Flood Insurance

On average, Floridians face a dozen tropical storms a year. Often these storms result in significant flooding damage. Flooding is one of the most frequent coastal threats for Florida residents. Many residents believe their homeowners insurance will cover hurricane or flooding damage, but it won’t. Homeowners need to purchase a separate flood insurance policy for flood protection.
 

What Is Flood Insurance? 

All Florida homes may be at risk for flooding. Depending on your risk level, flood coverage may be critical to your recovery after a flooding event.  

The National Flood Insurance Program (NFIP) underwrites most flood insurance plans. If your community participates in this program, you may be able to purchase an NFIP plan. Usually, you can buy NFIP plans through a major insurer and the NFIP Direct system.  

There are two types of coverage: structure insurance that protects your home and contents coverage that insures your belongings. By filing a claim on your flood insurance plan, you may receive compensation for your losses and reduce your flood recovery costs. 

What Does Flood Insurance Cover? 

Flood insurance can protect your home and may cover the following: 

• Electrical and plumbing systems
• Flood debris cleanup
• Furnace, water heater and central air conditioning
• Structural damage 

Do I Need Flood Coverage? 

As a Florida resident, you may be required to purchase flood insurance if:  

• You live in a designated high-risk flood zone and have a mortgage backed by a federally insured lender. 
• Your lender requires mortgage holders to purchase flood insurance regardless of whether you live in a high-risk zone. 
• You live in a high-risk flood zone and have received disaster assistance through FEMA or the U.S. Small Business Administration. If you choose not to buy flood insurance, you typically won’t qualify for future aid.  

How Much Is Flood Insurance? 

Your flood insurance premium depends on your property and location. The Iten Agency can help you decide what flood coverage best meets your needs, if you’re eligible for FEMA flood insurance and how much your policy may cost. 

Flood insurance doesn’t take effect until 30 days after you buy your policy, but if your lender requires you have flood insurance to make, increase, extend or renew your loan, there’s no waiting period.  

Help Protect Your Assets 

You’ve worked hard for your home and belongings. It’s good to get a flood insurance policy to recover if flooding damages your assets. Call the Iten Agency today at 954-680-0360 to get started on your flood policy.