Your Flood Insurance in South Florida May Not Be Enough
The state of Florida is like an island and in times of heavy rains or storms, just about everywhere is subject to floods, and this is especially true with South Florida and places like Coral Gables, Naples, Marco Island, and Miami. National flood coverage has been available since 1968 when the NFIP program was initiated. NFIP stands for National Flood Insurance Program, and it was designed to provide affordable insurance to people in the US.
If you have this kind of insurance you are protected against floods, but you must know what is covered and what is not. It's also important to be aware of the deductibles and limits on coverage. Let's look at an example story which demonstrates the importance knowing your insurance policy limits.
Jerry and Karen owned a beautiful home in Boca Raton. They bought an older dwelling and over the years upgraded and changed things to have it just the way they wanted. This included a large deck on the back of the house. In addition, the home was lavishly furnished with antiques and collectibles.
Karen and Jerry knew about the importance of flood protection and they had a policy through FEMA. It covered many types of damages. However, neither Jerry nor Karen knew about the limits of state run insurance policies and this turned out to be a terrible oversight.
Boca Raton and many other parts of South Florida received torrential downpours. This was not too unusual, except it had been an unusually wet spring and when the rains came, they fell upon saturated ground. This caused a great deal of flash flooding in the area.
During the storm, water entered their home and created an enormous amount of damage. Most of their possessions and home furnishings were completely ruined and when they added up all the losses, it came to about $175,000. However, this was a big problem because the government sponsored insurance only covered $100,000 for contents. Even though the antiques were insured by their homeowner policy, they were not insured for floods. This turned out to be a devastating financial setback which could have been avoided with extra flood coverage.
What is Flood Coverage?
Insurance for floods is there to reimburse you for flood related damages to your home and property. When most people think of flood coverage, they think of the FEMA program for homeowners and businesses. However, this is not the only type of flood coverage available.
Who Needs Flood Insurance?
If you live in Southern Florida, you have a major need for flood coverage. Many parts of Florida are at sea level and flood easily. In addition, there are hundreds of lakes all over the state, and this adds to the possibility of floods. Coastal residents are even more prone to floods than inland residents.
What Comes with Standard Flood Protection?
If you buy national flood coverage you will receive $250,000 worth of insurance for your dwelling and $100,000 for its contents. It also covers your building, foundation, carpeting, and AC units.
Debris removal fees are also covered. Most appliances are insured. Items of value like artwork have a maximum of $2500 coverage.
If you check with FEMA you'll see that the insurance covers detached garages, but only up to ten percent of the value.
What Is Not Included with Your Standard Flood Policy?
Several things are not covered. For example, mold and mildew can be included but if FEMA feels you could have avoided the damage, the insurance will not pay. You won't have protection for cash or valuable papers either. Outdoor structures like decks, patios, and swimming pools are not part of your coverage. If you have to move out of the house due to flooding, your insurance will not cover temporary living expenses.
The Benefits of Extra Flood Insurance
When you opt for additional flood protection for your dwelling you can receive insurance for many things not covered by standard insurance. This is very important for those with luxury homes and special belongings. The best way to find out what kind of insurance you need is to go with an independent agent, experienced in risk management and flood issues.
Where Can I Buy Additional Flood Protection?
If you are concerned about the effects of flood on your property, come to a trusted source like Galt Insurance Group. Several companies are offering excess flood coverage for residential and commercial properties and we can help you choose the best one.
When you go with Galt you have an independent insurance agency on your side. We do not represent one insurance company. Galt is there for you as your insurance advocate to make sure you have the most affordable coverage that fully meets your needs.
The effects of flooding can be totally devastating and almost impossible to recover from. Although things of sentimental value can sometimes not be replaced, you won't need to suffer severe financial hardship when you have flood coverage customized to your needs. Your agent from Galt Insurance Group is there to go over your options with you and show you all the good things that are currently available. If you would like to receive a free insurance quote, fill out our quote form and we'll contact you about the quote. When you have questions or concerns, please feel free to call us at 1-844-BUY-GALT.