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Recent severe storms and flooding have brought the question into focus once again

After recent severe flooding in Broward County, insurance experts are once again talking about how Florida residents would be best served by purchasing flood insurance, if they don’t already have it. That even applies if you don’t live in flood zones, as recent hurricanes and storms have impacted those areas too. Having flood insurance can protect you from losing everything in the event of these types of hurricanes and other storms, which seem to be happening more and more often. 

The average cost of flood insurance in Florida is $910 per year for a policy from the National Flood Insurance Program (NFIP). Some mortgage lenders may require homeowners in moderate- or high-risk flood zones to purchase flood insurance, and Citizens Insurance customers are also required to buy flood insurance regardless of their flood zone. Home and renters insurance do not cover floods or storm surges, so having flood insurance is recommended due to Florida’s low elevation and vulnerability to storms.

Factors that affect the cost of flood insurance in Florida include the home’s elevation, building materials, distance to the coast, and other variables used by insurance companies. The amount of coverage and deductible chosen also impact the insurance rate. Homeowners may need flood insurance even if they are not in a designated flood zone to protect their property and belongings from flood damage.

Flood insurance can be obtained from the NFIP or private insurance companies. The NFIP offers coverage with a waiting period of 30 days, while private companies may provide coverage more quickly and potentially offer higher coverage limits. It is important to compare quotes from different providers to find the best rates.

Flood insurance in Florida covers the structure of the home, including walls, windows, doors, roof, permanent flooring, detached garages, and standard home systems. The NFIP also provides coverage for personal belongings, such as furniture, clothing, appliances, and electronics, up to certain limits. However, there are certain items and property elements that are not covered, such as decks, fences, landscaping, pools, cash, and precious metals.

The new flood insurance law in Florida requires all homeowners insured by Citizens Insurance to have flood insurance by 2027. The requirement is being implemented gradually, starting with homeowners in special flood hazard areas (SFHA).

In summary, flood insurance is essential in Florida to protect against flood damage, and it may be required by mortgage lenders or Citizens Insurance. The cost of flood insurance varies based on several factors, and homeowners should compare quotes from different providers. Both the NFIP and private insurance companies offer coverage options, with private companies potentially offering quicker coverage and higher limits.

Florida flood damage lawyers

If your home suffered flood damage and you had insurance, but your insurer has either denied your claim or is trying to underpay it, the flood damage attorneys at Landau Law may be able to help you recover fair compensation. Contact us today for a free case consultation. 

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