Does my Florida Homeowners Insurance Policy cover my House from Flood Damage?
We get asked this question all the time at Greene & Associates. Even more now with Hurricane season approaching. After Super Storm Sandy and Tropical Storm Debby last year, Florida Residents have become concerned about Flood protection. A typical Homeowners Insurance policy in Florida does not cover damage caused by rising flood waters. A Homeowners policy does cover water damage caused by a busted pipe or leaking refrigerator. However, to fully protect your Home from flood waters you need to purchase a separate Flood Policy. When buying a Flood Insurance policy please keep in mind that unless it is lender required for a loan transaction there is a 30 day waiting period before coverage starts.
Flood Insurance policies can be purchased with Building and Contents coverage or with Building coverage only. While building coverage can be purchased for replacement cost; contents are only insured for actual cash value. Replacement cost coverage for your contents is not available on a standard flood policy.
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Florida Has 2 Different Rating Tiers for Flood Insurance Policies
Free Flood Insurance Quotes
If you live in a community that participates in the NFIP, your building and its contents can be covered by a standard flood insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
- Standard Florida Flood Insurance Policies
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren't required to purchase flood insurance in Florida for low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
- Preferred Risk Flood Insurance In Florida
All Properties in Florida Reside in a Flood Zone
Greene & Associates Insurance can provide you with a Flood policy no matter if you own property on the Florida coast, near a river, lake or pond. Our Flood Insurance specialist can advise you on the correct coverage and the proper ways to reduce your Florida Flood Insurance Cost. We work with FEMA and the underwriters at the National Flood Insurance program to correctly rate, underwrite and issue your policy at the lowest available price. Don't wait until it is too late. Contact Greene & Associates Insurance to get you on the path to protection with an affordable FL flood insurance policy.
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