How Do You Determine the Flood Risk of Your Florida Property

flood insurance

Many people still do not understand the threat potential of flooding. Most of these people are those who live in low flood-risk areas or those who have never experienced a flood before. As many as 25% of these people alone file a claim for flood insurance damages every year.

According to FEMA (Federal Emergency Management Association), there are several flood zones designated in Florida alone. These zones are mentioned in Broward County flood insurance maps. By referring to these maps, you should understand the flood risk of your property and buy a flood insurance policy accordingly.

Different Flood Zones of Florida

  • Moderate/Low-Risk Flood Zones

These are the areas where floods have never happened, or it has never felt like a flood there. Flood insurance isn’t mandatory in these zones, but is still recommended for extra financial safety.

  • High-Risk Flood Zones

These are the areas where flooding happens very frequently and often destroys the entire area significantly. Buying flood insurance is mandatory for everyone living in these zones.

  • Coastal Areas

Those living near or along the coastal areas are also at a high risk of flooding every year. Buying flood insurance is mandatory for people living in these areas too.

  • The A Zones

These zones are designated by AE, A, AH, AO, or A1-A30 codes. These zones have a 1% chance of incurring flood damages annually, with the risk factor rising to over 25% for incurring a certain flooding event over a 30-year period.

  • B, C, or X Zones

These areas have less than a 1% risk of incurring floods annually. However, their risk factor also rises significantly over a 30-year period.

  • The V Zones

The zones designated as VE, V, or V1-V30 are those coastal areas that have a 1% chance of incurring flood annually, with the risk factor going above 25% over a 30-year period.

  • D Zone

These zones do not have a defined flood risk factor yet, but are still considered a flood risk.

Why You Need Flood Insurance

Flooding is the number one natural disaster recorded every year in the United States. While everyone in Florida is considered at flood risk, it is imperative to understand the risk factor in different zones. You can refer to the Broward County flood insurance maps to understand where you stand right now, and how much you can pay for flood insurance to secure yourself from incurring an unexpected loss in the future due to a flood.

How is Flood Insurance Cost Determined

It goes without saying that the higher flood risk an area is at, the higher will be its insurance premium. The premium value is also based on the flood risk an individual property carries. As such, its quality of construction, the height at which it’s built, its floodwater drainage system, and more can also determine how much premium you have to pay for flood coverage.

The recent Risk Rating 2.0 update has increased flood insurance premiums for all insurers across the country. Despite that, the cost of flood insurance in Florida is still one of the most competitive in the country.

It takes a single flooding event to prove the worth of a flood insurance policy for you. Every single inch of flooding can cost you losses over $25,000. So, buying a policy worth a few hundred dollars for a year is a win-win situation for you.

Given that many insurers are serving Florida today, you can choose your kind of flood insurance based on its premium, scope of coverage, and other terms and conditions. You should make sure to understand their terms better so that you don’t see surprised coming your way when it’s time to encash your policy.

For more information check out the Broward County flood insurance maps or call your nearest flood insurer for a free quote today.