Many Floridians think their standard homeowners insurance covers water damage caused by storms. However, standard policies do not include flood coverage. With heavy rains, hurricanes, and rising sea levels, flood insurance is often a must for Florida homeowners.
Why Flood Insurance Matters
Floods can happen due to storm surges, overflowing rivers, or even backed-up drains after heavy rainfall. Unlike simple water leaks, flooding is usually defined as water covering at least two acres of normally dry land or affecting multiple properties. Even if you do not live by the beach, intense rainstorms can lead to flooding in inland areas.
National Flood Insurance Program (NFIP)
Most people get flood insurance through the National Flood Insurance Program. The NFIP provides coverage for both the structure of your home and your personal belongings, up to certain limits. If your area participates in the NFIP, you can purchase flood insurance through many Florida insurance agents.
Private Flood Insurance
Some private insurers also offer flood coverage. Private policies may have higher coverage limits and fewer restrictions than NFIP policies. However, they can be more expensive, and availability varies. It is a good idea to compare quotes from both NFIP and private flood insurance carriers.
Determining Your Flood Zone
The Federal Emergency Management Agency (FEMA) maps out flood zones. Homes in high-risk areas (like Zone A or Zone V) often have higher flood insurance costs. Even if you are not in a high-risk flood zone, consider coverage because about 20% of flood claims come from moderate-to-low risk zones.
Wait Periods and Plan Ahead
There is typically a 30-day waiting period before your new flood insurance policy takes effect. Do not wait until a major storm is forecast to try and buy coverage—it will be too late to protect you from damage this season.
By understanding the basics of flood insurance in Florida, you can better protect your home from water damage that is not covered by standard homeowners' insurance. Whether you choose NFIP or a private policy, having flood coverage can save you thousands of dollars and a lot of stress when the waters rise.
