![]() ![]() This is not the same as water damage caused by a busted pipe or sewer backup, so homeowners will need to understand the difference in order to get the right coverage. ![]() Instead, homeowners will need to purchase separate flood insurance coverage to fully protect their homes due to flooding from hurricanes, high river or lake levels, and tropical storms. Our specialists are ready to answer all your questions.Many Florida homeowners may wonder, “ Do I need flood insurance?” While homeowners are usually fully aware that they need homeowners insurance to protect their homes in the event they are damaged or destroyed, they may not know that traditional homeowners insurance alone does not cover damage caused by flooding. Get in touch with us, today, to get the best flood insurance rates and coverage. If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase flood coverage/policy. Both forms provide flood insurance on contents if you have purchased this optional coverage. The General Property Form provides insurance for other- residential and commercial buildings. The Dwelling Form provides insurance for buildings with one to four units, including single-family condominium units and townhouses. It offers separate building and contents coverage. If you live in a high-risk area, a standard rated policy is the only option for you. Even though flood insurance isn’t federally required, nearly 25% of all NFIP flood claims occur in moderate-to-low risk areas. If you don’t qualify for a Preferred Risk Policy, a standard rated policy is still available. ![]() In fact, building and contents coverage starts at just $119 per year. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. Most homeowners in a moderate-to-low risk area are eligible for coverage at a preferred rate. That means now is the best time to compare the cost of flood insurance and get it started! Moderate-to-Low Risk Typically, there’s a 30-day waiting period from the date of purchase before your policy goes into effect. However, you might want to discuss insuring your personal property with your agent, since contents coverage is optional. Costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk.Īll policy forms provide coverage for buildings and contents. However, over 80% of Floridians did not have flood insurance during Hurricane Irma.įlood insurance in Florida is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Flood insurance is the best way to protect yourself from devastating financial loss. Over the past 10 years, the average flood claim has amounted to over $33,000. We have seen consumers paying over $20,000 for their flood insurance cost, and accurately adjust their premiums rates to under $500 per year.Īs we learned in Hurricane Irma just a few inches of water from a flood can cause tens of thousands of dollars in damage. HH Insurance is the leading agency for flood insurance solutions. In 20, during the flood insurance renewal period, Jake was a consumer advocate working with Congressman Charlie Crist, State Senator Jeff Brandes and State Representative Ben Diamond to help protect Floridians. When the Biggert-Waters Act took effect in 2012, our President Jake Holehouse, was there fighting for consumer rate decreases and was featured in over 40 Tampa Bay Times articles and local news stories. The flood insurance market has changed significantly in the past couple years. Leading SW Florida Flood Insurance Providers ![]()
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