You may have heard a lot of intense stories of localized storms and flash flooding in Florida. Well, if you are moving to Florida or you already have a property there, then it is time you should take some minutes to read your insurance policy along with its flood coverage again. However, most of the flood damages can be fixed with your home insurance policy but unfortunately; many homeowners get an unpleasant surprise that the damages caused to their property due to flooding will not be covered by their insurance policies.
Top 3 reasons why you must have flood insurance in Florida:
Even if it is not crucial, buying flood insurance is a smart decision to get special coverage. Your mortgage lender may ask you to purchase the flood insurance if your property is in a FEMA designated flood-prone area, but that does not mean you should not buy your flood insurance separately in Florida. If you live in Florida and feeling vulnerable about flood damages that can cause to your property, then here are top reasons you should consider buying flood insurance.
- Affordability: Flooding is known as a natural disaster that can cause you a huge financial loss. And you may wonder that the quarter of flooding claims are reported from the areas that are considered as the least flood-prone area. A standard home insurance policy you have may not cover the flooding damage, it is always recommended to opt for flood insurance. The cost of flood insurance is not as high as you think in the least flood-prone areas. However, the cost may vary as per the proximity to the flood plain and the value of your property.
- Safety outside the Flood-Prone Area: While the government in Florida does its best to make you aware of the flooding. But its models can become outdated and you may not know the current status of flooding. Well, the most flood-prone areas or least flood-prone areas are generally determined by past scenarios but cannot predict future climate conditions.
- The Damages can be Catastrophic: Floods are the most costly natural disaster in Florida. According to the FEMA reports, flooding can cause more than billions of dollars in damages. Thus, buying a flood insurance policy is cost-efficient and nominal than putting your hard-earned money to a loss. Without having flood insurance, you may have to cover the entire cost of repairs and replacements of your building structures.
Homeowners who live in Florida especially, near the “flood hazard area,” should Buy Flood Insurance to get flood coverage. Many areas in Florida are at high or moderate risk of flooding. Thus, whether you live in the most flood-prone area or least flood-prone area in Florida, it is crucial to opt for flood insurance to get peace of mind if your property faces flooding in the future or causes any damage.