Premiums for flood insurance are based on: The NFIP uses a standard calculation for flood insurance across the United States. How Much Does Flood Insurance Cost in Florida? In fact, according to FEMA, around 20% of all flood claims filed are for properties that are located outside designated high-risk flood zones. Whether or not you are required to carry flood insurance, it is usually a good idea, even if your home or business is in a low-risk area. If you have a mortgage on your property and it is located in a FEMA-designated flood zone, your lender will likely require you to cover it with flood insurance until your loan is paid in full. You cannot be turned down due to being in a high-risk location, nor will your rates go up if you have filed a claim. This program provides affordable coverage to people at risk for sustaining flood damage.įlood insurance is guaranteed. That is why the federal government stepped in in 1968 and created the National Flood Insurance Program (NFIP). When flooding is severe and widespread, the resulting property damage can be overwhelming. However, according to FEMA, just one inch of rainwater in your home can cause as much as $25,000 in damage. What Is Flood Insurance and Why Is It Important in Florida?įlood damage is specifically excluded from the coverage provided by conventional insurance policies like home insurance, renters insurance, and business insurance. Find an insurance agent near you to get more information and to start reviewing customized quotes for coverage.
Independent insurance agents in Florida are available to help you be certain that your property is suitably covered against floods caused by heavy rains, storm surges, and overflow events. If you own property in the Sunshine State, you can benefit from purchasing a flood insurance policy. Many homes and businesses in Florida are located in designated flood zones, so it should come as no surprise that flood insurance providers pay out around $17 million in flood claims a year in this state alone.
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