Do you really need flood insurance?

Do you really need flood insurance?

Most homeowners insurance policy's do not cover flooding that occur from outside of the residence. Many homeowners believe they do not need flood insurance since their home is not in a FEMA flood zone. South Florida is prominent to Hurricanes storms and rain during Summer season. Water goes where water goes and only one inch of water can cause approximately $25,000 worth of damage. 

Typically a 30 day waiting period could occur from the date of purchase to the beginning of the policy. Flooding is not only a concern for homes near water. 40% of floods occur due to storms, hurricanes, water main breaks, and changes to land. Ask your realtor for insurance agents that can provide flood insurance premiums quotes that can be as low as $2 a day. Do not relay for government assistance from Federal Disaster Assistance. Although it may be available to members of the community after a storm, it may not cover all expenses associated with the damage that was caused. At times any Federal Assistance may required to be repaid. 

Here are some sites to help you stay informed with flood insurance:

Flood insurance calculator - This interactive tool can help owners or buyers visualize the risk of a home flooding, even if that flood is only a few inches deep.

Document and insure your property- Regular property insurance does not cover flooding, and this resource explains the various types of home coverage and what each does – and does not – do.

Emergency financial first aid kit-Important papers can be lost in a flood. This overview, offered in six languages, helps homeowners focus on important household information – identification, financial and legal documents, medical information, contacts, etc. – that should be in order before a disaster occurs.

How can I pay less for flood insurance- Information here can help homeowners reduce the cost of their flood insurance cost by choosing things such as a higher deductible.

Do I live in a flood zone- Find out if your property is in a FEMA flood map zone.