Understanding Flood Insurance

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Spring is here which means we’re getting closer to the rainy season in Central Florida so this lends a perfect opportunity to talk about flood insurance. We’ve outlined some of the most frequently asked questions to assist in the understanding of flood insurance.

What is the importance of flood insurance?

“Floods and flash floods occur in all 50 states. Flooding can be a result from many different conditions such as: hurricanes, tropical storms, heavy rains, etc. When flooding occurs, it only takes a couple inches of water to cause extensive damage to your property. Over the past 10 years, the average flood claim has amounted to nearly $48,000 for personal and $85,000 for commercial.” (FloodSmart.gov)

Who is flood insurance available to?

“Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk.” (FloodSmart.gov)

What is covered under a flood insurance policy?

“The home/building and all of its contents are covered under flood insurance only if two or more acres/lots are flooded. You might want to discuss insuring personal property with your agent, since contents coverage is optional.” (FloodSmart.gov)

What is the difference between a flood insurance policy and a hurricane deductible?

A flood insurance policy covers damage when water rises up into a home and damages the home and its contents. A hurricane deductible covers damage if a storm causes water to enter the home by other means then the ground.For example: If a storm rips of the roof of a home allowing water to enter in through the roof and damage the home, the hurricane deductible would cover this damage, not a flood policy.

Is flood insurance included in my homeowner’s insurance policy?

Unlike a hurricane deductible, a flood insurance policy must be purchased separate from a homeowner’s policy.

How long must I wait for my flood policy to become effective?

There is a 30-day waiting period for a flood insurance policy to take effect, unless your mortgage is requiring it. Due to the waiting period, it is best to purchase a flood insurance policy as soon as possible.

What is a flood zone?

“Flood zones are land areas identified by the Federal Emergency Management Agency (FEMA). Each flood zone describes that land area in terms of its risk of flooding. Everyone lives in a flood zone–it’s just a question of whether you live in a low, moderate, or high risk area.” (FloodSmart.gov)

What are the different flood zones?

High-Risk Areas: are the zones labeled with the letters A or VModerate-to-Low Risk Areas: are the zones labeled with the letters B, C, or X

How do I figure out which flood zone I am in?

The most accurate way to find your flood zone is by having a local surveyor complete an elevation certificate, which can cost anywhere from $150-$300 depending on where you live. If you are interested in flood insurance please contact Westgate-Jones Insurance Agency and we will run a flood zone determination and assist you with the process.             

If you have any additional questions about our great Florida insurance policies – please contact us today!