Is Flood Insurance Included in Florida Home Insurance Policies?

Although residents of North Port may enjoy many of the pleasant and warm days offered by the Sunshine State, you’re also likely aware of the dangers that less favorable weather can pose. Particularly in the thick of the Atlantic hurricane season, you should be mindful of the threat of potential floods, as even a small amount of water leaking into your home could mean devastating financial losses. Understanding flood insurance is essential.

Do I Need Separate Flood Insurance?

Indeed, most residents of Florida should consider separate flood insurance a top priority. Most standard homeowners insurance policies do not include floods as a covered peril. As floodwaters recede and you attempt to repair and restore your home or replace or refurbish your belongings, you may be left with the unenviable task of paying for such costs out of pocket. Fortunately, there are options available to fill this coverage gap.

Where Can I Get Coverage?

Flood insurance has traditionally been made available by the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program. These policies can provide multifaceted coverage for your home, potentially helping to pay for damage sustained by the structure itself and losses involving your personal possessions.

As flood mapping has become more reliable in recent years, private insurance carriers have also waded more boldly into the flood insurance market. These policies, while often more expensive, may also provide more customizable coverage, including higher limits that may ensure you can recoup extensive losses.

Is Coverage Required?

Although flood insurance is usually excluded from standard home insurance policies, no statewide laws require coverage. Still, you may be accountable to mandates, depending on your situation. For example, if you live in an area at high risk of floods and have a federally supported mortgage, you’ll be required to carry coverage until you’ve paid off your loan.

We’re Here to Help

Contact Farley Insurance Services today to learn more about flood insurance or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.