Are you wondering if you need flood insurance in Florida? The truth is that if you own a home or business in Florida, you probably need flood insurance. However, there are some ways you can determine if you need to purchase a flood insurance policy.
The Laws Regarding Florida Flood Insurance
It’s important to understand that if you live in a flood zone in Florida and have a government-backed mortgage, you are required to have a flood insurance policy. Additionally, if you’ve ever received federal disaster assistance, including grants, you are required to have and maintain a flood insurance policy. This is because homeowners and businesses that receive federal disaster assistance won’t receive any more assistance in the future if they don’t have a flood insurance policy.
How to Know if You Need Flood Insurance in Florida
If you live or own a business in Florida, you should have a flood insurance policy. This is because the entire state is in a flood zone. Flood zones are categorized as follows:
- High Risk – the area has a minimum of a 1 percent risk of flooding every year.
- Moderate or Low Risk – the area has a less than 1 percent chance of flooding each year.
- Undetermined Risk – There is a risk of flooding, but the appropriate analysis has yet to be done or completed.
When it comes to Florida, it’s better to have a flood insurance policy than not to have one. Due to its proximity to large bodies of water and its frequent storms, the entire state has some level of flood risk.
Does a Homeowners Insurance Policy Cover Flooding?
Homeowners’ insurance policies do not cover flooding. Homeowners’ policies are designed to cover different threats to your home. These threats may include fires, lightning strikes, thefts and robberies, and vandalism to your home. They do not typically cover any type of water damage, especially not damage caused by rising groundwater.
What Do Flood Insurance Policies Cover?
Flood insurance covers damage to your home, business, and/or belongings due to floodwater. If you do happen to experience a flood, your flood insurance is designed to cover the repairs and/or replacement of your home and belongings and all the systems inside that building. This means it could be used to rebuild your entire home or simply take care of water damage and replace all your appliances and furniture if the building is still structurally sound.
When Can You Make a Claim on a Flood Insurance Policy?
A flood is classified as having excess water on land where the area is normally considered dry. This can be due to an overflow of inland or tidal waters. It can also be due to the rapid accumulation of runoff water from severe storms, and it can be caused by mudflow. In general, the flood must affect a minimum of two acres and at least two properties. Once this occurs, it is considered a flood, and the flood insurance policy may be used to repair the damages and replace damaged and destroyed belongings.
What Does a Florida Flood Insurance Policy Not Cover?
It’s important to note that flood insurance only covers specific things in the event of a flood. It does not cover scenarios that could have been avoided by the homeowner or business owner. This can include moisture, mold, and mildew if those things could have been avoided by the building owner taking certain actions. Flood insurance also does not cover any expenses related to temporary housing if the flooded structure cannot be occupied. It does not cover the repair or replacement of flooded vehicles. It does not cover lost income from businesses or includes business interruption insurance. It’s important to read your flood insurance policy thoroughly in order to determine what is and is not covered.
Is a Sewer Backup Considered a Flood?
A sewer backup is not normally considered a flood. However, if the sewer backs up due to flood conditions, the damage may be covered by the flood insurance policy. It’s important to note that sewer backups may not be covered on a homeowner’s insurance policy either, especially if it was caused by a lack of maintenance or neglect on the business owner’s or homeowner’s part.
Getting Flood Insurance in Florida from Fearnow
If you live in Florida, you should have the appropriate amounts of insurance for your home and business, and this includes having an active flood insurance policy. At Fearnow, we can help you get a flood insurance policy for your home and business that protects you in the event of a flood. We can also help you determine if you need any other types of insurance in order to be fully protected from certain types of losses. This is because, along with flood insurance, we offer home insurance, renters insurance, car insurance, and even commercial business and vehicle insurance policies.
To learn more about how we can help you get flood insurance for your Florida home or business and to request a quote, call us today at 813-689-8878.