Flood Insurance2022-11-28T12:57:39-05:00

Flood
Insurance

Flood Insurance

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Flood insurance is an important level of protection, especially for Floridians.  To best understand the benefits of Flood insurance, there are a few things you need to know first.

Standard Renter’s or Homeowners’ insurance policies do not cover flood damage at all.  These policies may provide limited coverage from damage caused by rain or a leaky pipe, but if your home is filled with water as a result of rising bodies of lakes, rivers, streams, or oceans, then those damages are not covered.

The most common Flood insurance is offered through the federally regulated program, National Flood Insurance Program (NFIP).  You cannot purchase this coverage directly from the NFIP, but rather through an insurance agency.  There are two types of policies available, and you can buy one or both policies:

    1. One that covers your actual home (building property) up to $250,000*
    2. One that covers your personal property up to $100,000

*If you need more than $250,000 worth of coverage, then you will need to purchase Excess Flood insurance.  This is a separate policy not regulated by the NFIP, but by your insurance carrier.

You may be legally required to purchase Flood insurance. Congress has mandated federally regulated or insured lenders to require Flood insurance on properties located in a high-risk flood area (also called a “Special Hazard Flood Area”) before granting the loan.  Even if your property is not in a high-risk flood area, your mortgage lender may still require you to have Flood insurance.  You can also choose to purchase Flood insurance without being required to by your lender as an extra precaution.

What Our Customers Say

Great agency! Joseph Boyles was helpful and easy to work with!
Bambi Adams
18:33 29 Sep 23
My experience with Fearnow Insurance and Joe Boyle was absolutely five star! From my first call to finalizing my homeowners insurance policy I was extremely pleased. Response time from Joe was really impressive. All of my questions were answered timely and I had quite a few of them along the way. He was very professional and made sure that I was comfortable with what I was signing and understood the policy and the coverage I was receiving. Unfortunately, our previous carrier was going out of business and we were on a time crunch with securing new coverage. He understood the sense of urgency and worked hard to make sure we were able to secure the coverage we were needed. I would highly recommend Fearnow Insurance to anyone looking to secure an insurance policy. In addition to my homeowners insurance I will also be reaching out to them to look into automobile insurance.
Gracie Praizner
20:26 27 Sep 23
If you need insurance Fearnow is the place to go! We've used Fearnow for the last few years and have built a great relationship with a lot of the staff but Jean Rodriguez takes the lead (I guess you can say she's our favorite agent). Recently we were having the hardest and most stressful time finding an insurance company for garage liability and sadly we were forced to shop with other agencies. Every company we spoke with said our current agent has clearly gone above and beyond for us and unfortunately couldn't help because Jean already approached the markets they were signed with. A day or two before our expiration date we had a quote with another agency. We sent the quote over to Jean to look over and Jean WENT TO WORK AGAIN and MADE IT HAPPEN!!! We appreciate Jean and the rest of the team at Fearnow and are so happy we can continue to have them on our team!! Thank You! Thank you! THANK YOU!!!!
Joshua Hernandez
17:12 27 Sep 23
Joe continues to provide excellent service! Earlier this year he helped with my mother's homeowner insurance by cutting the cost in half. Now he's helped with securing auto insurance for my daughter. He's very responsive & knowledgable. Highly recommend using Fearnow & Joe for your personal lines needs.
Amy Walker
01:04 23 Sep 23
Fearnow has handled our personal and commercial insurance needs for many years now and have always gone the extra mile to make sure we have our insurance needs taken care of!
All American Land Management LLC
20:10 22 Sep 23
Amanda Ball was AWESOME!!!!!!! Thank you so much!!!!
Mindy Polk
13:31 22 Sep 23
Gracias por Tu excellente servicio, Jennifer . Cada vez que hablo contigo es un placer, eres paciente y de verdad muestras interes en ayudar. Una clienta satisfecha.
Alejandra Del castillo
22:56 14 Sep 23
Highly recommend Fearnow Insurance and Daneen Stiles. She went above and beyond to keep me as a client. Explained all my options to me. Thank you!
Lori Rogers
13:32 12 Sep 23
Joe Boyle was able to help us out very quickly getting new Home and Car insurance after AAA decided to cancel us. Aside from getting this done in a day, it was cheaper as well. All this after we had been waiting for about 2 weeks, twice in a row by other "insurance agents" without as much a quote. Joe really killed it. Don't fear now, call Joe!
Maarten Huiskamp
22:23 11 Sep 23
Look no further for your insurance needs. As you all know, purchasing a home and finding a credible insurance agency can be stressful. Amanda Ball, went above and beyond answering any questions I had and guiding me through what I needed. She was so pleasant and easy to talk to. Highly recommended, she is my go to for all insurance needs!
Nicole Buchana
19:59 11 Sep 23

