Do you have flood insurance for your Florida property? With Florida’s geography and proximity to water, the state is in the high risk category for flooding. You may not be aware that flood damage is not typically covered by a homeowner’s insurance policy. Specific insurance coverage for floods can help protect you from property loss when a situation occurs.
According to the Federal Emergency Management Agency (FEMA), flooding is the no. 1 disaster in the United States. That is why both FEMA and the National Flood Insurance Program (NFIP) advise every property owner to invest in flood coverage regardless of the risk in their area. Look at what happened in Louisiana! Many of the hardest hit areas in the state were not considered high risk for flooding. As a result, most Louisiana homeowners here did not have flood insurance. Furthermore, any government aid they receive is unlikely to cover their losses. According to a Reuters’ news report, the financial assistance that will be provided by FEMA is intended to “supplement insurance” and will not pay for complete remediation.
What is Flood Insurance?
Flood insurance provides specific coverage against property loss from flooding. It typically covers physical damage to your property and possessions caused “directly by a flood”. Depending on your geographical location, your property is either considered at high, moderate or low risk for a flood. Your insurance premium will vary accordingly. Choosing the amount of your deductible is also an important decision. While a higher deductible might lower the premium you pay, it will also reduce your claim payment.
Review your flood insurance policy carefully to understand exactly what is covered and make it a point to clarify any questions or concerns with your insurance broker/agent before you sign it.
National vs. Private Flood Insurance in Florida
There are two types of flood insurance available to you in the United States: national or government-run flood insurance, and private flood insurance.
- National flood insurance: This is a flood insurance program run by FEMA through the NFIP. It may be purchased directly from NFIP or any private insurers affiliated with it. FEMA is responsible for setting policy rules and underwriting losses. Rates depend on many factors such as level of flood risk as well as the age of your home and type of construction.
- Private flood insurance: This type of policy usually offers more extensive coverage than the national program and costs more as well. In most cases, insurance providers may offer private insurance to homeowners that already have their homeowner’s insurance policy. Some property owners use it to complement the NFIP coverage.
Shop for Flood Insurance Today
Finding the right flood insurance coverage for your home or business property is critical to protecting your assets and financial future. This involves determining your flood risk based on the zone your property is located in. The experienced brokers at The Nowell Agency can assist you in identifying your location on the flood map and the correct flood insurance rates for your property. Whether you choose national or private flood insurance, you can count on us to help protect your residential and/or commercial property from devastating losses. Meet with one of our friendly, knowledgeable brokers today to discuss your flood insurance options.
Request a quote for flood insurance in Florida or call 888-434-9571 to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency.