What is Flood Insurance?
Florida Flood Insurance is the insurance purchased by homeowners and tenants to protect their homes and other assets in the event of a flood. It typically provides coverage for the dwelling and personal belongings of the homeowner. Flood Insurance is distinct from Homeowners Insurance, which specifically excludes coverage for flood related damage.

What does Florida Flood Insurance Cover?
This Insurance provides coverage in the event of water damage to home or personal belongings which is caused by the overflow or runoff of water and mud originating from outside the home.  For the home, there are different levels of coverage depending on the need of the particular property. These coverages peak at a maximum of $250,000. For personal property, coverage is available up to a maximum of $100,000. Due to the structure of the National Flood Insurance Program which governs these policies, coverage options are limited to amount of coverage chosen by applicant. In some cases, excess flood insurance is available from private insurers when the maximum coverage under the standard policy is insufficient.

What options are available when choosing a flood insurance policy?
The options available to these policies are limited. Key decisions for this type of insurance are confined to the amount of coverage purchased, and to whether insurance is purchased for personal belongings in addition to the home. While both increasing coverage limits on the structure, and opting for coverage on personal belongings will involve higher premiums, the additional premium is a relatively small number when compared to damage from a potential flood. The following are basic guidelines for coverage availability based on a Florida Flood Insurance Policy:

  • Dwelling Coverage – Coverage for structure of home, up to a maximum of $250,000
  • Personal Property – Coverage for personal belongings of homeowner or tenant, up to a maximum of $100,000.
  • Excess Flood Insurance – Provides coverages in excess of $250,000, and is available in many cases through private carriers, but is not part of the National Flood Insurance Program.

Is Flood Insurance Mandatory?
While Florida Flood Insurance is not mandatory, many mortgages require this coverage as a condition to close the loan.

Does a Flood Insurance Policy have a deductible?
Yes, deductibles apply both to dwelling and personal property sections of policy.

What important restrictions apply to Flood Insurance Policies?
Florida Flood Insurance policies have a number of important restrictions due to National Flood Insurance regulations. Restrictions relate to items covered, and to specific limitations on certain parts of the home. It is important for Florida consumers to educate themselves on this important coverage. An experienced Florida insurance agent is an excellent resource to provide guidance on this matter.