The best time to think about flood insurance is before the storm arrives. In Florida, part of this may include purchasing flood insurance, since flood risk is moderate to high in many areas. Pricing and requirements change depending on where you live. It also may be required by some mortgage lenders or homeowners associations. Here at Fearnow, we can help you get the right flood insurance for your home or rental property.

How Much Flood Insurance Coverage Do I Need?

When you live in Florida, the amount of flood insurance coverage needed can vary, as can the cost. Your homeowner’s insurance policy may include some aspects of flood damage. Because a regular policy may include coverage for personal property, the amount covered on that could be enough. On the other hand, if it may not be, this can affect the amount of flood insurance coverage you need.

The same is true regarding dwelling coverage, as well as other structures coverage. The amount of these in the existing homeowner’s policy compared to what is covered in your potential flood insurance policy should be compared to figure out the cost of flood insurance you will need in your Florida home.

Understanding the Average Flood Insurance Costs In Florida

Floods from weather events are not covered in most homeowner’s insurance policies in Florida. This is due to the high flooding probabilities compared to other locations. Instead, this often comes as a separate flood insurance policy or an add-on with your existing plan. If purchased through the NFIP, the current average rate in Florida is $562 per year.

However, this can go up or down, depending on your area. Check your flood zones to determine how much you might be paying for this coverage. Those in a low-risk area will often pay significantly less than someone in a moderate to high-risk flood zone. Utilizing a private insurance company can often reduce the average rate as well.

Do You Have Your Elevation Certificate?

Many homeowners have this handy documentation from the home buying process. If you did not get an elevation certificate when purchasing your home, you will likely need one prior to purchasing your flood insurance. This certificate shows your official flood zone, the property’s estimated elevation, as well as an estimation of how high the floodwaters could reach in your area. Depending on the information listed in your elevation certificate, your flood insurance premiums could increase or decrease.

Do You Need Flood Insurance In Florida?

Since flood insurance is not one of those items you can shop for as needed, it is wise to decide before the meteorologist tells you that there is a major storm on the way. Prior to purchasing flood insurance, consider your geographical area. Are you on the coast, within a few miles or further inland? Study the flood zone map, and think about the possible damage your home could experience during a 100 or 500-year flood? Can you afford it without insurance?

Even if you are in a low-risk flood zone, major damage is still a possibility. The good news is that when you are covered under the appropriate policy, the costs to remove water, repair or replace your home and replace your belongings are much more affordable. It’s also important to keep in mind that you may have to purchase flood insurance. For homeowners that still owe mortgages, their lenders may require a valid flood insurance policy.

When Should You Buy Florida Flood Insurance?

Flood insurance should always be purchased before you need it, rather than right before or during a storm when you may not yet be able to utilize the coverage. This is because some policies have a waiting period, which means you don’t want to purchase the coverage three days before the storm hits. There’s a good chance, you still won’t be covered. Instead, purchase your insurance shortly after taking possession of the home in order to make sure that you are covered if a severe weather event occurs.

How Much is Flood Insurance In Florida?

There are many factors at play when determining the exact cost of your flood insurance coverage, including the size of your home and the number of external buildings as well as your specific flood zone. According to Bankrate, homeowners generally pay an average of $700 a year or $58.33 a month for flood insurance coverage. However, the best way to find out how much your flood insurance will be is to get a quote for Florida flood insurance from a local agent.

Getting Flood Insurance with Help From Fearnow in Florida

With the number of severe storms increasing every year, it’s a good idea to purchase flood insurance, even if you fully own your home or your lender doesn’t require it. This is because you may not be able to repair or replace your home if it were to be completely destroyed by a flood.

To learn more about flood insurance and to get a quote, give us a call at 813-689-8878.