A flood is considered to be rising water coming from the outside in; whether caused by excess rain, storm surge, lake rise, etc. Flooding is not generally covered by homeowners insurance and you need specific flood coverage to be protected, when a flood occurs.
Flood insurance rates in low to moderate flood zones are very affordable. For most people, their home is their biggest asset and to protect it from flooding for only $1 or $2 a day makes good sense. One important thing to keep in mind is that the entire State of Florida is in a flood zone, regardless if you’re classified as such or not. Not all areas of Florida were created equal as it relates to their flood risk but the exposure is still there for each and every one of us.
While on the surface this might seem unimportant, flooding is a catastrophe, even one inch of water will damage electrical and HVAC systems along with walls, floors, appliances and cabinetry. We have seen firsthand how a minor flood can lead to major expenses to repair.
Some homeowners think FEMA will bail them out in the event of a flood loss. FEMA will only assist if a flood event has been declared a federal disaster. And even then, FEMA provides loans that must be paid back WITH INTEREST. You must also obtain flood insurance before receiving any FEMA flood assistance and you’ll be required to maintain the flood coverage for as long as you own your home.
The bottom line is this… floods are increasing in frequency and severity with over 25% of all flooding occurring in a low to moderate flood zones. Carrying flood insurance on your property means you have an essential extra layer of protection and the peace of mind to sleep soundly this hurricane season.