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Things You Must Consider Before Buying Flood Insurance in Broward County

Flooding Insurance

Broward County is known for its mesmerizing beaches and coastline. However, the area also experiences severe flooding events now and then. Just a few months ago, in November 2020, a foot of rainfall caused massive flooding throughout the county. Streets began to look like canals. Losses caused by these floods are estimated to peak hundreds of millions of dollars.

That was just one event. With each year. the risk of flooding and subsequent losses rises. So, if you don’t have flood insurance, you are going to suffer huge financial losses.

Get flood insurance Broward County Florida estimate from a leading insurer near you today.

Until recently, the National Flood Insurance Program (NFIP), a federal plan, was the only available option to Broward residents. But now, multiple private insurance companies offer competitive insurance plans to everyone.

Comparison Between NFIP and Private Flood Insurance

NFIP

Private Insurance Plans

The plan is federally-funded The plans are funded by policy buyers
There is a fixed cap for flood insurance, at $250,000 for property damage and $100,000 for loss of contents The cap is set according to your need and can go into millions of dollars
Wait time to avail insurance coverage is 30 days from the date of purchasing the plan Wait time is always less than 30 days from the date of purchasing the plan
No inclusions/exclusions allowed in the original policy Options to customize plans, which permit adding or removing certain aspects of a policy
Fixed insurance premium charged for similar properties or contents Flexible insurance premium according to the insurance coverage sought over specific property and its contents
Procuring insurance claim may take much paperwork to ensure that all conditions are met before disbursement Procuring insurance claim is easy and quicker, with minimum documentation required
NFIP charges surcharges on certain additions made to the original policy There is no surcharge on private policies whose rates are determined by coverage sought
NFIP only allows for payment against valuables and contents at their actual price within the primary residence Private insurance plans allow the addition of certain contents and secondary residences to the policy

 

The number of natural catastrophes, including hurricanes and floods, which hit Florida every year have risen exponentially. Both the disaster types can lead to floods, making a flood insurance policy more necessary for everyone than ever before.

As a matter of fact, flood insurance is one of the crucial essentials you have to procure before you can buy a property in Florida on a mortgage.

A federal insurance policy like NFIP gives you stable flood insurance coverage that you can procure in a while. A private insurance policy makes the payout sooner, though you will have to qualify for all their conditions before that disbursement is made.

Know Your Flood Zone

Flood insurance premium also varies based upon where you are located. The state of Florida has different flood zones, so be sure to know which zone your house is in before procuring a policy. You just might have to pay a lower premium than what others in your state are paying, for similar coverage.

Speak to your nearest flood insurance company in Broward County Florida to get a FREE estimate and other details.

 

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