Basic Flood Insurance Facts for Florida Residents
When it comes to Flood Insurance, many people believe that they will be covered by their homeowners insurance policy in the event that their house is damaged or even destroyed by a flood.
The Facts
The fact of the matter is that home owners insurance does not cover damages from flooding. This is an important fact to remember especially considering the fact that Florida is a state that is very prone to flood damage.
- The only guarantee for flood insurance is to purchase a flood insurance policy.
- If your local community participates in the NFIP whether your home has been flooded before or not you may still purchase flood insurance
- You may purchase flood insurance at any time. However, there is a waiting period of 30 days before the policy actually goes into effect.
- More than twenty-five percent of the NFIP flood insurance claims are for structures outside the identified flood plains.
- An area need a dam or levees at risk of levee or dam breakage. This is an important note to consider.
- Even if you face moderate flood risks you should get insurance. It can even be purchased for as little as $80 per year.
- You end up paying more for state and federal disaster relief when you do not buy flood insurance.
- It is a good way to help keep disaster relief costs down for taxpayers
- Contents coverage is available
- Flood insurance will not cover contents of a finished basement or basement improvements. This includes: finished walls, floor, and ceilings.
