How does flood insurance work in Florida?

Flood insurance is a necessity if you live in or around Miami, FL. You especially need a good policy if you own property in a hurricane or tornado zone. Many Floridians purchase flood insurance without understanding the benefits of their policy. How does flood insurance work? Also, when can you file a claim for coverage? The agents at B & G Insurance can help you understand your policy?

What does flood insurance cover?

Flood insurance pays for damage to the structure of your property caused by natural disasters that lead to flooding. A hurricane that destroys your guest house is an instance where flood insurance would be helpful. A good policy may also pay for the loss of personal items. 

Flood insurance does not cover damage to the structure or personal items due to a leaking pipe that destroys part of your home. A standard home insurance policy may suffice for such an incident. 

How does flood insurance work?

Flood insurance works like any other indemnity policy in Miami FL. You document evidence of damages first and file a claim with your provider second after an incident. 

Some policyholders rely on photographs to tell the story of their loss. Using pictures and video footage, however, may be more beneficial to your claim in Miami FL. 

How much does flood insurance cover?

Flood insurance pays up to your policy’s limits. You are responsible for the remaining balance, if any, after your plan has been exhausted. 

Some policyholders purchase the cheapest flood insurance plan without having savings in the bank. They face financial hardship when a disaster destroys their home because of low policy limits. 

It is best to speak with a professional before deciding how much flood insurance you should buy. B & G Insurance can work with your budget and lifestyle preferences so you have the plan that best suits your family. Call B & G today to learn more about flood insurance.

5 Must-Know Facts about Flood Insurance

Flood insurance isn’t just for homeowners who live in flood zones. Any homeowner can be susceptible to flood damage, especially if you live in the Miami area. Flood insurance from B & G Insurance can eliminate the fear of losing your Florida home or valuable possessions in an unforeseen flood disaster.

The following facts about flood coverage can help you determine if flood insurance is a good investment for you.

  • Floods can occur anywhere, not just in a flood zone. In fact, it’s estimated that approximately a quarter of flood insurance claims that are made come from homeowners who don’t live in flood zone areas. Tropical storms and hurricanes are major causes of flooding, both of which are common to the Miami area. This makes almost any Miami homeowner vulnerable to flooding. 
  • Standard home insurance policies do not cover flood damage. Without flood insurance coverage, you risk paying for flood damage out-of-pocket. A major flood could cause you substantial financial loss due to water damage to your home and total loss of furniture, appliances, electronics and other valuable belongings.  
  • Flood insurance is affordable, especially if you live in a moderate risk or low-risk area. You can buy flood coverage for just your home, just your possessions, or both. Renters also can partake in the contents’ protection that flood insurance has to offer.
  • As there’s generally a 30 day “waiting period” before flood insurance is activated, it’s important to purchase your policy with plenty of time in anticipation of the rainy season in the Miami area. Having your policy in place well in advance will ensure you’re covered in the event of a flood.  
  • Flood insurance is readily available through the National Flood Insurance Program or your B & G Insurance agent in Miami, FL.  

Call or visit us in Miami, FL today for the flood insurance protection you need.

Do I Need Flood Insurance If I Don’t Live In A Flood Zone?

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.