Flood Insurance

Flooding can have a devastating impact on your home and property. Even a small amount of water in your home may be enough to inflict significant damage and cause catastrophic financial losses. Furthermore, standard homeowners insurance policies may not include coverage for these situations. With that in mind, you should take time to assess and address your flood-related risks and ensure that you have adequate insurance.

What Is Flood Insurance?

The National Flood Insurance Program (NFIP) is managed by the Federal Emergency Management Agency (FEMA). Mortgage lenders may require this type of coverage for homeowners who own property in areas at high risk of flooding. However, this does not mean you can be complacent about such hazards if you live in a low- or moderate-risk location.

In addition to NFIP policies, many private insurers have also begun to offer additional flood insurance options. In general, these plans can be categorized into two classifications:

·        First-dollar—These policies, also known as primary flood insurance, function similarly to NFIP coverage but generally provide higher levels of coverage.

·        Excess—These policies may be advisable for those in high-risk areas where losses may exceed NFIP maximum limits.

What Does Flood Insurance Cover?

In most cases, flood insurance acts as coverage for your physical property. If a flooding event affects your home, your policy may be able to render financial assistance to pay for losses and damages accrued by the following:

·        Structures

o   Foundations

o   Plumbing

o   Electrical systems

o   Central air and heating systems

o   Attached bookcases

o   Cabinets

o   Paneling

·        Contents

o   Clothing

o   Furniture

o   Electronics

o   Curtains

o   Portable appliances

o   Miscellaneous valuables (e.g., art)

When arranging an adequate insurance portfolio, homeowners should also be aware of certain limitations of their flood coverage. For example, losses involving outdoor property (e.g., decks, fences, patios, landscaping, pools), vehicles and currency are generally not included in basic flood insurance policies.

When Should I Get Flood Insurance?

It’s crucial to plan ahead when deciding to acquire flood insurance. In most cases, policies include a waiting period of 30 days before coverage comes into effect. With this in mind, property owners should not wait until the threat of a flood is imminent before deciding to shop for this type of insurance.

Get the Right Coverage

Floods can wreak havoc on your property and leave you with catastrophic financial consequences. In addition, regardless of how well-maintained you keep your home, certain flooding incidents, such as those arising from severe weather events, may be out of your control. Although flood relief may often be available via the federal government, these funds are merely loans, meaning that, without adequate insurance, you will still have to pay for your losses out of pocket.

We’re here to help. The agents at Floridian Coastline Insurance are well aware of the threat that floods represent. We will work with you to determine your specific flood insurance needs and craft an optimal policy. Contact us today to get started.