What is Flood Insurance?
GreatFlorida Insurance can help protect your investment with a Florida flood insurance policy through the NFIP. The NFIP is administered by the U.S. Government. It was designed to lower the rising costs associated with repairing damage to property and belongings caused by flood.Florida has the largest number of participants in the NFIP. While flood insurance is backed by the government, it cannot be purchased directly but must be purchased through an insurance agent.
Who Needs Flood Insurance?
Federal law requires homeowner’s with property in flood zone areas or areas designated as high-risk have flood insurance. Depending on the location of the home, flood insurance could be required as a condition of the mortgagee. Properties in areas considered low or moderate risk are not required by federal law to have flood insurance-however, a lender can still make it a requirement. Flood insurance is available to homeowner’s and renters and is highly recommended to all living in Florida.
GreatFlorida Insurance agents can help you identify your property’s risk to assess your needs for flood insurance.
Many homeowners assume they can collect federal disaster assistance if a flood occurs but it is only offered when the president declares a major disaster which only happens in half of all flooding situations.
Why Flood Insurance is Important
The entire state of Florida lies within FEMA’s (Federal Emergency Management Agency) highest designation of storm frequency, making Florida a flood zone with varying levels of risk. FEMA charts flood zones on consistently updated government maps. Flooding poses a threat to a high number of Florida homes due to the proximity to water and the high number of properties in coastal areas.
You do not have to live in a high risk flood zone to experience damage, 25 percent of flood insurance claims come from low or medium risk communities.
GreatFlorida Insurance can help you select the right flood insurance whether you want to cover your structure, belongings or both.
Flooding can be caused several different ways. Hurricanes or tropical storms, an overflow of inland or tidal waters, a rapid accumulation of rain or runoff of surface waters from any source, mudflow or collapse of land or erosion can cause flooding as well as a broken water main.
It takes only inches of water in your home to cause thousands of dollars’ worth of damage. Considering the expenses associated with repairing flood damage it makes sense to purchase flood insurance. According to the National Flood Insurance Program (NFIP) the average flood insurance claim amount between 2010 and 2014 was $42,000.
- Most flood insurance policies require a 30-day waiting period before the policy goes into effect unless you have a new home purchase and closing is less than 30 days.
- Flood policies must be paid in full upfront.
- Policies are purchased for a one year term.
- Premiums are based on the amount of coverage you desire, your deductible amount selected, your property’s flood zone risk, location and foundation type on your home.
- Flood insurance covers the home’s foundation and its support systems as well as appliances.
- Coverage is available for the structure and/or your belongings.
- GreatFlorida Insurance agents can help you identify what is covered under building property coverage and personal property coverage as well as coverage for lower levels in your home such as basements and crawlspaces.
- They can walk you through how damages are valued explaining the difference between Replacement Cost Value, RCV or Actual Cash Value, ACV and other special considerations.
Contact your local GreatFlorida Insurance agent for the best Flood Insurance rates in Florida.