Flood Insurance
As Central Florida found out with Tropical Storm Fay, anyone is susceptible to the effects of flooding no matter what flood zone you live in. Flood insurance is a very important coverage for homeowners and businessowners to have since rising water is not a coverage that is offered in homeowner’s insurance. The coverage applies whether the flooding results from heavy or prolonged rains, coastal storm surge, snow melt, blocked storm drainage systems, levee dam failure, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.
Flood insurance covers both homes and businesses. With residential coverage you can get up to $250,000 of insurance to protect your home and up to $100,000 to protect its contents. If you are located in (or moving into) a high-risk area, federally regulated or insured lenders will require you to have flood insurance for the amount remaining on your mortgage, or $250,000, whichever is lower. With commercial coverage, you can get up to $500,000 of insurance to protect your building and up to $500,000 to protect its contents.
It is very important to know that there is a standard 30-day waiting period, from date of purchase, before a new flood policy goes into effect. The 30-day waiting period does not apply if:
- The initial purchase of flood insurance occurs in connection with the making, increasing, extension, or renewal of a loan in a high-risk zone by a regulated lender; or
- The initial purchase of flood insurance occurs within one year of a map change.
For an example of the costs of flood insurance, click on the following link:
Floodsmart Flood Insurance Policies
For a more specific quote, click on the Quote now button.
