Flood Insurance in Florida

By Israel Alvarez

If you live outside of a high-risk flood zone and think you don’t need flood insurance, think again. Nearly 25% of all flood claims happen in low-moderate risk areas. For most of us our home is our most valuable investment, where we keep our most precious possessions. If a flood damages your home or contents don’t be left to pick up the financial pieces alone, protect your family with federal flood insurance.

Preferred Risk Policies offer lower premiums for homes, residential buildings and even condo unit owners located in the low to moderate risk flood zones (B, C, or X zones). The average flood claim amounts to $33,000 while the premium for a residential Preferred Risk Policy is not more than $458 a year.

What is a Flood?

  1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
    • overflow of inland or tidal waters;
    • unusual and rapid accumulation or runoff of surface waters from any source; or
    • mudflow.
  2. Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined in 1.A. above. (National Flood Insurance Program)

Know your flood risk:

  • Flood risk for each building is set by FEMA on flood zone maps in the National Flood Insurance Program (NFIP).
  • Flood insurance is required by lenders to protect homes in high risk flood zones. In low-moderate risk flood zones informed owners often choose to purchase flood insurance with preferred risk (discounted) rates.
  • There remains a 1 in 4 chance your home may be damaged by flood, even if you are mapped into the low-moderate risk flood zone.
  • Common causes of flooding include: tropical storms, rapid rainfall, spring snowmelt, changing weather patterns, clogged rainwater systems and new building development.

Two Types of Flood Insurance Coverage:

  1. Building Property, up to $250,000
  2. Personal Property (Contents), up to $100,000

What is Covered by Flood Insurance?

Property Coverage

Property Coverage

What is
NOT Covered

The insured building and its foundation Personal belongings such as clothing, furniture, and electronic equipment Damage caused by moisture, mildew, or mold that could have been avoided by the property owner
The electrical and plumbing systems Curtains Currency, precious metals, and valuable papers such as stock certificates
Central air-conditioning equipment, furnaces, and water heaters Portable and window air conditioners Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools
Refrigerators, cooking stoves, and built-in appliances such as dishwashers Portable microwave ovens and portable dishwashers Living expenses such as temporary housing
Permanently installed carpeting over an unfinished floor Carpets not included in building coverage Financial losses caused by business interruption or loss of use of insured property
Permanently installed paneling, wallboard, bookcases, and cabinets Clothes washers and dryers Most self-propelled vehicles such as cars, including their parts
Window blinds Food freezers and the food in them
A detached garage (up to 10 percent of Building Property coverage); detached buildings (other than detached garages) require a separate Building Property policy Certain valuable items such as original artwork and furs (up to $2,500)
Debris removal
Israel Alvarez is a Licensed Insurance Agent with Accurate Insurance Group. For more information you may contact him at 407-377-0425 or ialvarez@accurateinsgroup.com.