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.