Florida Flood Insurance 101

Florida Flood Insurance 101

There are a lot of things that you need to know about Florida flood insurance. Not everyone is required to have flood insurance. However, you need to understand why it’s a good thing to have, what the cost could be, and how it will affect filing claims with insurance in the event that you experience flood damage in one way or another.

What is flood insurance?

Flood insurance is a separate form of insurance from home insurance. It is based solely on instances that involve flooding, such as when your home experiences a significant amount of flood water. Your home insurance policy might not cover anything having to do with flood water, weather comes in from your roof or through your door. As such, you need flood insurance as a way to have the needed coverage.

FEMA is responsible for identifying flood zones across the state of Florida. If you fall within a flood zone, you are required to have flood insurance. If you are on the outskirts of a flood zone, it is highly recommended that you choose flood insurance. Even if you are outside of a flood zone entirely, you may still experience flooding in your home based upon the proximity you are to a body of water as well as to the amount of rainfall that is experienced in a short period of time – such as what would happen if a hurricane hits.

How much does it cost?

The cost of flood insurance is going to depend on several factors. This includes where you are in proximity to a flood zone, the insured value of your home, as well as various other factors. Insurance companies might look at instruction of your home, how many floodplains have been made in your area in the past, and much more.

It’s a good idea to get quotes from several different insurance companies that offer flood insurance in Florida. It will give you the chance to make some comparisons so that you can make a more educated decision about where you get your flood insurance.

How does it affect claims?

Having flood insurance increases the likelihood of a claim being accepted. If you don’t have flood insurance and floodwaters have entered your home, an insurance company may deny the claim. This is all going to depend upon the fine print that is in your home insurance policy. Some policies identify that they will not cover anything regarding floodwater, which means that you need to have flood insurance.

If you have flood insurance, there may be a different deductible to pay. This could be a flat dollar amount or it could be a percentage of the insured value of your home. It’s important to know what your deductible is, even before you have to file a claim.