Two major catastrophic events happen all around the state of Florida every year – hurricanes and floods. Floods in particular have caused maximum damages to the entire country, with losses running into hundreds of billions of dollars. Despite that, most people do not request a free Florida flood insurance quote to date. Why is that?
Many Don’t Know About It
To this date, people of Florida either don’t know about flood insurance or believe it to be one of the parts of their homeowner’s insurance, which is not true. For a great deal of time, they didn’t need this insurance either, for many had never witnessed severe floods anywhere around their locality.
That is no longer the case. The entire state of Florida today is a flood-risk zone in some capacity. The coastal areas are indeed under a higher flood risk, but the inner coastal areas aren’t too safe either. It wouldn’t be wrong to assume that floods would have wreaked havoc throughout the entire state within the next 20-25 years, if not sooner.
Why You Need Flood Insurance
A single inch of flood can cause thousands of dollars’ worth of damage to your home. In comparison, flood insurance costs just a few hundred dollars for an entire year. The coverage can vary based upon which policy you have chosen. Since homeowner’s insurance doesn’t provide flood insurance coverage, all that loss will be on you.
A recently introduced bill referenced how the flood risk in Florida is rising fast. It highlighted the need for a higher insurance premium to cover all the damages. It will not be surprising to see that change charging you more for the same insurance policy in just a couple of years!
But if you have a flood insurance policy already, you don’t have to worry about it for a while.
What Does Flood Insurance Cover?
- Damage to the Building: Any damage to the structure of your home, small or big, foundation included, is covered under flood insurance.
- Damage to Building Contents: That is a reference to your personal items that were in there and got damaged due to flood.
Typically, flood insurance helps you get up to 80% of compensation on the actual value of the items or appliances you lose to flood. This may vary for different policies and insurers.
Options for Flood Insurance Policy in Florida
NFIP (National Flood Insurance Program): NFIP is the benchmark of all flood insurance policies. It is a federally-backed plan that provides up to $250,000 compensation for structural damage to your home, and up to $100,000 compensation for loss of personal items.
Private Insurance: Different private insurance companies offer their own custom plans across the state. Private insurance caters to those who don’t want to be bound by the limitations of NFIP, such as:
- No higher cap on the amount of coverage
- Flexible insurance plans
- Option to exclude or include certain items from a regular policy
- Lower kick-in time period before you can avail insurance coverage (it is 30 days for NFIP)
- Lesser paperwork involved
Go ahead and ask for a Florida flood insurance quote from your area’s leading flood insurance companies today. This is the time to get the best rates on your policy before the prices go up forever.