Flood and Hurricane Insurance in Florida: Making Sure Your Home And Assets Are Protected
Flood insurance in Florida can carry some of the most expensive premiums you will find anywhere else in the country. The primary reason for this is because Florida is known for their notoriously bad hurricane seasons and the risk of your home flooding is very high. You need to make sure your home and assets are properly protected by investing in quality flood insurance. You may have a solid homeowner’s insurance policy, but if you live in Florida you are most likely not as protected as you need to be.
Flood insurance in Florida excluded from basic homeowners policies
When you decide to purchase homeowners insurance you are covered in a number of different circumstances. However, the most important risk excluded from homeowner’s policies in this case is flood insurance.
This doesn’t have to be a major problem though, you have the option to receive flood insurance from the national flood insurance program that is administered through the Federal Government Emergency Management Agency. This will only apply if you live in a community that participates in the program.
The minimum amount of flood insurance in Florida you need
The amount of flood insurance you need in Florida varies depending on what area you live or rent in. If you are residing in the southern most part of Florida you will require a bit more. There is not a minimum requirement, but it would be a good idea for you to ensure your home for at least $250,000 in structural damage and at least $100,000 in losses for contents in your home.
How are premiums calculated in Florida?
Even though you are at risk of a flood no matter what part of Florida you live in, your premiums are going to be more expensive if you are in extremely high risk areas. Premiums vary according to FEMA’s assessment of the risk of flooding for a particular home. The closer you are to the Caribbean or another large body of water the higher your premiums are going to be.
The national average of flood insurance is about $240 per year in order to get $65,000 in coverage. This average changes from year to year, because in certain seasons hurricanes hit much worse and rates go up.
Just understand that although flood insurance in Florida can be gotten through a federal program and is not offered by your insurance company, your agent will still be able to help you secure flood insurance and will be able to answer any and all questions about the details of getting flood insurance in Florida.
Hurricane Insurance In Florida:
Florida is known as a state to have one of the worst hurricane seasons in the entire country. Hurricane insurance for those who live in Florida becomes a much needed security blanket. Those who go without it are taking a huge risk. These people are risking their homes by being unprotected, and it doesn’t have to be that way. It is not just hurricanes, Florida as a whole is very prone to instances where flooding might become a problem as well.
What constitutes a flood?
As previously stated it is not just hurricanes you have to worry about, a flood occurs when an excessive amount of water or mud covers land that is usually dry. A flood can also occur when water rises above the normal level because of heavy rain or because of water runoff from heavy snowfall. In the event of a hurricane torrential rain causes flooding as well as moderate runoff and the rising of water.
Hurricane coverage specifically or flood insurance?
There is no particular name for hurricane insurance; the correct term is flood insurance. Depending on what type of policy you have a flood policy might be able to provide coverage for water damage caused by hurricane water. This will be on your standard home insurance however. Your insurance company may be able to find a multitude of different reasons to deny you in this instance. You must have hurricane insurance a.k.a. flood insurance.
What if a hurricane causes a flood and I am uninsured?
You have seen instances on TV where certain parts of Florida were hit by serious hurricanes and it caused so much damage that the government declared the area a national disaster area. In this case government assistance may become an option. You shouldn’t depend on this type of assistance though, because in most cases this assistance is extremely limited.
Hurricane insurance otherwise known as flood insurance is worth the investment because you will have the peace of mind of knowing you are covered should a hurricane cause flood damage to your home.
Is hurricane insurance applicable to anything else besides my home?
Hurricane insurance in Florida or flood insurance is not just for homeowners, it can also be used to protect someone who rents, someone who owns a condominium, or someone who lives in an apartment. You can purchase coverage for your personal property for up to $100,000 as well for added insurance.
