Flood Insurance in Florida is essential due to the state’s high risk of flooding from hurricanes, tropical storms, heavy rains, and rising sea levels. Florida has more coastline than any other state in the continental US, making many areas vulnerable to flood damage.
Flood Insurance Is Not Part of Most Homeowners Insurance Policies
One of the most common misconceptions about homeowners insurance in Florida is that homeowner’s insurance policies include protection from flood damage. This is rarely the case. Standard homeowners and renters insurance policies do NOT cover flood damage, so a separate flood insurance policy is necessary to protect your property and belongings.
Almost all home insurance policies require a supplemental policy to cover flood damage.
Flood Insurance Options
A lot of Florida real estate exists within FEMA-designated Special Flood Hazard Areas (SFHAs), where the likelihood of significant flooding is highest.
National Flood Insurance Program (NFIP)
One of the few options available for coverage in these areas is through FEMA’s National Flood Insurance Program (NFIP). Because this program is federally funded, this option covers most of Florida’s property. Most of the NFIP policies provide up to $250,000 for building coverage for homes and up to $100,000 for contents. But as all Floridian’s know, this covers only a fraction of the costs generated due to a catastrophic weather event.
Most mortgage lenders require flood insurance from the NFIP as a condition for granting a loan. Although the rates of Florida NFIP policies vary depending on many factors, the range of premium costs is between $600 to $2,000 per year.
Private Flood Insurance
Private flood insurance is another option available to Florida homeowners. These may offer higher coverage limits, lower premiums, or other benefits not available with NFIP. Private insurers offer tailored policies that assess risk based on specific local factors and criteria that may differ from the NFIP. These may be better options for high-dollar value homes.
Flood Insurance Coverage Types
The primary flood insurance coverage types are building property and contents coverage.
- Building Property Coverage: Protects the structure of your home or commercial building, its foundation, electrical, plumbing, and built-in appliances.
- Contents Coverage: Covers personal belongings such as furniture, electronics, clothing, and other possessions.
Some private insurers offer additional optional coverages, such as:
- Temporary Living Expenses Coverage: Helps cover living expenses if you must leave your home during repairs or rebuilding.
- Outdoor Area Coverage: Most flood insurance policies typically exclude swimming pools, landscaping, and other outdoor living areas. This add-on coverage protects them as well.
Florida Flood Insurance Cost
Flood insurance rates are set based on several different factors:
- Elevation of the Property–The higher it is, the safer from flooding the property will be
- Flood Zone Designation–These designations are defined using FEMA’s Flood Insurance Rate Maps (FIRMs). The most at risk flood zones are in the designated SFHAs that begin with the letters “A” or “V.” Zones with a moderate to low flood risk are labeled as “X” or “B” on FIRMs.
- Proximity to Bodies of Water–This doesn’t only apply to coastline properties. Buildings near large bodies of water, retention ponds, or canals with poor drainage can also increase flood insurance premiums.
- Size and Age of the Building– Many older buildings are not up to current building codes and don’t account for the greater risk of flood damage.
- Building Materials Used for Construction–Using flood-resistant materials such as concrete, plastic-based materials, and galvanized metals can reduce flood insurance rates.
- Community Participation in CRS Programs–CRS (Community Rating System) programs were developed by FEMA to reward communities that use preventative flood management features and techniques may reduce premiums.
Pre-Requisites for a Flood Insurance Quote
Flood insurance quotes require key information before generating an accurate quote. This information is the most important for a flood insurance quote:
- What is Your Flood Zone?–You can look this information up yourself using FEMAs Flood Map website.
- Elevation Certificates–An elevation certificate is required in some high-risk flood zones to calculate the property’s risk level and premiums. These certificates identify the property elevation relative to the base flood elevation.
- Records of Flood Mitigation Announcements–Keep records of flood mitigation enhancements to your property, such as flood-resistant construction materials, elevated foundations, flood vents, or seawalls. This may make you eligible for some flood insurance discounts.
- Determine Coverage Needs–Determine what types of coverage you are looking for and be ready to discuss this with your local Jacksonville insurance agent.
Let the Mizrahi and Garris Insurance Agency Inform You About Flood Coverage Options
When selecting an insurance agency, you have many options, so why choose Mizrahi and Garris? Consider these reasons:
- Flood Insurance Experience–We have written many flood insurance policies, and have a clear understanding of flood insurance needs for specific areas.
- Over 20 Years of Local Insurance Experience—We’ve been protecting our Jacksonville area insurance clients, including customers in the 32034, 32080, 32081, 32082, 32084, 32085, 32223, and 32259 zip codes (and surrounding areas) in good times and bad. We know the area inside and out and the challenges our customers face.
- Excellent Google Reviews—Don’t take our word for it. Check out the Google Reviewsfrom our satisfied customers.
- Fantastic Insurance Agents–We are not just insurance agents. We are your personal insurance consultants. We inform you through the insurance quoting process, advocate for you during the claims process, and support you with the proper coverage for all your insurance needs.
- Independent Insurance Agency–As an independent insurance agency, we can work with many insurance providers to find the best flood insurance for your needs.
- Free No-Obligation Insurance Quote–Connect with us for a free, no-obligation flood insurance quote. We’ll help you find a protection plan perfectly customized to your needs. Give us a call at (904) 262-9202 or click the “Free Quote” to talk to an insurance expert today.