Flood insurance in Florida is essential. In the coming decades, there is a 26% risk that severe flooding may occur on one-fourth of all Florida properties. As a property owner, if you do not have flood insurance, your possessions are at risk, and you face the danger of having to pay for potentially expensive repairs out of pocket.
In an effort to provide you with dependable information concerning flood insurance, we are sharing four common misconceptions.
#1 Homeowners Insurance Covers Flood Damage
Homeowner’s insurance covers a variety of losses and occurrences including fire, powerful winds, and even theft, but many of these plans exclude losses brought on by water.
In fact, if you are a homeowner, it is important to note that most homeowner’s insurance policies do not provide coverage for flood-related damage. As a result, if there is a flash flood, hurricane, or other water-related catastrophe, you may be at risk.
#2 People in Low-Risk Areas Do Not Need Flood Insurance
It’s a reasonable assumption to think that because you live in a low-risk location, you don’t need to invest in flood insurance for your home. Unfortunately, there is an error in this thinking since areas that are regarded as low-risk flood zones account for around a quarter of all flood claims in Florida.
It’s important to understand that a lower risk does not equate to zero danger. Therefore, take the time to carefully examine your homeowner’s policy and your flood insurance coverage details, or consult a professional insurance representative to determine your coverage status.
#3 Only Homeowners Can Purchase Flood Insurance
In Florida, there are more than 1.5 million condos, many of which are located close to flood plains. Condos on lower floors are just as susceptible to flooding as nearby single and two-story homes.
The National Flood Insurance Program (NFIP) was established enabling homeowners, landlords, and renters to purchase flood insurance to safeguard their property, residence, and possessions.
If you are a renter, you can and should consider purchasing flood insurance to ensure that your residence and belongings are insured in the case of flooding.
#4 Flood Insurance Covers All Damages
People with flood insurance frequently run into financial difficulties because they’ve made the error of thinking that this type of insurance covers all damages associated with a flooding event.
There is a list of exclusions that apply to flood insurance much like most types of policies. This fact makes it very important that you familiarize yourself with your current policy or ask specific coverage questions when shopping for flood insurance.
It’s also important to note that a typical flood insurance policy does not cover living costs, such as rent, while homes are being repaired. Depending on the catastrophe, you could need alternate housing for months or even years.
Protect Your Home from Flooding
At GWK Insurance, we assist people in finding the insurance coverage that will best suit their individual needs and is within their budget. To find out more about how we can get the best coverage for you so that you and your possessions are protected in the case of flooding, contact us for a consultation.