Florida has a sub-tropical environment. This means, Florida gets mild winters and hot summers. Additionally, the warmer months feature frequent thunderstorms, tropical storms, and hurricanes. Needless to say, excessive rains or overflowing streams & rivers lead to flooding.  

 

Home Insurance and Floods 

 

As a first-time homebuyer or a new resident in the Sunshine State, you might think that a standard home insurance policy covers floods. This isn’t the case. Home insurance in Boca Raton and other locations offer flood insurance as a rider. In other words, a property insurance agency Boca Raton based adds it to an existing home policy for an extra fee. 

 

Is Flood Insurance Mandatory? 

 

Florida doesn’t require flood insurance for every homeowner. However, in locations with a low to moderate risk of flooding, a mortgage lender could request it before they close the sale. This is when you need to seek out a property insurance agency Boca Raton based or a local firm. This is especially the case if you live close to a body of water.  

 

What does Flood Insurance Cover? 

 

Basic flood insurance covers damage to your home and personal belongings. This doesn’t simply mean issues related to water overflow. It also refers to debris that could cause damage. It could be connected to river and stream overflows, high tides, tropical storms, and hurricanes.  

 

It covers the costs of repair and replacement. For instance, a flood insurance policy helps change out carpets and walls damaged by water. It also pays most or all of the costs should mold removal be necessary. Furthermore, it provides coverage for household items that were damaged. 

 

How to Obtain Flood Insurance 

 

Normally, property insurance agencies offer a policy through the government’s National Flood Insurance Program. Some companies might offer that policy as well as a commercial option. Since it isn’t part of general home insurance, it needs to be purchased separately.  

 

How much does Flood Insurance Cost? 

 

The cost of a flood insurance policy depends on several factors. First is the flood danger in your area. If it’s a moderate to high-risk zone, then you’ll pay higher premiums. In this case, it doesn’t matter how high you put your deductible. 

 

Another factor is how much coverage you need. Property agencies work with you to create a value estimate on the property and its belongings. This is used to calculate the amount of coverage that’s required.  

 

To maintain proper coverage through the time of homeownership you need to regularly update your policy. Speak with your insurer on what information they require. This helps get the maximum amount of coverage when a flood occurs.  

 

Although it isn’t required, flood insurance should be considered if you purchase a home across the Sunshine State. Speak with your local insurance agency at (561)-395-5220 ahead of time to see what is qualified in your area. 

 

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