Importance of Purchasing Separate Flood Insurance

By | June 14, 2013

The state of Florida has wet and dry seasons. The wet season is also the time of the year where thunderstorms flourish in the state. Thunderstorms even happen daily during the wet season and leave cities with inches of rain. Last 2008, tropical storm Fray left some parts of the peninsula with 20 inches of rain causing floods.

Flood can be a very dangerous and destructive thing. It may cause diseases since water may be contaminated by infectious microorganisms and may also cause destruction to homes, vehicles and other important household appliances. It is most important to have flood insurance if you are living in a place like Florida that experiences flood occasionally.

flood insurance Florida

Standard homeowner’s insurance many not include flood insurance Florida coverage

Image attributed to Wikimedia Barry Bahler

Myth: Homeowner’s Insurance Includes Flood Insurance

Most people believe that the standard homeowner’s insurance will protect a house once it is damaged by any of the four natural catastrophes – hurricane, flood, earthquake, and fire. Most people believe that their property is insured only to find out that their standard insurance does not cover the damages caused by the said calamity. Standard homeowner’s insurance does not cover flood damages since there are areas where they do not experience hurricanes making it impossible to flood. With that, separate flood insurance must be purchased to make sure you will be compensated for any flood damages.

Flood insurance policies protect home and other properties in times of flood and calamities brought by flooding including mudslide. The homeowner will receive a sum of money or services that will restore and fix damages caused by the flood.

Are You Eligible for Flood Insurance?

Not everyone is entitled to purchase flood insurance especially if you are living in a place that has a very low flood risk, like mountains. If that is the case, it is unlikely that you can find an insurance company that offers flood insurance policy. However, you may still find a private flood insurance provider that will sell you such.

On the other hand, if you are living in a place like Florida where there are certain hurricanes that passes by during the wet season, you are eligible for a flood insurance Florida.

How to Find the Cheapest Flood Insurance Near You

  1. Research about your state’s laws regarding flood insurance. Some states require homeowners to purchase flood insurance especially if you are in a flood prone location. Some states even offer flood insurance policies that are relatively cheaper than policies offered by insurance companies.
  2. List down all the valuables especially the most expensive belongings you have. However, if you are renting a home, specify in your insurance to cover your personal belongings.
  3. Contact your state agency and ask for flood insurance quotes. Do the same with private insurance providers.
  4. Compare the quotes, their coverage and their price. Decide which one is most competitive and beneficial to you.
  5. Ask the flood agency for any advice regarding your flood insurance.

If you are in a high risk flood zone, you may not be eligible for a cheap flood insurance policy.

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