As a homeowner, protecting your property is of the utmost importance. After all, that’s why you have insurance! But exactly how much insurance do you need?
According to a recent AAA survey, two-thirds of Florida homeowners don’t have flood insurance, despite the state’s hurricanes, rainfall, and thousands of miles of coastline. Unfortunately, many of these households will find themselves wishing they bought flood insurance in Florida when they had the chance.
Regardless of where you live, all Floridians should have adequate flood insurance. In this article, we’ll walk you through the importance of this valuable coverage and why living in a “low risk” flood zone is no guarantee that you will escape unscathed.
What Is Flood Insurance?
Flood insurance is a type of policy that covers damage specifically caused by flooding. This may include events like rising water from heavy rain, hurricanes, or overflowing rivers and lakes.
Depending on your policy, flood insurance may cover structural damage to your home such as floors, walls, and electrical systems, and may also include personal property like furniture, clothing, and appliances.
Who Needs Flood Insurance in Florida?
Contrary to popular belief, flooding is not isolated to coastal regions or places labeled high-risk. Florida is a flat landscape with frequent rainstorms and hurricane activity—this makes most properties vulnerable even if they’re inland.
Surprisingly, a significant number of flood claims come from areas considered to be low risk. That makes it important for home and business owners to understand their potential exposure and consider whether flood insurance makes sense for them.
Water Damage Is NOT a Flood
In a AAA survey, 9% of respondents said they didn’t have flood insurance because they believe their home insurance is enough. Unfortunately, there is a big difference between home insurance vs flood insurance, and flood damage is not covered under your standard homeowners insurance policy.
Most insurance companies will offer coverage for water damage that originates inside your home—such as a plumbing leak—or from rain that enters your home through the roof or walls.
Floods, on the other hand, come from rising groundwater, regardless of whether that water originally came from rain or not.
There are three types of floods:
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Flash floods occur when there is a large amount of rainfall in a short period of time that cannot be absorbed by the ground.
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River floods are caused when a river, stream, lake, or other body of water overflows due to high amounts of rainfall.
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Storm surge occurs when a high pressure system (such as a hurricane) pushes large amounts of water onto the coast.
If you experience water damage caused by a flood, your homeowners insurance will not cover it.
What If I Live In a Low-Risk Flood Zone?
Many people use the Federal Emergency Management Agency (FEMA) flood map to help calculate their flood risk. However, this map may lead people to believe that they cannot experience a flood if they are not in a high risk zone.
Unfortunately, this could not be further from the truth. According to FEMA, 1 in 3 flood claims come from low- and moderate-risk areas.
Florida’s weather, waterways, and flat terrain mean that there is never a 0% chance of flooding, even if you live inland in a “low-risk” area. And just a few inches of water can cause thousands of dollars in property damage.
You Need Flood Insurance
To cover flooding damage, you will need to buy flood insurance.
Flood coverage is available through the National Flood Insurance Program (NFIP), which was created by Congress in 1968 to help make flood insurance available—and affordable—to everyone.
The average cost of flood insurance in Florida is about $865 dollars a year, and it can save you thousands of dollars in property damage. Contact your local independent insurance agent for a flood insurance quote based on your address and risk factors.
It’s worth noting that there is a 30-day waiting period before your flood policy will go into effect, so it’s best to purchase it before the beginning of our rainy season (which typically starts in June) or as soon as possible.
Frequently Asked Questions About Flood Insurance in Florida
Does homeowners insurance cover floods in Florida?
No, standard homeowners insurance policies typically do not cover damage caused by flooding. Flood protection usually requires a separate policy, whether it’s through the National Flood Insurance Program (NFIP) or a private insurer. This distinction is important, especially in a state like Florida where flooding is common.
How much does flood insurance cost in Florida?
The cost of flood insurance in Florida can vary depending on several factors, including your property’s location, elevation, flood zone, age, and the type of coverage you choose. Homes in high-risk flood zones will generally have higher premiums than those in lower-risk areas. While prices differ from one property to another, policies can start at a few hundred dollars per year.
Can I buy flood insurance if I live in a low-risk zone?
Yes, flood insurance is available to homeowners and renters in low-risk areas, and it’s often more affordable in those zones. Even if you’re not in a high-risk flood zone, flooding can still occur due to heavy rain or drainage issues. In fact, a substantial portion of flood claims come from areas considered low to moderate risk.
Stay High and Dry With Flood Insurance
As one of the most common natural disasters in the United States, floods should never be taken lightly.
If you are one of the millions of homeowners without flood insurance, it is vital that you contact a local independent insurance agent such as Darr Schackow Insurance. Compared to the cost of cleaning up after a flood, flood insurance is quite affordable. And the peace of mind that comes from knowing that you’re protected is worth it.
Good hurricane preparedness goes far beyond stocking up on batteries and bottled water. Whether you live in Gainesville or Jacksonville, you need to make sure that you will be financially protected if the worst happens.
Contact us today for a free quote.