Living in Florida, with its tropical climate and proximity to the coast, residents are familiar with the potential risks of flooding and need for flood insurance. To protect homeowners and businesses, the state has implemented flood insurance requirements. As traditional homeowners insurance typically does not cover flood damage, getting flood insurance is crucial in safeguarding one’s property and financial well-being.

Relevant Statistics:

  1. According to the Federal Emergency Management Agency (FEMA), Florida accounts for approximately 37% of all flood policies in the United States.
  2. FEMA reports that Florida has experienced more than $9 billion in flood losses between 1978 and 2018, making it the highest-ranking state in terms of flood damage.
  3. Only one in three Florida homeowners located in high-risk flood areas actually have flood coverage. This leaves many at risk of substantial financial losses if a flood occurs.

When discussing flood insurance requirements, there are items to consider:

  • Flood insurance is not covered by most home policies.
  • It covers your building and personal possessions, but does have some restrictions.
  • Coverage limits may vary based on the type of structure (residential vs. non-residential).
  • There are federally defined flood hazard areas on the Flood Insurance Rate Map which fall under the 100-year flood zone.

When residing in Florida, having flood insurance is a crucial step in protecting your home or business from potential damage and financial loss. The statistics show the significant risk of flooding, and although there are diverse perspectives on the affordability and necessity, it remains an important safeguard.

We can help you obtain a flood policy that will protect your investment and budget. Our agents are happy to educate you on flood zone areas and specific coverages that may be needed based on your unique circumstances. For more information on getting a policy that will work for you, contact us today!