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Flood Insurance

View Also: Homeowners Insurance

Flood Insurance for Floridians


 

Serving All Florida Property Owners, from the Gulf Coast to the East Coast, the Keys to the Panhandle

 

If you’ve ever seen a pipe burst or a sink overflow, you’ve probably realized just how inconvenient and costly water damage can be to your home. Still, if the water damage comes from a flood, your homeowners insurance won’t cover the damage. To get such protection, you’ll need flood insurance, and Dakkak Insurance can work with you to ensure you get the correct coverage.

 

Understanding Flood Insurance

Flood Insurance

The average damage cost for one inch of water in a 2,500 sq. ft. home is more than $26,000. Increase the water level to 12 inches, and you are looking at an estimated $76,000 in repair costs.

For decades, private insurers simply couldn’t cover the significant cost risks posed by flooding. Even today, most standard homeowners policies do not cover flood damage from events like river swells, flash flooding, storm surge and other weather phenomena.

That’s why, in 1968, the federal government created the National Flood Insurance Program (NFIP). It has since become the main source of flood insurance for millions of property owners.

 

How NFIP Policies Work

The NFIP is designed to allow insurers to offer flood insurance backed by a federally-supported system. Communities across the U.S. work alongside the NFIP to map flood zones, and to reduce the threats present. In exchange, residents can purchase flood insurance through the NFIP.

 

The Coverage Within My Policy

NFIP policies offer two types of coverage:

 

  • Building Insurance

 

This portion of your coverage pays for damage to your house. Policies will offer up to $250,000 for residential structural damage. The house’s damage will usually be covered for its replacement cost value (RCV), which will cover you for the cost of a new item that has not depreciated in value.

 

  • Possessions Insurance

 

Coverage can help you pay for damaged belongings, with a maximum limit of $100,000. Possessions will be covered for their actual cash value (ACV)—the depreciated value of the item at the time of the loss. Deductibles will apply to both your building and possessions coverage, and exclusions will exist for various losses. You will have very limited coverage available for a flooded basement. There is no coverage for additional living expenses or liability coverage within flood policies.

 

Do I have to buy coverage?

Certain property owners must buy flood insurance. Those who reside in high-risk flood zones, and have mortgages from companies backed by federally-insured lenders, fall into this category. All the same, even residents of low-risk or moderate-risks can buy a policy from the NFIP if they choose. As long as your community participates in the National Flood Insurance program, you can apply.

 

Are private flood insurance policies available?

The NFIP provides most flood insurance policies in Florida, and residents of NFIP communities should look to the program of as their first source of flood insurance. Still, if your community does not participate in the NFIP, there are various private policies available.

 

Can I get extra coverage?

If you worry that the $250,000/$100,000 limits offered by NFIP policies aren’t enough for your property, you might need an excess flood insurance policy. It is a private policy that provides limits on top of the limits of your NFIP policy. It does not replace the NFIP policy.

 

What’s the cost?

Numerous factors can influence your premium cost, such as your home’s location and construction, and the amount of coverage you buy. In Florida, the average flood insurance cost is $545 for an NFIP policy. Rates get more specific in certain areas. Tampa’s average rate is $834/year, while Port St. Lucie’s is $374. Let your agent guide you in selecting the right policy and settling questions of affordability.

 

Why Choose Dakkak Insurance?

We get it, flood insurance can seem confusing. But, it doesn’t have to be hard to find the appropriate coverage. Dakkak Insurance understands the intricacies of the marketplace, and we offer excellent benefits counseling, fast claims services and assistance for those who don’t know what policy they want. Choose us, and we’ll make sure you get the protection you need.

 


 

 

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