Do You Need Flood Insurance if You Live in Florida?

•  Feb 13, 2021
•  Complete

With the longest seacoast in the continental United States, low elevation, and a high water table, Florida is one of the states at highest risk for property damage due to flooding. In fact, the National Flood Insurance Program (NFIP), a government entity that requires flood insurance based on your property’s risk of experiencing a flood, requires more policies in Florida than any other state.  Flood insurance is good for a property owner’s peace of mind no matter where they live. However, if you live in Florida, it may just be a necessity. Not only do parts of Florida average over 60 inches of rainfall a year, but rising ocean levels mean high tides can now cause significant damage to coastal properties.  So if you live in Florida, it might be time to look into flood insurance and what it can do for you, your family, your property investment, and your peace of mind. 

What Is Flood Insurance?

Flood insurance covers a home for losses that are sustained by water damage due to natural flooding. This could include heavy or long-lasting rain, flooding from high tides, coastal storm surges, blocked storm drainage systems, or levee failure. That means if you sustain any damage from these things, your property and its contents will be covered.  However, in most states, floods are considered “acts of God”. So, any damage caused by them is not covered in your standard home policy. Home policies cover water damage from something like a burst pipe or interior damage caused by rainstorms; however, floodwaters aren’t included in that. Instead, you will need to purchase supplemental flood insurance. This ensures that you are fully covered in the event of a flood. 

How Does Flood Insurance Work?

Flood insurance can be purchased for private and commercial properties alike. This insurance works just like other forms of insurance. Once you have a supplemental policy, the premium is paid by the insured. In the event of a flood, the insurance pays to the policy cap for damage to the property structure or its contents if the flooding is caused by a natural event. This money is then used to restore and repair the dwelling or replace contents that were lost. 

What Is the National Flood Insurance Program?

Offered through the Federal Emergency Management Agency (FEMA), the National Flood Insurance Program provides flood insurance to property owners whose property has been designated to be in a high-risk area for flooding. The actual insurance policies are provided through private companies. FEMA does keep flood zone maps up to date to monitor areas that may be at high-risk for flooding. These flood zones are updated regularly to keep up with new and intensifying flood patterns.  Flood insurance through NFIP is required for property in high-risk flood zones with federally funded mortgages. When purchasing property and insurance, make sure to note where your property is located and what the flood risks are. 

How Much Does Flood Insurance Cost?

The NFIP monitors the price of flood insurance nationwide so the cost will not differ between companies offering the policy. The average annual cost for flood insurance in Florida purchased through NFIP is $562 depending on a variety of factors such as:

• How close your home is to a body of water
• What kind of elevation your home may be on
• The structure of your home
• Whether you want replacement cost value or actual cost value on your belongings
• The age of the property
• The number of floors the structure has 

 You may qualify for insurance discounts through NFIP if you live in an area with certain flooding safety measures. 

What You Should Do After a Flood

If you’ve experienced damage to your property because of a flood, it is vital that you immediately contact a reliable disaster restoration company like Complete to help you clean up and restore your property. Water damage can cause serious long-term damage to your property while promoting mold growth. In short, any large scale flooding damage can become a serious health and safety hazard rather quickly.  Complete has decades of experience in getting the property owner’s dwelling up and running again quickly and efficiently. We'll help you through the entire insurance claims process to make sure you are covered when you need to be. With offices in Pensacola and Tallahassee, we are fully insured, licensed, and registered to work in Florida’s Santa Rosa, Escambia, Okaloosa, Walton, Holmes Washington, Bay, Jackson, Calhoun, Gulf, Gadsden, Liberty, Franklin, Leon, Wakulla, and Jefferson counties.Contact one of our experts today to discuss how we can help you — 24 hours a day, 7 days a week, 365 days a year — to get your property back in pristine condition.