If a flood damages your Miami, FL home, will your homeowners’ insurance cover the damage?

That depends on a variety of factors, including the amount of water damage, the value of your home, and whether you have a flood insurance policy in place.

If you don’t live in a determined flood zone, your mortgage company may not require you to have flood insurance coverage. But, that doesn’t mean you aren’t at risk for flood damage. According to the Property Casualty Insurers Association of America, one in four flood claims are not located in a flood area. So while you may not be required to carry flood insurance, it might be smart to do so – according to the flood insurance program, the average flood insurance claim tops out at about $39,000. If you have questions about whether you should carry flood insurance, talk to your B & G Insurance representative.

Flood Insurance Myths 

Your standard homeowners’ insurance does not cover flooding risks. In order to protect your home, you will need a policy the National Flood Insurance Program offers. Here are some of the most common flood insurance myths: 

• You have to live in a flood plain to get a policy. This is not true. But, your mortgage company may require that you carry flood coverage if you do live in a flood plain. You can still buy flood insurance, even if your Miami, FL home is not in a flood zone.  
• My Homeowners’ insurance covers flood risks. The typical homeowners’ insurance policy doesn’t cover floods or earthquakes. You will need a special policy for both. Also, flood insurance generally won’t cover your living expenses if you need to relocate while flood damage is being repaired.  
• Just because you weren’t previously in a flood zone doesn’t mean you aren’t now. Flood zones typically change and evolve. Your home may not have been in a flood zone when you bought it, but it is now.

To find out more about how flood zone insurance can protect your home and property, contact the experts at B & G Insurance today.