurance gives you peace of mind. Just one inch of water could cause an average of $25,000 of damage! It’s not worth taking the risk.
An independent insurance agency like Harris Insurance can help most homeowners find insurance that is far more comprehensive than the NFIP. These private policies can include coverage such as:
- Increased limits
- Fixtures
- Personal property
- Contribution towards measures to protect the property from flooding
- Alternative accommodation
- Rental value
- Pool refill
You don’t have to be a homeowner to think about applying for flood insurance. Renters can purchase contents coverage, protecting their belongings if they get flooded.
It’s Time to Get Florida Flood Insurance
Flood insurance is not something other people need. It’s something that every Florida homeowner and renter should get.
At Harris Insurance, we work with a wide range of insurers. We can tailor our quotes to meet your specific needs and provide a higher level of coverage than the NFIP. We believe in finding affordable premiums without sacrificing coverage.
Don’t wait until it’s too late! Fill out our quote request form today!
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
