Florida Flood Insurance
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Frequently Asked Questions About Florida Flood Insurance
Q: Doesn’t my homeowners insurance policy cover flooding?
No. Flood damage is typically not covered by your homeowners insurance policy.
Q: What is covered by flood insurance?
Your flood policy is intended to cover physical damage to your building or personal property “directly” caused by a flood.
Q: I live in a low-risk flood zone. Do I really need flood insurance?
Most likely, yes. It’s a good idea to buy flood insurance even if you live in a moderate-to-low risk area. According to FEMA, about 25% of all flood insurance claims come from areas with low-to-moderate flood risk.
You may qualify for the Preferred Risk Policy, (a lower-cost flood insurance policy) that provides contents coverage beginning at $39 per year. Ask your agent for more information.
Q: Why do I need flood insurance, even though my community has never been flooded?
Flooding occurs in moderate-to-low risk areas as well as in high-risk areas, especially here in Florida. Poor drainage systems, rapid accumulation of rainfall, and even broken water mains can all result in a flood.
Structures located in high-risk flood areas have a significant chance (26%) of suffering flood damage during the term of a 30-year mortgage. A home mapped in a high-risk area is 2-1/2 times more likely to suffer damage from a flood than a fire in the lifetime of a typical mortgage! For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.