Every Floridian knows how much rain and how many storms we experience living here. Because of the up-and-down weather in our sunshine state, purchasing a flood insurance policy is never a bad idea.
Three simple options
Is Flood Insurance Required?
In many cases, flood insurance is not legally required. However, if you are living in a higher-risk area, your lender or mortgage company may require that you protect against flood by purchasing a flood insurance policy.
Flood insurance isn’t just beneficial for those who live in high-risk areas, though. Floods are natural occurrences that don’t abide by man-made rules – they can happen anywhere.
Who Can Buy Flood Insurance?
Flood insurance is generally available to:
- Communities that participate in the National Flood Insurance Program
- Business owners
What Does Flood Insurance Cover?
There are two basic blanket coverages when it comes to flood insurance: building property coverage and personal contents coverage.
- Building coverage
Protects the physical structure of your home, the foundation, the plumbing and electrical systems, the central air and heating systems, attached bookcases, cabinets, paneling, and a detached garage. (Other detached structures are not covered and will need their own policy.)
This type of coverage pays out with replacement cost basis when it comes to your primary residence and actual cash value in regard to a vacation home.
The maximum coverage limit for the dwelling through NFIP flood is $250,000. However, excess flood and private flood offer more coverage options.
- Personal contents coverage
Protects clothing, furniture, electronics, curtains, some portable appliances, freezers, and certain valuables like art (up to a certain limit).
This type of coverage pays out with an actual cash value basis.
The maximum coverage limit for the personal contents through NFIP flood is $100,000. However, excess flood and private flood offer more coverage options.
What Isn’t Covered by Flood Insurance?
So far, this page has gone over what flood insurance DOES cover. Here’s what flood insurance does NOT cover:
- Moisture and/or mold/mildew damage that “could’ve been avoided by the homeowner”
- Precious metals
- Paper valuables (ex: stock certificates)
- Outdoor property (ex: decks, fences, patios, landscaping, wells, septic systems, hot tubs, pools)
- Living expenses (ex: temporary housing)
- Cars and other vehicles
Flood insurance also rarely covers basements and crawl spaces and most of the contents within them. Some of the items may be covered, like the furnace (in building coverage), and the washer/dryer (in personal contents), but most aren’t.
How to Purchase Flood Insurance
Here at Chapman Insurance Group, we want to make your insurance journey as easy as possible. We can help you find a policy that works for you and one that will protect your home base.
We’ll make sure you understand the details surrounding coverage – what’s included and what’s not – and limitations when it comes to flood insurance, because we’re the experts. Give CIG a call for a free quote on a flood insurance policy today.
Have a question?
Talk to an expert.
Whether you’re a homeowner, business owner, renter, or landlord we can answer all your questions. Talk to one of our agents to find a policy that works for you.