7 Facts About Homeowner’s Flood Insurance in Clearwater
Why homeowner’s flood insurance is important for Florida residents.
Florida is an absolutely wonderful state, but if you live here, there’s a very good chance that inclement weather has been a part of your life. This is why flood insurance is always such a hot topic.
A lot of people don’t seem to understand how important it is to have homeowner’s flood insurance, even if they’ve lived here a while. Let’s take a look at several flood and flood insurance facts you may not be aware of.
Floods are the Most Common Disaster in the U.S.
When you think about it, it makes sense that flooding would be the most common disaster in the United States. After all, it can happen during inclement weather ranging from heavy downpours to powerful hurricanes. In fact, it’s estimated that flooding occurs in approximately 90% of all-natural disasters. It’s also the costliest disaster, which makes flood insurance very beneficial.
Florida is “Designed” for Flooding
A big reason why flood insurance is a common type of coverage for an insurance agency to offer is due to Florida basically being “designed” for flooding. What we mean is that a large portion of the state is relatively flat. So, when a river overflows, there’s often nowhere for the water to go except straight across the land toward homes and businesses. Cities like Miami are in danger because of high tides commonly experienced there.
Dozens of Hurricanes and Tropical Storms
You don’t need to live in Florida to know that the state is rife with hurricanes and tropical storms. What even some residents don’t realize, however, is how prevalent they are. Between 2000 and 2019, for example, there were a total of 81 floods between the two types of storms. This means that, on average, Florida sees approximately nine such events per year.
No “Flood Free” Zones in Florida
A big reason why homeowner’s flood insurance is important throughout the state is because no area in Florida is a “flood free” zone. Each region is designated from low risk to high-risk. Many homeowners who live in low-risk zones decide to roll the dice. Every year, some of these are hit with flood damage, costing thousands of dollars that isn’t covered by their current policy.
80% of Households Aren’t Covered
Many residents believe that their homeowner’s insurance, or wherever else in the state they have coverage, includes flood damage. The truth, however, is that a standard homeowner’s policy won’t include flood coverage. Millions of homes in the state aren’t covered, which includes more than 850,000 residences located in high-risk areas.
Average Claim Can Be 10’s of Thousands
Getting caught with your pants down when a flood occurs can cost you a great deal of money. To give you a real-world example, following hurricane Irma, the average claim payment for flooding was nearly $50,000. Imagine having that level of damage to your home and being forced to pay for it out of your own pocket or by applying for a loan.
Private Insurance Has Better Coverage
Many people choose to retain flood insurance through FEMA’s National Flood Insurance Program. At first glance, this seems like a good idea. After all, FEMA representatives assist with these types of emergencies. Unfortunately, the flood insurance they offer includes caps on coverage and exclusions that can leave you with massive debt following a claim. Private flood insurance is always the better way to go.
Coleman Insurance Will Get Your Covered with Homeowner’s Flood Insurance
Homeowner’s flood insurance should always be a top priority in the state of Florida. Coleman Insurance can help ensure that you’re properly covered for any damage that may occur due to flooding or any other type of incident. As the most trusted Clearwater insurance agency, we can take care of all your homeowner’s insurance needs, auto insurance needs, and more. Contact us through by calling (727) 441-9911 today for a no-cost consultation.
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