What Is A Flood Policy, And Why Should I Get One?

Flooding is the most damaging natural disaster in the country. FEMA reports roughly 25% of all flood claims come from moderate to low-risk areas. Flood risks are higher in Florida because of the state’s frequency of storms and proximity to water. Just one inch of flood water can cause over $25,000 worth of damage to your home. Yet, most homeowners’ policies do not cover flood damage. As such, it is important to obtain flood insurance in Florida. 

A flood policy covers physical damage to your building or personal property caused by flooding as a result of hurricanes, rivers, and tidal waters. A flood is an excess of water on land that normally is dry, and is classified as a flood once the excess of water affects two or more acres of land, or two or more properties. Because homeowners’ policies do not usually cover flooding, it is essential to add a flood policy as soon as possible, and victims of flooding as a result of Hurricane Ian, as well as victims of the April 2023 flooding in Fort Lauderdale, would agree.

The flood insurance rate is based on the location and flood zone, amount and type of coverage, design and age of the home, and elevation. Additionally, homes located in a high-risk flood zone with mortgages from federally regulated or insured lenders are required to purchase flood insurance.

Flood insurance policies typically take thirty days to go into effect. Therefore, it is not recommended to wait until a hurricane is headed your way to obtain a flood policy. Your home is a large investment, and having a flood insurance policy will ensure that it is covered should a natural disaster strike.            


Contact the Gelber Law Group for More Information

Living with property damage can be stressful, and the insurance claim process can be lengthy. If you encounter property damage as a result of a flood and your insurance claim has been wrongfully denied or underpaid, contact Gelber Law Group, PA to assist you with a free consultation at 954-320-0100.

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