Floods in Florida can strike unexpectedly, causing devastating damage to businesses, homes, and belongings. Many property owners assume standard insurance covers flood damage, but it does not – leaving them vulnerable to massive financial loss.
Additionally, the misconception that you must be near a river or on the coast to be impacted by Flood is what we find catches a large number of people who suffer Flood losses unaware.
Did you know the majority of Flood related damage occurs in areas that are NOT considered to be a “Flood Zone”? Not only in Florida, but Nationally this statistic holds up year after year. Florida and other parts of the Southeast United States that experience Tropical Storms and Systems are even more vulnerable to Flood loss. I’ve personally witnessed areas that had never flooded before experiencing substantial Flooding with Neighborhood after Neighborhood with water up to the middle of the windows.
Florida is also subject to Tropical events including Hurricanes. In addition to storm surges that may accompany a Hurricane, a Tropical Storm is capable of dropping amounts of water measured in feet over a single area for hours or even days and the water simply has nowhere to drain.
Several recent flood events raise concerns for the Federal Emergency Management Agency (FEMA) and the insurance industry. These include intensifying weather patterns, extreme rainfall events and water management dam failures. Floods are also becoming more frequent and severe. There are many factors that are contributing to the expanding threat of Floods. They include:
- Outdated Drainage Systems: Many cities have aging drainage and stormwater management systems not designed to manage current rainfall intensities.
- Levee and Dam Failures: Some levees and dams are aging or inadequately maintained, increasing the risk of catastrophic flooding if they fail.
- Development in Flood-Prone Areas: Continued development in historically flood-prone areas or newly classified high-risk zones heightens exposure to flooding.
- Urban Sprawl and Impervious Surfaces: Rapid development and the expansion of impervious surfaces (e.g., roads, parking lots, and buildings) reduce natural water absorption, increasing runoff and flooding.
- Hurricane Activity: There is evidence of increased hurricane intensity, leading to more significant storm surges and flooding.
- Sea Level Rise: Rising sea levels are exacerbating coastal flooding, especially during high tides and storm surges. This particularly affects coastal communities along the Gulf Coast and East Coast.
- Increased Rainfall and Storm Intensity: Climate change is leading to more intense and frequent rainfall events, resulting in flash flooding and river flooding.
Flood insurance helps to assist property owners with these problems. Flood insurance can offer protection against rising waters from storms, overflowing rivers, or heavy rain. The cost of repairs can easily reach tens of thousands, while flood insurance provides peace of mind at a fraction of that price.
In response to the increasing threats contributing to Flooding, Flood maps and zones are changing from their historical reference. FEMA has been working to address the factors contributing to the increasing Flood events by modernizing their maps and zones. The introduction of “Risk Rating 2.0” continues to enhance their modeling through technology and an increased understanding of the evolving risks now rates every structure individually based on its unique characteristics. No longer are homes simply clustered together based on the zone or area they occupy.
Private Flood Insurance has also entered into the Flood insurance market introducing their own modeling and technology to identify their cost verse risk rates.
It is too early to tell who, if anyone, has the best model for determining the Flood cost vs. risk exposure, but because FEMA is a US Government agency, they have always maintained stability in price and availability in what is a very volatile insurance line.
It’s nice to have choices, but no matter which choice you make, Private or Conventional Flood Insurance, it is clear everyone in Florida should have it. It pays to have an insurance agent who is trained and understands Flood Insurance. As one of the top Flood Insurance Agencies in the United States, Harris Insurance in Fort Walton Beach has the knowledge and experience to help with all your questions. Find out more and quote your own property in under 2 minutes by visiting https://www.harrisinsurance.com/floodinsurance/
Don’t wait until it’s too late – Because of the nature of Flooding, almost all Flood insurance is subject to a waiting period before coverage can be effective. Securing flood insurance today ensures you’re prepared for tomorrow’s uncertainties.
By Whit Harris, CIC
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.
