Flood Insurance

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Do You Need Flood Insurance?

Here are some important facts to keep in mind:

  • FACT: Homeowners and renters insurance does not typically cover flood damage.

  • FACT: More than 20 percent of flood claims come from properties outside high-risk flood zones.

  • FACT: Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.

  • FACT: Disaster assistance comes in two forms: a U.S. Small Business Administration loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household.  By comparison, the average flood insurance claim is nearly $30,000 and does not have to be repaid.

 

 

Is Your Property In Need of Flood Insurance?

 

Flood insurance provides protection for destruction and financial devastation caused by floods. Although it may not seem like much, even a few inches of water can cause serious damage, resulting in thousands of dollars in repair and restoration costs. Homeowners insurance does not typically cover floods. Purchasing a Florida flood insurance policy through Best Rate Insurance can protect you.

 

Although it may not seem as necessary as homeowners insurance, flood insurance in Florida is important if you want to keep your home safe and your possessions secure. Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.

 

Different types of policies are available based on your property’s location and flood history:

 

  • Standard Flood Insurance Policies
    If you live in a community that participates in the NFIP, your building and its contents can be covered by a standard flood insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.

  • Preferred Risk Policies
    If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are effected by a small flood, or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.

 

Don’t wait until it’s too late. Contacting Best Rate Insurance today will get you on the path to flood protection in Florida with an affordable and comprehensive insurance policy.

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