The Fearnow Agency Advantage

  • We work for you, not the insurance carriers, to ensure your claims are processed efficiently and are paid out quickly.
  • Unlike a single-company agency, we have access to over 100 carriers, so we’re never limited in the services we can provide you.
  • We can save you up to 37% in insurance cost, or get better coverage for the same cost.
  • We always provide full disclosure of plan inclusions and exclusions.
  • We offer customized plans tailored specifically to your needs, instead of forcing you into a pre-packaged solution that won’t really work for you.
  • Our agents are continuously training, so they stay the leading experts in their field.

What Constitutes a “Flood”?

In order for the damage to be considered to be caused by a “flood”, the excess water has to cover at least 2 acres of land that is normally dry, or has to have damaged two or more properties, one of which must be your home.  Also, the water must come from one of the following sources:

  • Overflowing inland or tidal waters
  • Unusual, rapid accumulation or runoff of surface water from any source
  • Mudslide
  • When shorefront land collapses or sinks due to waters above “anticipated cyclical levels”

You are not covered, however, if the excess water seepage comes from a sewer or drain backup, or a sump pump that overflows.

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Offices serving the local Tampa, FL and Wilson, NC areas for almost 30 years!

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Who Can Buy Flood Insurance?

Just about anyone can purchase a policy.  You can purchase a residential policy as a renter or homeowner, or a non-residential policy if you are a business owner.

What is Covered Under Flood Insurance?

The property policy will cover the cost to rebuild your home or pay the actual value of your home, whichever is less.  This can include damage to the following areas of your home:

  • The structural walls and beams of your home
  • The foundation
  • Electrical and plumbing systems
  • HVAC equipment such as air conditioning, furnaces, and water heaters
  • Kitchen appliances, including your refrigerator, stove, and built-ins such as your dishwasher
  • Permanently installed carpeting over an unfinished floor
  • Permanently installed wallboard, paneling, bookcases, and cabinets
  • Window blinds
  • Detached garages (limited to 10% of your home policy)
  • Debris removal

The personal property policy will cover the replacement costs (based on actual cash value, and not what you may have originally paid) for the following items:

  • Clothing
  • Furniture
  • Electronic equipment
  • Curtains
  • Window A/C units
  • Portable microwaves and dishwashers
  • Carpets not covered by your building policy
  • Washer and dryer
  • Your freezer and frozen food
  • Up to $2,500 in valuables, such as art or furs

Like any insurance policy, there are limitations to coverage.  Flood insurance does not cover loss or damage to:

  • Precious metals
  • Stock certificates
  • Bearer bonds
  • Cash
  • Landscaping
  • Wells
  • Septic systems
  • Walkways
  • Decks
  • Patios
  • Fences
  • Swimming pools or hot tubs
  • Boathouses
  • Retaining walls
  • Storm shelters
  • Temporary housing and other living expenses
  • Loss of income
  • Cars
  • Post-flood mold damage
  • Sewer backups

Although basements are not common in Florida, they do exist.  The following are not covered for basements (including walkout basements), crawls spaces, or any living space below ground level:

  • Bookcases
  • Window treatments
  • Carpeting, tile, and other floor coverings
  • Some drywall, depending on how far below ground level it is
  • Paneling
  • Walls and ceilings not made of drywall
  • Most personal property such as clothing, electronic equipment, and furniture

Other Facts About Flood Insurance

There’s a Limit to How Often You Can Collect:  If you make four (or more) claims that are over $5,000 a piece; or two claims that cost more than your home when added together, then the NFIP will offer you a grant to make your home less vulnerable to floods.  If you refuse to take the grant money and make the improvements, then you can expect your premiums to increase substantially.

If a Flood Severely Damages Your Home:  NFIP may give you $30,000 to use to raise, tear down, or move your home; which is in addition to any other claim NFIP pays you.  However, the total paid cannot go above the $250,000 coverage limit.

Don’t Wait for An Impending Storm to Purchase Flood Insurance:  There’s usually a 30-day waiting period before a claim will be accepted, although, some private policies offer a 15-day waiting period.

Make a Home Inventory:  Making an inventory of the possessions in your home (include all covered items) to make filing a claim easier.  Also, if you have any major valuables (such as art or furs) be sure to have the appraisal available for the claim.

How Much Does Flood Insurance Cost?

The average cost of a Flood insurance policy is around $600 for the year but the final cost will depend on factors such as the level of coverage, your deductible, the risk level of your flood zone, and the age of the building.

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Service Type: Flood Insurance

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