Flood Insurance

Floodwaters can damage your home and hurt your wallet. And there is something important every homeowner should know: Homeowners insurance does not cover flood losses. Homeowners should obtain this beneficial coverage, especially if they live in flood-prone Florida. 

Florida faces annual threats of flooding caused by numerous tropical storms and hurricanes. According to Florida’s historical records, the state has sustained 12 tropical storms and approximately 120 hurricanes that impacted Floridians. These destructive floodwaters often cause substantial damage to properties, so flood insurance can be crucial for your recovery after a destructive storm. 

What Is Flood Insurance? 
Many homeowners assume the U.S. government will care for their financial needs if they suffer damage due to flooding. However, federal disaster assistance is only available if the U.S. president formally declares a disaster. Even if you do get disaster assistance, it’s considered a loan that you have to repay with interest—in addition to the mortgage loan you still owe on your damaged property. 

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

NFIP plans must comply with federally established standards. There are two types of coverage: structure insurance, which protects your house, and contents coverage, which insures the possessions inside your home. There may also be coverage for debris removal costs, loss avoidance and cost of compliance.  

You may be able to receive compensation for your losses and reduce your flood recovery costs by filing a claim on your flood insurance plan. At the Insure-All Agency, we can help protect your home—and financial future—with affordable flood insurance. 

Are Floridians Required to Have Flood Insurance? 
If you have a house in Florida, 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 its mortgage holders to have 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 (SBA). If you choose not to purchase flood insurance, you typically won’t qualify for future aid.

When Does Flood Insurance Become Effective? 
Flood insurance typically reimburses you for all your covered losses, and unlike federal aid, it doesn’t have to be repaid.  

A flood insurance policy generally doesn’t take effect until 30 days after you buy it, so it’ll be too late if you wait until an approaching storm to attempt to purchase coverage.  

We Can Help You 
It’s good to have a flood insurance policy for your Florida home as soon as you purchase your house. The Insure-All Agency can help you determine the coverage that is best suited for your property and budget. Call us today at 904-725-0933 to get started on your policy.