Get the Best Flood Insurance Quotes in Miami to Safeguard Your Property

Flood Insurance Miami

If you have not bought a flood insurance policy in Miami yet, do it right away. The threat of flooding is very much real in Florida. The entire state is a high-risk flood zone. This means that even if it hasn’t flooded in your area until now, it may still happen. Worse, it may catch you off-guard and cause major damage to your home and belongings.

A flood insurance policy helps you replace and repair them without digging into your pocket. Without insurance, you are all on your own. If you are still thinking, it doesn’t harm to get a free food insurance quote in Miami before making up your mind to review your options. And before you think about it, no, flooding isn’t covered by your property insurance. It’s a standalone policy that you have to buy separately to protect from flood damage.

Some Noteworthy Facts

Did you know that:

  • Flood Insurance is regulated in The U.S. by the National Flood Insurance Program (NFIP) and provided to all through Federal Emergency Management Agency (FEMA)
  • An average household flood loss in Florida is about $38,000
  • The entire state of Florida is a flood zone and has different levels of risk
  • More than 25% of flood insurance claims are filed by people living in low-risk areas
  • Only a few of the flooding events are declared as national disasters; this means unless flooding in your area is declared a national disaster you get nothing if you don’t have flood insurance
  • Your typical policy may need you to wait for as many as 30 days before you can avail flood insurance coverage

Is Flood Insurance Necessity or Compulsion

Miami is one of the high-risk areas of the state. So, as its resident, you must procure a flood insurance policy as soon as possible. If you are in the process of buying a home, you will need this policy before your mortgage lender approved you. It is also highly likely that you won’t get a property on rent either unless you have flood insurance.

Contrary to how you perceive it, flood insurance is more good than bad for you. The only thing that you have to do is identify a good flood insurer and procure a policy with an annual premium of a few hundred dollars. This small amount will insure you for flood insurance coverage running into hundreds of thousands of dollars. Considering how devastating a flood can be and how big losses you could be staring at, you wouldn’t find a flood insurance premium to be much of concern.

Which Policy to Buy

You can go with NFIP which offers you coverage of $250,000 for a home and $100,000 for its contents. You cannot seek coverage beyond this cap. You will also have to comply with a 30-day kick-in period from the day you purchase the plan to when you become eligible to avail of its coverage.

If you don’t want to wait for that long or need higher and more customizable coverage, go for some popular private insurance coverage. You can customize their plans as you want and set a premium for yourself accordingly.

Give your nearest flood insurance company a call today to know more.