Did you know that the entire State is in a Flood zone? Owning a home in Florida can be a major undertaking! According to FEMA the highest ranking natural disaster is flooding. Did you know that not all homeowner’s insurance policies cover flood damage? This is when you the consumer needs to be informed on what you are and are not covered for.
We issue flood insurance through several of our home insurance carriers, which is authorized by the Federal Emergency Management Agency (FEMA) to sell flood insurance coverage for your home, or condo and its contents.
There are two types of flood insurance coverage:
1) Building property, up to $250,000
2) Personal Property (Contents), up to $100,000. The NFIP encourages people to purchase both types of coverage. Your mortgage company may require that you purchase a certain amount of flood insurance coverage.
What Is Covered by Flood Insurance—and What Is Not?
Direct physical damage to your building or its contents by or from a flood defined as rising water, or water damage with no physical damage to structure is covered by your flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result of flooding. If the backup is caused by some other problem, the damages will not be covered by your flood policy. Another example is that if you have water damage in your home or condo and there is no physical damage where the water came in, you would not be covered under your homeowner’s or condo policy. We see this type of damage a lot in Florida with our heavy rains. You need a flood policy to cover this type of loss.
Most flood policies are inexpensive, costing about $300.00 for the year. If you live in Florida and own a home or condo you need to have flood insurance. It’s not it we have a major flood disaster, it’s when!
Call us now to discuss your flood policy options. One of our knowledgeable agents are ready to answer all your questions.
You can also buy an excess flood policy if your building or home is valued over $250,000 or your contents are over $100,000.