Flood Insurance2022-02-01T10:24:21-05:00

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 customer service and Agent Matt Wink was awesome. He was patient and explained everything I need to know about Auto Ins.
Patricia Nelson
13:34 04 May 22
This review is in regards to Mr. Joseph Boyle, Jr and his excellent work ethic, professionalism, dedication, and enthusiasm when helping us search and purchase homeowner's insurance. I know that Mr. Boyle's services are in high demand, yet he managed to make us feel like we were his only clients. He is always prompt, courteous and extremely knowledgeable while displaying a humility that only comes with experience. He helped us navigate several challenging situations when purchasing homeowner's insurance. In addition, he not only met, but exceeded all of our expectations. I can confidently say that my family will have a roof over their heads due to Mr. Boyle's ability to deliver on his promises. Fearnow is extremely lucky to have Mr. Joseph Boyle, Jr. We will refer him to ALL of our friends when they are ready to purchase. Thanks Joe!!!!!
Rawan Shawar
13:31 29 Apr 22
Joseph Boyle was excellent to work with and very competent when I changed Insurance companies. He was able to save me money and transfer went smoothly. It was nice to work with someone that knows his job and goes all the way to help you.
Linda Phillips
22:21 27 Apr 22
Great service. Quick response. Will definitely recommend to others.
Larisa Mironov
01:14 21 Apr 22
I want to thank Joseph A Boyle Jr for his professional support in obtaining home owners and automobile insurance for us. He worked with us selecting the best fit for our requirements, saved us a considerable amount of money.I would recommend you contact Joseph and at least give him an opportunity to quote your insurance. I’m quite sure he will save you money.Thank you Joe!!Respectfully
Gary Reighard
22:08 19 Apr 22
A friend has insurance with Joe and said to give him a call. Joe was very professional and willing to take the time to explain new options and found me new homeowners insurance which saved me over $300 a year. To top it off, Joe also took the time to research and found me car insurance with a highly reputable company which again, saved me over $300 a year from my current company. Great communication!!! Got back to me quickly to answer all of my questions. Makes you feel important and not just a number. A+++
Jeff Downes
21:41 19 Apr 22
Awesome service by Joe Boyle. Thank you for all you do.Look forward to working with you.
Melissa Barnes
20:09 19 Apr 22
I appreciated their very quick response to my online request for a quote as we needed to find a new homeowners policy soon because of the closing of our previous insurance company. Mr. Boyle was very courteous, helpful and answered all of my questions.
Venetia Coles
15:39 14 Apr 22
I used Fearnow Insurance to obtain homeowners insurance. Everyone was very responsive. Joseph guided us through the process and responded to all of our questions very quickly and thoroughly. He was kind, professional, and handled everything expertly. I will definitely use them again.
Jon Blackwell
21:38 13 Apr 22
I had the pleasure of working with Joseph Boyle. It was very last minute and he went above and beyond. I am so happy I got to work with him. Thank you so much Joseph for your hard work in getting us the insurance so quickly. I will definitely refer you to everyone.
Graziella Dumicich
20:04 12 Apr 22

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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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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