- Does Homeowners Insurance Cover Flooding?
- Do I Need Flood Insurance?
- How Do I Know If My Area Is At Risk Of Floods?
- How Much Is Flood Insurance In Florida?
- How Can I Get A Flood Insurance Quote?
With hurricane season upon us, we have all been tracking the paths of developing storms and maybe even restocking our water supply in case of emergency. With all this preparation, it’s easy to look over how an insurance agency can actually relieve some of the stress and make hurricane season precautions simple.
Recent forecasts have shown that the 2021 Atlantic hurricane season will generate above-average storm activity and landfall. This makes it more important than ever this hurricane season to speak with one of our agents and make sure your property is protected by flood insurance.
DOES HOME INSURANCE COVER FLOODING?
Many insureds may not realize that a standard home insurance policy does not cover flood damage. The lack of coverage for flood and water damage can be crucial when you need it most. When considering that Florida is hit by more storms than any other state in the United States this makes the likelihood of flooding even higher.
And for those who may be asking “Does renters insurance cover floods?” most standard renters insurance policies also do not protect you from flood damage from extreme weather. While your belongings may be covered if a building pipe bursts, this may not be the case for any flooding caused by water coming from outside the building.
Whether you own or rent, it’s always smart during hurricane season to reach out to flood insurance companies in Florida to see what additional protection you can gain.
DO I NEED FLOOD INSURANCE?
Floods are the most common natural disaster. In fact, you’re five times more likely to experience a flood than a house fire over the next 30 years. Flooding can happen outside of hurricane season, so getting protected keeps you safe from whenever the unpredictable happens.
Whether or not flood insurance is required depends on if you live in a high-risk flood area. These properties, especially if you have a mortgage, will be required to have flood insurance.
HOW DO I KNOW IF MY AREA IS AT RISK OF FLOODS?
You can check if your area is at risk of floods by visiting FEMA and entering your address to see where it is on their flood map. However, even in areas that are not prone to flooding, it’s beneficial to have the protection.
Principal Agent Brett White said, “A lot of times, people assume since they are not in a high-risk zone that there is no risk of flooding in their area, which is not the case. They may be in a lower-risk zone. Even then, 25% of flood damage occurs in low to moderate flood risk areas.”
In situations where property owners may believe they will not experience flooding, this can lead to costly repairs. For example, the aftermath of Hurricane Harvey and Irma revealed that up to 80% of reported home damages that involved flooding were not insured. Just like all other preparation for hurricane season, it’s better to be proactive and mitigate any potential damages.
HOW MUCH IS FLOOD INSURANCE IN FLORIDA?
The average cost of flood insurance in Florida is only $700 annually. Which makes that cost a drop in the bucket when comparing it to the potential cost of damages and claims that can add up after a storm.
When it comes to flooding, it only takes one inch of water to cause up to $25,000 worth of damage. In fact, the average flood claim averages to be about $39,000. So, adding a flood insurance policy saves you stress and money.
So is flood insurance expensive? That depends on the person. But when comparing how much flood insurance costs, $58 per month, vs the $25,000 it would cost to repair potential damage. Personally, I'd choose the insurance.
HOW CAN I GET A FLOOD INSURANCE QUOTE?
When it comes to getting a flood insurance quote in Florida: the sooner you act, the better — many flood policies have a 30-day waiting period. So, by the time a storm forms it will be too late to get the added protection.
You can get started on a quote for flood insurance by clicking here or giving us a call at 561-637-2424. All you need to provide is your name and the address you want to add flood protection.