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Debunking 7 Popular Florida Flood Insurance Myths

by BROOKE GOLD HASSON | Jul 05, 2016

FloodMythsWhen it rains, it pours in Florida!

Every year, Florida receives at least 50 inches of rain, with most rainfall occurring in the summer months. And you know what comes with rain… floods!

Floods are the number one natural disaster in the United States, and Florida is the leading state for flood damage, with more than $117 million in flood-related claims in 2014 alone.

As we enter Florida’s rainy season, we’re debunking seven common myths about flood insurance, so you can make sure your home is properly covered in the event of a flood.

Myth: Flood coverage is included in your homeowner’s insurance policy.

Fact: Losses due to flooding are not usually covered under most homeowner’s insurance policies. We recommend adding a Florida Flood Insurance policy to ensure complete protection of your home in case of a flood.

A National Flood Insurance Program (NFIP) Flood Insurance policy provides coverage for up to $250,000 on the structure of your home and up to $100,000 on personal property, all at very affordable rates regulated by the federal government.

Myth: Flood insurance can only be purchased through the National Flood Insurance Program directly.

Fact: NFIP flood insurance is sold through private insurance companies and agents, and the federal government provides a 100% guarantee. In some flood zones, flood insurance can be obtained for less than $1.40 per day (average is $503 per year). Call us today to discuss your flood insurance needs: 1-866-972-1547.

Myth: The NFIP does not cover flooding caused by hurricanes or overflow of rivers or tidal waters.

Fact: The NFIP defines a flood as a general and temporary condition during which normally dry land is partially or completely inundated.

Flood insurance covers damage caused by hurricanes, rivers, and tidal waters as long as the floodwater either covers at least two acres of your property or two adjacent properties, one of which is yours.

Myth: You only need flood insurance if you live in a high-risk flood zone.

Fact: All areas of Florida are prone to flooding. Poor drainage systems, rapid accumulation of rainfall, and broken water mains can all result in flooding, and about 25 percent of all flood insurance claims come from areas with low-to-moderate flood risk. If you live in a low-to-moderate risk zone, it’s recommended that you purchase flood insurance. Just two inches of water in your home can cause $7,800 or more in damage.

Myth: If you live in a low-to-moderate flood-risk area, you can’t get flood insurance at a lower cost.

Fact: According to the NFIP, if you live outside a floodplain or in a low-to-moderate flood-risk area, you can purchase flood insurance at a lower cost. You may even qualify for the Preferred Risk Policy that provides contents coverage beginning at $39 per year and building-plus-contents coverage beginning at $119 a year.

Myth: You can’t purchase flood insurance if your property has been flooded.

Fact: If your community participates in the National Flood Insurance Program, you are eligible to purchase flood insurance even after your home has been flooded.

Myth: Federal disaster assistance will cover flood damage.

Fact: Before a community is eligible for disaster assistance, it must be declared a federal disaster area – and this only happens in less than half of all flooding events. Additionally, if you are not insured and receive federal disaster assistance following a flood, you must purchase flood insurance to remain eligible for future disaster relief.

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