Protecting Your Florida Home from Floods: A Guide to Flood Insurance

Flooding is the most common and costly natural disaster in the United States, and Florida's unique geography and weather patterns make it particularly vulnerable. Even a few inches of water can cause devastating damage to your Florida property. Don't wait until it's too late. A licensed Florida insurance agent can advise you on purchasing the right flood insurance to protect your assets. Here’s what you need to know:

Does my Florida homeowners insurance cover flood damage?

In most cases, your standard Florida homeowners insurance policy will not cover flood damage. This is a crucial point to understand. While federal disaster assistance may be available after a flood, it may be limited and is not guaranteed. Relying on this is risky. The best way to ensure your assets are protected in Florida is to proactively purchase flood insurance.

What is flood insurance?

Flood insurance in Florida covers damage caused by flooding, including incidents common to the state, such as heavy rain from hurricanes and tropical storms, storm surges along the coast, overflowing rivers and lakes (a frequent issue in Florida), and even failed drainage systems. It's designed to cover what your homeowners insurance won't.

Is flood insurance required in Florida?

If you own a home or business in a “high-risk” flood area in Florida – any area with a 1% or higher chance of experiencing a flood each year, as defined by the Federal Emergency Management Agency (“FEMA”) – and have a federally backed mortgage, your lender will require you to have flood insurance. Many coastal areas and areas near rivers and lakes in Florida are considered high-risk. But here's the catch: even if your lender doesn't require it, it doesn't mean your Florida home isn't at risk. Remember, in Florida, anywhere it rains, it can flood. Don't assume you're safe. Consult a Florida insurance agent for guidance on your specific property's risk.

How do I know if my home is in a flood zone?

FEMA provides resources to help you determine your flood risk. You can use the FEMA Flood Map Service Center (MSC) online at https://msc.fema.gov/ to search for your property and see its flood zone designation. You can also call FEMA at 1-877-336-2627.  Knowing your flood zone is the first step in making informed decisions about flood insurance.

How much does flood insurance cost in Florida?

The average cost of flood insurance nationwide is about $1,000 per year, according to FEMA. However, the cost in Florida can vary significantly depending on many property-specific factors and the flood risk for each individual property. Factors like elevation, proximity to water, and the construction of your home will all play a role. Your premium is also influenced by your deductible, or the portion of a claim that you must pay out of pocket. Given Florida's high flood risk, premiums can be significantly higher than the national average. Get a personalized quote to understand the actual cost for your property.

What are my options for purchasing flood insurance in Florida?

In Florida, you have two main options:

• The National Flood Insurance Program (“NFIP”): The NFIP, managed by FEMA, offers flood insurance to property owners, renters, and businesses in participating Florida communities. In return for access to flood insurance, participating communities agree to adopt and implement local floodplain management regulations. For residential dwellings, NFIP policies offer coverage up to $250,000 for building repairs and up to $100,000 for personal property; non-residential properties are covered up to $500,000 for building repairs and $500,000 for damaged contents. Check your Florida community's status on FEMA's website to determine if you are eligible. You can also get an NFIP rate quote online.

• Private Insurance: Private flood insurance is provided by private companies. Private insurers in Florida may offer comparable rates but often provide more coverage than the NFIP, such as higher protection limits, policy enhancements, and payments for temporary living expenses if you are displaced. You can also supplement an NFIP policy with private insurance to extend your coverage further, which is often recommended in high-risk Florida areas. Shop around and compare quotes from several private insurers.

How long does it take for my policy to take effect?

Typically, there is a 30-day waiting period from the date of purchase until an NFIP policy goes into effect. There are exceptions if you purchase flood insurance in connection with a mortgage loan. Private flood insurance in Florida can vary.

Practices may vary based on state and local law. Consult your Florida real estate professional and/or an attorney for details about Florida law.