Just How Much Can Your Insurance Policy Protect You from Flood Damage

flood insurance quote Miami

Floods are not a rare occurrence in Florida. As a matter of fact, the risk of flooding in the state is only going up every year. Miami, being one of the top cities of the state, isn’t spared by such damages. So, if you haven’t bought flood insurance yet, you must do it now!

Contact one of the nearest insurance companies for a free flood insurance quote in Miami.

Scope of Flood Insurance

Flood insurance is a standalone policy and so isn’t covered in any form under your standard homeowner’s insurance policy. The scope of flood insurance comprises damages caused by floods, which in turn as caused by hurricanes, heavy rain, or even damaged banks of rivers flowing close by.

But that’s that. A flood insurance policy only covers losses caused by flooding. Nothing else is covered by it.

Scope of Flood Insurance in Florida

A flood insurance policy typically provides coverage for two broad categories, which are:

  • Damages Caused to the Structural Integrity of Your Building: Your entire building’s structure will be covered under flood insurance. However, this category also covers damages to electrical and plumbing systems, water tanks, solar power systems, built-in appliances, and more
  • Damages Caused to Personal Contents Within the House: These will include coverage for carpets, curtains, furniture, artwork, as well as personal items like electronics, clothes, accessories, etc.

Do remember that all the above may not be covered by every flood insurance policy. Some may cover more, some may offer you more flexibility, while some may stick with the rule of the book.

Also, since the Risk Rating 2.0 has just kicked in, expect your flood insurance premium to rise significantly from what it was last year. This has majorly been done due to the ever-rising flood risk and to ensure that everyone can continue to enjoy the same safety cove that they have always done before.

Why Do You Need Flood Insurance

You could well be one of the lucky people who have never seen flooding in their city in Florida. For you, here’re some stats worth noting:

  • More than 20% of flood insurance claims are filed by people who too hadn’t faced flood threats before
  • Floods can spread through your area within minutes, giving you little time to salvage what you can
  • A single inch of a flood could mean losses worth $25,000, if not more

Compared to the flood loss, a single flood insurance policy coverage for an entire year costs much less.

The premium you have to pay for flood insurance coverage will depend on many factors, such as:

  • The construction quality of your home
  • Your proximity to the sea or any other water body
  • How strong is the foundation of your house
  • Frequency of flood in your area
  • The kind of coverage you seek
  • The insurance policy you wish to go with

So, while it can be lesser than $400 for some people, it could also go a bit more than a thousand dollars for others. Your chosen agency will be able to give a more accurate flood insurance quote in Miami.

You could also ask your insurance company to help devise the best possible flood insurance plan for you. If you have chosen NFIP, or National Flood Insurance Plan, you may not be able to make changes to your coverage. But, with most private flood insurance companies, you will have the leverage of designing your flood insurance policy yourself. Your insurance company can do everything to help you make a well-informed decision.

Give them a call to get a free quote and information on many other services and benefits today.