Water. This one element is a key draw for many Florida residents and tourists, but it can cause significant damage to a home and property. If the damage is caused by water within the home, such as a burst pipe, then your homeowner’s insurance will address this situation. However, only flood insurance provides protection from water damage caused by flooding and storms, which can cost over between $7,000 and $30,000 to repair. For this reason, adding flood insurance is the best way to protect your property and financial stability.
According to the US Government, flooding is one of the most common natural disasters in the country and has developed the National Flood Insurance Program to address this issue. The risk of flooding is especially high in Florida due it its low elevation and high exposure to storms. For this reason, many lenders require homeowners to purchase flood insurance if they live in a high-risk area – but that doesn’t mean that others can’t experience flood damage.
Over 20% of flood claims come from “low risk” flood zones each year. In fact, Hurricane Irma affected homes predicted to flood once every 100 years and many families suffered extreme financial hardship due to lack of flood insurance coverage.
It is important to note that while homeowners insurance does cover certain water damage it will not cover flooding from surges or wind-driven flooding, which is the most common cause of water damage in low-risk areas. In addition to homeowners, renters can and do experience loss and damaged property from floods and without flood insurance, they must pay out-of-pocket for these damages.
In Florida, the average cost of Flood insurance is $550 per year or $46 per month, which is 21% lower than the national average. Your actual cost will depend on:
• Whether you live in a high-risk zone;
• Your property’s elevation; and
• Your home’s structure.
Your rates will probably be higher if you use the house as a rental property or live in your home for less than half of the year.
Regardless of the cost of the premium, it is a small price to pay for the protection that flood insurance provides and for Florida residents, it just makes sense.
There are many flood insurance providers in Florida, each offering the best deals, so how do you decide which one you can trust to protect your home? At Alliance, we represent the best insurance companies in the state and our experts can help you select reliable coverage for the best price. Request an online quote or call (866) 771-4715 to speak with one of our knowledgeable agents and start protecting your home from a common natural disaster.
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