5 Reasons Flood Insurance is Extremely Necessary in Florida
Think you don’t need flood insurance? Perhaps you don’t live near water, or maybe you have a great homeowners policy. The truth is, every home is at risk of flooding. Although it may not seem as necessary as homeowners insurance, flood insurance is important if you want to keep your home safe and your possessions secure. Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.
Before passing on flood coverage, here are five things you should know.
1. Every home is in a flood zone.
According to the National Flood Insurance Program (NFIP), nearly 20% of all flood insurance claims are made by homeowners living in areas considered a low risk for a flood. That means regardless of whether your mortgage company required you to purchase flood insurance, your home is in a flood zone.
2. No homeowners insurance policy covers flooding.
It’s a common misconception that homeowners insurance covers flood damage, but the truth is only flood insurance covers flood damage. Without it, the cost of the damage comes out of your pocket.
3. You can’t rely on the federal government to pay for flood damage.
Federal assistance is only available if the president declares an area a disaster. Even then, the assistance is not compensation for your losses, but rather a low-interest loan that requires repayment with interest, along with your mortgage.
4. Flood losses are costly.
Most people don’t realize that just a few inches of floodwater can do thousands of dollars worth of damage. In a 2,000 square foot home, two inches of water can cause as much as $21,000 or more in damage to your home and its contents.
5. Preferred-risk flood polices are affordable.
The cost of protecting your home from flood damage can be as little as $1 per day. That’s less than the cost of a cup of coffee.
BB Insurance Marketing is a full-service insurance agency located in South Florida that specializes in business, personal and benefits insurance. Don’t wait until it’s too late. BBIMI’s insurance expertise extends all across the state, so we’ve got you covered with a quality policy you can depend on! Contacting BB Insurance Marketing, Inc. today will get you on the path to flood protection with an affordable and comprehensive insurance policy.