Why everyone needs flood insurance!

The National Flood Insurance Program (NFIP) defines flooding as “an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties." Even an inch of water can cause damages that will cost you up to $25,000, according to the Federal Emergency Management Agency (FEMA).

Flood insurance covers damage to your home from scenarios such as a storm surge, overflowing bodies of water, and surface runoff from heavy rain. Homeowners insurance provides no coverage for these events unless the carrier offers a flood endorsement, and it has been purchased on your policy. Condominium units on the first or even second floor could also be at risk.

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Flooding can occur at any time, even outside of hurricane season. Weather related events and rising sea levels make Florida a prime location for flooding, even if you do not live near a body of water.  This is why it is recommended to buy flood insurance in Florida, regardless of where you live in the state.

More than 25% of flood claims to the National Flood Insurance Program come from people who live outside of SFHAs (Special Flood Hazard Area).

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In addition to flood policies with FEMA, there are private markets available. FEMA’s maximum coverage through the NFIP is $250k for the building and $100k for contents for residential properties. Many properties may have a higher value than the coverage offered on a standard NFIP policy, so it would be recommended to purchase an excess flood policy if $250k is not sufficient for your home. You can also purchase a flood policy from a private market that will offer higher limits. FEMA does not offer coverage for pool repairs or temporary living expenses and requires an additional policy for each building on the property, private market carriers typically have the option to add these additional coverages.

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The 2024 Atlantic hurricane season was a very active and extremely destructive Atlantic hurricane season, producing 18 named storms, 11 hurricanes, and 5 major hurricanes; it was also the first since 2019 to feature multiple Category 5 hurricanes. Many homes in low risks flood zones (zone X) were also affected by flooding during these storms and at least 20% did not have flood insurance to cover the losses.

If you don't have flood insurance, there is usually a 10-30 day waiting period to obtain.  Please don't wait until it is too late.  Get your flood insurance today!  

 

All homeowners policies with Citizens that include windstorm coverage, will be required to carry flood insurance by 2027, regardless of flood zone!

Except as otherwise provided, Florida law requires flood coverage as follows:

Policyholders whose property is located outside of the special flood hazard area must have flood coverage in place for Citizens policies effective on or after:

1. January 1, 2024, for a structure that has a dwelling replacement cost of $600,000 or more.

2. January 1, 2025, for a structure that has a dwelling replacement cost of $500,000 or more.

3. January 1, 2026, for a structure that has a dwelling replacement cost of $400,000 or more.

4. January 1, 2027, for all other personal lines residential property insured by Citizens.