Flooding in Florida, particularly southeast Florida, has become consistent and predictable. Whether it be from heavy rains, flash floods, or floods instigated by large storms, Florida residents can expect 10 - 20 foot walls of water in severe conditions. Recent weather events have only indicated that flooding should become a more pressing concern in the future, and has hence prompted $3.5 million in precautionary investments from the Floridian government in the past year.
However, the responsibility to protect homes and personal possessions is ultimately left to homeowners. This includes basic safety measures during and before storms, but also includes the implementation of insurance plans in preparation for unforeseen events. After all, it only takes 2 feet of water to lift a car off the ground, and 11 inches to cause $50,000 worth of loss.
The point is: floods happen. They are designated as the number-one natural disaster in the United States, and happen to be a formally declared risk in all 50 states. However, most homeowners insurance policies do not cover flood damage. So what options are you left with?
One choice is known as Preferred Risk Flood Insurance. This provides coverage for direct physical loss due to flooding, including:
• Overflow of inland or tidal water
• Unusual and rapid accumulation or runoff of surface water from any source
The alternative choice is Standard Flood Insurance- which is coverage for the same criteria, but typically required by your mortgage broker. This condition will likely be prompted by the location of your home being in a higher risk flood zone. For that reason, the rates for Preferred Risk Flood Insurance tend to be more affordable.
Regardless of your flood policy, your agent has the capacity to integrate your coverage for flood insurance with your home insurance protections. In tandem with other safety measures implemented during weather events, you can rest assured that you are protected by your plan and the support of a good insurance professional.