Living in Southwest Florida is a dream come true for many. The beautiful beaches, the year-round sunshine, the towering palm trees – it really is a tropical paradise. But life in the Sarasota area does not come without its hazards and dangers as well, the most obvious of which being our potentially severe weather. From thunderstorms to lightening strikes and driving rain, any day could offer up challenging conditions. Of course, the most infamous weather possibility is a hurricane, and the threat of how one of the many annual named storms may affect our homes and families. The topic of hurricane and flood insurance should be at the tope of everyone’s mind.
In Florida, if you buy your home with a mortgage, your lender will typically require that you purchase homeowners insurance as well as a wind insurance policy to cover hurricane damage. Many may assume that their wind rider will cover flooding as well, but this is not the case. Flood insurance will need to be purchased as a separate policy as well. In fact, your lender may require all three policies – home, wind and flood – depending on your home’s proximity to water. For many, flood insurance remains a personal choice – but may be a prudent move even if you are not in a flood zone. Here’s why.
For any area homeowner, it is important to understand what both hurricane and flood insurance do and do not cover. Here are the basics:
Hurricane Insurance
Hurricane season begins June 1st and last through November 30th. Both your homeowners insurance and hurricane/wind insurance policies will be critical during hurricanes. Your hurricane insurance will cover structural damage to your home, and your homeowner’s insurance will cover the water damage which is the result of rain, or from broken pipes. However, neither will cover damage from rising flood waters.
Flood Insurance
Flood insurance offers protection for destruction caused by rising water, which often results in many thousands of dollars in repair, remediation and restoration expenses. Remember, these losses are not covered under your homeowners policy. This is especially important because 25% of flood claims happen in areas not considered flood zones, so in Florida, no one is really truly safe from a flood.
What Insurance Should You Buy?
No matter where your home is located in the Sarasota area, you will be required to have homeowner’s and wind insurance. (if your home is secured by a federally backed mortgage)
You will be further required to purchase flood insurance if your home or property is located in a FEMA designated flood zone. However, be sure to ask your insurance broker what your risks and vulnerabilities may be. You do not want to find yourself without coverage if your home is destroyed by water.
The professional team at Anderson and Associates Insurance Group are here to help you assess the right insurance policy for you and your family. Don’t take chances with your largest investment – call us today.
Anderson & Associates Insurance Group provides homeowners, flood, auto and health insurance for individuals throughout Sarasota and Manatee County
