The facts on flood insurance in Florida
Most savvy homeowners have insurance to protect themselves, property, and belongings in the event of a disaster. Unfortunately, these same homeowners usually don’t possess flood insurance. Damage from flooding is more common than you might think, especially in Florida. What’s more, your standard homeowners insurance policy does not cover flood damage. Flood insurance needs to be purchased separately. In this article, Kirby Soar Insurance wants to make sure you have all the facts when it comes to flood insurance in Florida.
Flood zones
If you live in a FEMA designated flood zone and have a mortgage on your home, you are required to carry flood insurance. Flood zones are designated according to of their chance of experiencing a 100-year flood. In other words, this refers to a flood event with a 1% chance each year of happening. A flood insurance policies are available through private insurance providers or The National Flood Insurance Program (NFIP).
Flood Damage Can Happen To Anyone
One major weather event can flood your home, whether you live in a FEMA designated flood zone or not. Living in Central Florida, risks of serious weather such as a tropical storms or hurricanes occur an annual basis. If you lack the proper insurance and a flood hits, the damage could be devastating. Lizzie Litzow, a spokesman for FEMA, recently told Consumer Reports, “Flooding is the most common and costly natural disaster and can happen anywhere. Just 1 inch of water can cause up to $25,000 in damage to a home or apartment.”
Two Types Of Flood Insurance
Most residential flood insurance policies are written through the National Flood Insurance Program. The NFIP is administered by FEMA and underwritten by the federal government. Your local insurance agent, like Kirby Soar Insurance, can help you secure a flood policy through the NFIP or a private flood insurance provider. Private flood insurance can be purchased as a standalone policy or in addition to NFIP coverage. Just remember, whichever option you choose, it takes 30 days after the date of purchase for the coverage to become active. In other words, don’t wait until a storm is coming to purchase!
What does flood insurance cover?
Essential systems in your home: This may include your electrical system, plumbing system, sump pump, HVAC, heat pump, or water heater. Any cistern also qualifies as an essential system, as does solar energy equipment, water tanks, and fuel tanks.
Appliances: The list of covered items includes typical household items: washing machines, dryers, ranges, and other built-in appliances such as refrigerators and freezers—as well as the food inside any fridge or freezer. If you have any window AC units, they also should be covered.
Carpeting: Flood insurance should cover any type of carpeting on an unfinished or wooden floor, whether that carpet has been installed permanently or not.
Window treatments: Blinds and curtains should be covered by a standard flood policy.
Exterior buildings: If you have a detached shed or garage and it sustains flood damage, you can earmark up to 10% of total coverage toward that structure, but any of those allocated funds are going to be subtracted from your total amount of benefits.
Personal property: This covers any of your belongings: clothing, furniture, personal electronics, etc., but it won’t cover any personal property that happened to be stored in the basement when the flood occurred. If you had any high-value items such as jewelry, artwork, and furs, your flood insurance will cover up to $2,500 of the value.
Flood insurance also should cover the following:
- Trim and millwork
- Drywall
- Cabinets
- Bookcases
- Foundation walls
- Staircases
- Anchorage systems
Things Flood Insurance Does Not Cover
Damages Not Directly Cause By A Flood
- Your flood insurance will not cover damage from a sewer backup unless it was a direct result of flooding.
- Moisture, mildew, or mold is not covered under your flood insurance policy unless it can be directly attributed to the flood.
Other Items Not Covered By Flood Insurance:
- Additional living expenses, such as temporary housing or hotel costs.
- Loss of access or use of the property
- Any financial loss due to disruption of business if you work from home
- Property and belongings outside the home, including trees, plants, walkways, decks, patios, fences, pools, and hot tubs
- Any currency, precious metals, and/or valuable papers damaged in the flood, including certificates of stock
- Most vehicles and their parts
- Any damages from earth movement, such as an earthquake, sinkhole, etc.
Flood Insurance in Polk and Hillsborough County
Living in Central Florida, you can’t afford to go without flood insurance. Thanks to Kirby Soar Insurance being an independent insurance office, we can work with NFIP plans or private insurers to find the best coverage for you. With the risk of hurricanes, tropical storms, thunderstorms and nearby bodies of water potentially overflowing, the coverage flood insurance provides far outweighs the minimal cost. If you don’t have flood insurance, you need to purchase a policy as soon as possible so it is active before a disaster strikes. To find out more call (813) 752-1680 or come by our office at 809 South Evers Street in Plant City. You can also click here to get a quote online!
