5 Things Floridians Should Know about Flood Insurance
  Is flood insurance on your mind? Flood risk across the continental U.S. is concentrated along coastlines, and no state has more vulnerable beachfront miles than Florida. Here is what you need to know: 1. Do Homeowners Insurance Policies Include Flood Coverage?The biggest misconception Floridians have about their homeowners insurance policy is that flood coverage is included. It’s not. 2. Who Needs Flood Insurance?20% or more of flood claims every year come from “low-risk” flood zones. Hurricane Irma affected homes in areas only expected to flood once in every 100 years, causing massive damage and costs difficult for homeowners to absorb. 3. How Can Flood Insurance Be Obtained?Flood insurance is available through the National Flood Insurance Program (NFIP), which is administered by the Flood Emergency Management Agency (FEMA). It’s recommended that all Floridians purchase flood insurance regardless of their flood zone designation. Flood insurance also has some private markets that are available besides FEMA and sometimes their rates can be better in certain circumstances. These markets can also exceed the $250K limits set by FEMA and offer more coverage. 4. What Does Flood Insurance Cover?The standard NFIP policy provides replacement cost coverage capped at $250,000 for damage to the structure of the home and actual cash value coverage capped at $100,000 for loss of personal possessions. 5. Does Flood Coverage Make Sense?Having a flood insurance policy (which is on average only a $700 annual commitment, but the premiums can vary widely) is the only option that makes good financial sense for Florida homeowners. Ask your insurance agent or ask The Probst Group to be connected about flood insurance before the next storm hits. Contact The Probst Group |
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 Megan Probst Principal of the Probst Group M: 954.999.2875 O: 305.851.2820 [email protected] Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.  |
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