Flooding, or an excess of water that pools up on normally dry land, is one of the most common and damaging natural disasters in the country, especially in the state of Florida due to the frequent rainfall and proximity to water.
Given the higher risk of flooding Florida is subject to, it may surprise you to learn that most insurance policies do not provide coverage for these types of damages. However, some may provide it, which is why it is important to review your policy and determine if yours does.
If your policy does not provide coverage for flood damage, it may be worthwhile to purchase a separate flood insurance policy that provides you with the right coverage for your property, belongings, and budget.
Understanding The Value of Flood Insurance Coverage
Ensuring that you have proper coverage if your home gets flooded can help financially mitigate the loss of things you value—such as your home and belongings.
Flood insurance is a valuable investment that can be purchased at a variety of price points and offers coverage for both your property and its contents.
Remember that flood insurance, like most insurance policies, is about helping you avoid incurring hefty repair and replacement bills when a flood, or accident, occurs.
What Does Flood Insurance Cover?
Your flood insurance coverage and cost will vary depending on your needs and budget. There is a federal National Flood Insurance Program (NFIP) which is designed to help reduce the socio-economic impact of floods.
The NFIP has a cap of $250,000 to replace any structural damage of the property due to flooding and an actual cash value coverage cap of $100,000 for any loss of personal possessions.
Investing in a separate flood insurance policy will often provide financial coverage for both damaged property and damaged personal belongings resulting from flooding. However, not all flood damages are covered within your flood insurance policy.
What Doesn’t Flood Insurance Cover?
Separate flood insurance policies typically do not provide financial coverage from water related damages resulting from leaks, seepage, or wind driven rain.
For example, a sewer backup that leads to flooding in your home is not covered unless the root of the sewer backup was directly caused by a flood event.
Should You Get Flood Insurance Coverage?
Buying a separate flood insurance policy may make more sense for some individuals than for others. You can use this flood zone map to determine your home’s flood risk. Many Florida homeowners will often have a separate flood insurance policy to best protect them.
At GWK Insurance, we help individuals find the best insurance policies for their unique needs and budget. Contact us today to learn how we can help find the right flood coverage for you.