If you currently reside in the state, then yes, you most likely need Florida flood insurance. Why? It’s predicted that catastrophic storms like Hurricane Irma and Harvey are likely going to be a continuing trend as the ocean waters warm. Moreover, flood maps confuse homeowners and they misunderstand the risks involved with forgoing flood insurance.
Still Think You Don’t Need Florida Flood Insurance?
Think again. Nearly 80 percent of Texan homeowners hardest hit by Hurricane Harvey with flooding didn’t have flood insurance. Their reasoning was because they were in a low-risk to moderate-risk zone. These homeowners were left with significant losses following this disaster.
In Miami, storm water surged over the seawalls and flooded most of Brickell Avenue. Places all the way from the Florida Keys to Jacksonville experienced storm surges and flooding. Even areas in Central Florida, like Gainesville, were flooded with raging floodwaters after Irma. Irma managed to significantly impact almost the entire state. And, guess what? A stark majority of Florida homeowners didn’t have flood insurance.
After Harvey hit Texas, nearly 60 percent of claims came from homeowners in moderate-risk flood zones. Can you imagine the financial struggles these homeowners are now facing? By purchasing flood insurance, you can prevent this financial hardship from impacting you and your family.
Homeowners Insurance & Floods
The most mind-boggling thing that many homeowners do after they pay off their homes is to cancel their flood insurance policy—even when they’re located in high-risk zones! This move essentially leaves their home unprotected.
Do you really believe your homeowner’s insurance will cover the costs? If so, you’re wrong. It only covers water originating from inside the home, not outside. Purchase flood insurance for the simple reason that no matter where you live in Florida a flood can devastate your life.
Even if a homeowner is at a low or moderate risk, investing in flood insurance that costs around $500 annually for these lower-risk regions might be well worth it. The more you consider the risk involved, the cost of not having flood insurance in Florida is much higher than originally thought.
Maybe you’re thinking that Florida flood insurance does not merit the required expense. Unless you want to be left paying for the electrical, plumbing, HVAC, carpeting, personal property, and everything that’s in your home, then maybe you should reconsider it because—YES, flood insurance is worth every penny!
Stop Looking at Flood Maps
As it stands, the law stipulates that homes in high-risk flood zones and have a federally backed mortgage are required to purchase Florida flood insurance. However, is it worth the risk of losing the ability to rebuild your home—your life—after a devastating flood?
With more than 20 years in the insurance industry, E&L can attest to the hardships homeowners hit by floods have faced when they didn’t have flood insurance. We’re here to help you obtain the coverage that fits your lifestyle and needs. While there isn’t a way to predict when or where the next flood will be, investing in Florida flood insurance prepares your family for the worst. Trust us, you don’t want to get caught without it!