The entire state of Florida is a flood zone. I believe many people get the misconception that "yay, I'm not in a flood zone, I don't need flood insurance!" Wrong. The flood zones are just separated into different risk levels which then tell you whether it's enforced or not.
Last week my neighborhood, which is not in a flood zone, was 3 feet under water. Neighbors were sitting outside their homes waving people down to slow down because the waves from the tires were pushing water into their homes! Of course, every person I spoke to did not have flood insurance. Flood insurance is unbelievably cheap when you compare it to destroying your home.
If you need recommendations in regards to flood insurance companies, please do not hesitate to contact me, I would be happy to assist you.
What National Homeowners Flood Covers
National homeowners flood insurance offers two types of coverage - building coverage and possession coverage. Both are subject to maximum coverage caps. NFIP will only provide up to $125,000 worth of building coverage and up to $100,000 worth of possession coverage. The homeowner would have to cover everything else out of his or her own pocket. NFIP's flood insurance does not cover the damage to the property the building sits on or any other detached structures located upon it.
Building coverage includes:
· The building itself, including the foundation
· Electrical and plumbing systems
· Central air conditioning equipment, furnaces and water heaters
· Refrigerators, cooking stoves and any appliances built into the building structure
· Permanently installed carpeting
The possession coverage covers property that the homeowner keeps inside the house. This includes:
· Clothing, furniture and electronic equipment
· Portable air conditioners, microwave ovens and dishwashers
· Clothing washers and driers.
· Carpeting that isn't permanently installed
What Private Flood Insurance Covers
In addition to providing building and possession coverage, private homeowners flood insurance policies usually cover other flood related expanses, including the costs of food and hotel stay while the home is being repaired. Oftentimes, private homeowners flood insurance policies are used to cover anything national flood insurance doesn't cover. In fact, many companies that sell national insurance also offer private flood insurance.
In most cases, insurance providers will only offer private insurance to homeowners that already have their homeowners insurance policy.
Source: Financial Web