Floods in Florida can happen at any given moment. A common mistake is believing that only those in high-risk areas need flood insurance. Any flooding can cause substantial amounts of damage to a home. FEMA estimates that a mere one inch of water in a home could lead to up to $25,000 in repair costs. Fulton Family Insurance will assist you in securing the right policies to protect your home against perils like floods.
Homeowner's and renter's insurance plans in Florida will not cover damages caused by flooding. Mortgage lenders often look at the property's location to determine if your loan requires flood insurance. Properties in moderate and high-risk flooding zones will likely need a flood insurance policy. The federal government also has designations called Special Flood Hazard Areas or SFHA. If you have a home in an SFHA, you have a 1 percent or higher chance of flooding yearly. Although not all mortgage lenders require flood insurance, securing a plan is a good idea.
The cost of flood insurance will depend on several factors. The quote you receive will depend on the home's elevation and whether it's near a water source. The policy will likely include coverage for damages caused by storm surges, heavy rains, and overflowing bodies of water. Flood insurance isn't a policy for damage caused by burst pipes or overflowing toilets. Instead, the plan will likely define flooding conditions as excessive water on typically dry land affecting at least two acres or two properties.
Fulton Family Insurance can assist in securing the right amount of flood insurance coverage for Florida residents. Contact us today for a no-obligation policy quote.
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