Flood Insurance
Flood Insurance Information
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Don't Be Caught Unprotected
As a Florida resident, Flood Insurance is almost certainly a necessity. What most homeowners don't realize is that their homeowners insurance does not cover damages from flood. While it will cover some damage from rain, it will not cover losses if your home is filled with water as a result of rising bodies of water.
Flood insurance policies cover your actual home &/or your personal property. You can buy one or both. While some properties require flood insurance, others do not. Regardless of whether you are required to or not, it is an extremely good idea to cover this type of coverage to cover losses.
Flood damage is defined as water that covers at least 2 acres of land that’s normally dry, or it has to have damaged two or more properties (one being your home).
The water must also:
- Come from overflowing inland or tidal waters
- Have unusual, rapid accumulation or runoff of surface waters from any source
In contrast, water that comes from sewer or drain backups, or a sump pump that overflows is not considered a flood.
Common Flood Insurance Questions:
Why Is Flood Insurance Important?
Many Florida homes may be at risk of floods, even those never flooded before. Depending on your level of risk, your need for flood insurance may be significant.
Standard home insurance may provide coverage for household water damage resulting from a burst pipe. However, homeowners insurance coverage does not typically extend to flood-related damage. This means that in order to be properly protected against such risks, it’s often necessary to purchase a flood insurance policy.
What Elevation Requires Flood Insurance?
In Florida, if you live in certain high-risk areas, flood insurance is often required. If the government’s flood zone maps indicate that you live in a zone starting with A or V, you will likely need to purchase a flood insurance policy. Zones X, C and B are considered to be low-risk zones, but you may still want to consider coverage as one-quarter of all flooding happens in these areas.
Reach out to a Niceville Insurance agent to determine whether or not you are at risk of flooding in your area. We can help you find the best policy for your needs.
Will an Elevation Certificate Lower My Flood Insurance?
When you choose to purchase flood insurance through the NFIP, an elevation certificate can help determine the rate of your premium. If your certificate proves your home to be adequately elevated to minimize flood damage, you may receive a lower rate for your flood insurance policy.
To determine if a certificate would benefit you, reach out to an agent.
How Do I Get Flood Insurance in Florida?
You can purchase flood insurance from most Florida insurers and agents. To find out more, reach out to a Niceville Insurance agent to get started today.
How Does Flood Insurance Work?
By filing a claim on your flood insurance plan, you may receive compensation for your losses and reduce your flood recovery costs.
Most flood insurance plans are underwritten by the NFIP. If you live in a community that participates in the NFIP, you may purchase an NFIP plan. Usually, you can buy NFIP plans both through major insurers and the NFIP Direct system. Non-NFIP plans are also available, though they are less common.
How Does Flood Insurance Work?
By filing a claim on your flood insurance plan, you may receive compensation for your losses and reduce your flood recovery costs.
Most flood insurance plans are underwritten by the National Flood Insurance Program (NFIP). If you live in a community that participates in the NFIP, you may purchase an NFIP plan. Usually, you can buy NFIP plans both through major insurers and the NFIP Direct system. Non-NFIP plans are also available, though they are less common.
What Does Flood Insurance Cover?
NFIP plans must comply with standards set by federal law. They offer two types of coverage:
There may also be coverage for debris removal costs, loss avoidance and cost of compliance.
Who Needs Flood Insurance?
Homeowners may be required to buy flood insurance if:
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You live in a designated high-risk flood zone, and you have a mortgage backed by a federally-insured lender.
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Your lender requires its mortgage holders to purchase flood insurance regardless of whether you live in a high-risk zone.
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You live in a high-risk flood zone and have ever received disaster assistance through FEMA or the U.S. Small Business Administration (SBA). If you do not purchase a policy, you will typically not qualify for future aid.
How to Qualify for Flood Insurance?
To qualify for insurance through the NFIP, you must live in a community that participates. You can check with an agent to determine if you qualify. You can also check if you live in a qualifying community by visiting the Community Status Book.
How We Can Help
The Niceville Insurance Agency can help you determine which flood insurance options are best for you. It’s a good idea to have your flood insurance plan in place as soon as you close on a home purchase. We can help you get the flood insurance you may want as a Florida homeowner. Call us today at 850-729-2131 to get started.
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