Why Floridians Need Flood Insurance: Factors to Consider
Learn why you should have a flood insurance policy for hurricane season.
Florida is an absolutely wonderful state to live in, with numerous attractions that excite people of all ages. Travel from one city to the next and you’ll discover beaches, theme parks, recreational parks, retirement villages, and everything else you can imagine. Though Florida is a great state to live in, there are some drawbacks that you need to be aware of and prepare for, specifically severe hurricanes, storms, and floods.
Hurricane season begins on June 1st annually. If you own a home in Florida, it’s important that you have flood insurance so that you can continue to enjoy everything that the state has to offer and keep your life on track. What does flood insurance cover exactly? How can it help during a major hurricane?
Let’s explore several of the biggest factors of flood insurance coverage you should consider.
Severe Weather Occurs in Florida Every Year
The state of Florida is synonymous with certain types of severe storms, particularly hurricanes. Every year, many thousands of homes are put in danger. Last year, for example, Hurricane Dorian caused a temporary loss of power to approximately 140,000 Florida residents and caused significant flooding in areas like Port Salerno. Flood insurance covers you in the event that a devastating flood causes damage to your home.
Homeowners Insurance Doesn’t Include Flood Insurance
You may be surprised to learn that your homeowner’s insurance doesn’t include protection from flood damage. Yes, you read that right. Many homeowners assume that they’re covered for flood damage when they’re not. A homeowner’s insurance policy will typically cover damage caused by fire, lightning, and windstorms. To be fully protected from floods and hurricane flood damage, you must have a separate flood insurance policy.
Hurricane Produced Floods Cause Damage to Everything in Your Home
If you’ve never experienced a flood before, consider yourself very lucky. Aside from fire, flood damage has the most devastating effect on a home. Everything is susceptible to severe damage, including your floors, walls, furniture, personal keepsakes, etc., all of which flood insurance covers. This can save you thousands of dollars that it would cost to repair your home and replace your damaged belongings.
Commercial Business Insurance Doesn’t Include Flood Insurance, Either
Turn on the news during or after a storm and you’ll probably notice that a lot of what’s reported is focused on homes that are being threatened by flood damage or have already experienced damage. Flooding isn’t exclusive to residences, however. Businesses are often hit hard during extreme flooding. Any resulting damage won’t be covered by commercial property insurance. Just like homeowners and those who live in apartment buildings, flood insurance must be a separate policy.
Flood Insurance May be Mandatory in Your Area
Even though the state of Florida doesn’t require a homeowner to possess flood insurance, the federal government has stipulated that it is mandatory in certain situations. If your community participates in the National Flood Insurance Program, you possess a federally-backed mortgage, and are located in the highest-risk flood zones, then purchasing flood insurance is required.
Low-Risk Zones Need Flood Insurance, Too
If you live in a low-risk zone, you may not feel there’s any need to purchase flood insurance. You may believe that doing so would simply be throwing your money away. Anytime you feel like this, just remember what happened to Florida residents during Hurricane Irma. That particular hurricane damaged a high number of low-risk homes that were not covered by flood insurance, leaving many residents destitute.
Getting Flood Insurance Simply Makes Sense
Just imagine what it must be like for a homeowner who finds themselves in the middle of a severe storm knowing that they don’t have flood insurance to cover any damage. Even if you never have to deal with any of the damage that flood insurance covers, the peace of mind that you receive from having a policy are worth the low cost.
Contact Coleman Insurance Agency for Flood and Hurricane Insurance Assistance
Coleman Insurance Agency can help protect you with hurricane and flood insurance assistance. Give us a call at (727) 441-9911 to learn more about what flood insurance covers. Our Clearwater insurance agency staff will provide you with a free, no-obligation quote for coverage.
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