In the wake of Hurricane Irma, many Floridians are wondering about the cost of flood insurance. As we all know, Florida is no stranger to hurricanes and severe storms, which often lead to flooding. If you’re one of the many homeowners in Florida who doesn’t have flood insurance, you could be in for a rude awakening if your home is ever damaged by water.
What is flood insurance and why do you need it
Flood insurance is a type of insurance that reimburses policyholders for damages caused by floods. Although it is not required by law, most mortgage lenders require borrowers to purchase insurance if they live in an area that is prone to flooding. Florida is one of the states that is most at risk for flooding, so residents there are often required to have insurance. Flood insurance can help to cover the cost of repairing damage to your home and belongings caused by a flood. It can also help to replace items that are lost or destroyed in a flood. If you live in an area that is prone to flooding, insurance can be an important financial safety net.
The average cost of flood insurance in Florida
Florida is a state that is especially vulnerable to flooding. This is due to its low-lying topography, as well as its extensive coastline. As a result, the average cost of insurance in Florida is higher than in most other states. According to the Florida Department of Financial Services, the average premium for flood insurance in Florida is $693 per year. This is significantly higher than the national average of $409 per year.
For residents of Florida, insurance is an essential part of protecting their home and property from damage. While the cost of premiums can be high, the cost of repairing or replacing damaged property can be even higher. As a result, flood coverage is an important investment for Florida residents.
How to get a quote for flood insurance
Florida is a high-risk state for flooding, so it’s important to make sure you’re properly insured. If you’re interested in purchasing insurance, the first step is to get a quote. You can do this by contacting your insurance agent or broker and asking for an estimate. You should also be prepared to provide some basic information, such as your property address and the amount of coverage you’re interested in.
Once you have a quote, you can compare it with other offers to make sure you’re getting the best possible deal. By taking the time to get a quote, you can help protect yourself and your property from the devastating effects of flooding.
What to do if your home is damaged by water
If your home is damaged by water, the first thing you should do is call your insurance company. In Florida, homeowners’ insurance typically does not cover floods, but it’s important to check your policy to be sure. Once you’ve spoken with your insurance company, they will send an adjuster to assess the damage. If the damage is extensive, you may need to hire a professional remediation company to remove the water and repair the damage. In either case, it’s important to act quickly to minimize the damage and prevent mold growth. With a little bit of effort, you can get your home back to normal after a water damage incident.
Finally
As Floridians, we are all too familiar with the wrath of Mother Nature. From hurricanes to severe storms, our state is no stranger to flooding. If you’re one of the many homeowners in Florida who doesn’t have insurance, you could be in for a rude awakening if your home is ever damaged by water. The average cost of flood coverage in Florida is $700 per year, but it varies depending on where you live and other factors.
If you want to discuss options for flood insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
