Flood Insurance in Florida

Most homeowners in Miami, FL and around the state think that because there hasn’t been a flood in their area that they are in a flood free zone. However, if you live in an area that has even the slightest risk of flooding, it is essential that you have flood insurance. Even if you are not considering getting flooding insurance, some mortgage lenders in Florida will require you to get the insurance coverage. Below are some coverage options to help you make an informed decision.

Building coverage

With building coverage, the physical structure of your home is covered. It covers systems around the house including the electrical system and plumbing system. It will also cover the furnace, water heater as well as permanently installed flooring. Other things covered includes permanently installed paneling, cabinets, and bookcases if the damage is directly caused by flood water. It will also cover the foundation walls and anchorage systems.

Contents coverage

Under the contents coverage, all your belongings in the house are covered. Some personal belongings that are covered under the contents coverage include your clothes and furniture in the house. It also covers window curtains and other portable air conditioners. Some valuable items are covered under this but only up to an absolute limit.

Replacement cost coverage

After a flood, your home will be damaged. You will have to incur some costs to replace your home. However, with flood insurance, you do not have to worry about the cost since the insurance company will cover the replacement but only at a percentage of the total replacement cost.

For the insurance company to know how much premium you will pay, they will assess the flood risk of individual properties using the National Flood Information Database (NFID). With that information, they can then calculate the amount of premium that property owners must pay. When thinking of flood insurance, contact B & G Insurance in Miami, FL. Our Florida insurance experts are always ready to answer any question you might have.