How to Shop for Flood Insurance

How to Shop for Flood Insurance

Shopping for flood insurance in Florida is easier than you might think. Many homeowners try to put it off for as long as possible. They don’t want to spend the money and they don’t know what to look for. The good news is, obtaining a flood insurance policy is simple, especially if you know how to go through the process.

Learn Whether It’s Needed

You can have flood insurance whether it’s required or not. However, you want to find out if you live in an area of South Florida where it’s actually a requirement. FEMA updates flood zones on a regular basis, so you can learn if you are in such an area or not.

Your actual address will help to determine if it’s a requirement.

Explore Coverage

You want to find out what is and is not included in your Florida flood insurance. For example, is sewer backup covered? In many instances, it will only be covered if it is as a result of flooding within your area. You will also want to cover various other scenarios, such as what happens if the water gets into your home. Flooring, drywall, furniture, and other belongings should all be covered so that you can file a claim and be confident that everything will be taken care of by the insurance company.

Find Out Deductibles

It is important to look at the deductible, which is the amount of money that you would spend out-of-pocket take care of the problem. This needs to be paid before the insurance company will pay out anything. The higher the deductible, the lower your premium will be. You may have different deductibles for different scenarios as well as different buildings on your property. For example, you may have a lower deductible for a barn or shed then you would your actual home.

Shop for Rates

You need to take the time to shop for rates. This is when it can be beneficial to contact an independent insurance agent. Rather than trying to do all of the work on your own, you can have an agent duel all of the light work for you. They will contact multiple companies that write policies in Florida, get quotes, and help you with the comparison process.

This is advantageous because you want to make sure that you are getting the best price. If you buy flood insurance from the first company that gives you a quote, you may be spending more money. The reality is, you wouldn’t know if you are getting a good deal or not until you have a point of reference to compare against.

Flood insurance can be a lifesaver if you ever need to file a claim. Sewer backup is extremely common in Florida, and low-lying areas near the water may flood very quickly, especially during hurricane season. Whether you are required to have the insurance policy or not, shopping for a policy can be easy – especially when you involve an independent insurance agent in the process.