Flood Insurance in Miami, FL
Flood Insurance Quote
Flooding is a coastal threat for many Floridians. Tropical storms often cause property damage, which is heartbreaking for any homeowner. Even a few inches of water can cause severe damage and require costly repair and restoration costs.
Many residents think their homeowners insurance covers any flood damage, but it doesn’t. Homeowners need to buy separate flood insurance to have flood protection.
What Exactly Is Flood Insurance?
Flood insurance protects you from the destruction and financial devastation caused by floods, and this coverage can be vital to your recovery. According to FEMA, flooding is the number one natural disaster in the United States.
Most flood insurance plans are underwritten by the National Flood Insurance Program (NFIP). If your community participates in the NFIP, you may purchase an NFIP plan. Usually, you can buy NFIP plans both through major insurers and the NFIP Direct system.
NFIP plans must comply with standards established by federal law, and there are two types of coverage: structure insurance that protects the house, and contents coverage, which insures the possessions inside the home. There may also be coverage for debris removal costs, loss avoidance and cost of compliance.
By filing a claim on your flood insurance plan, you may receive compensation for your losses and reduce your flood recovery costs.
Is Flood Insurance a Must?
Florida homeowners face frequent threats of flooding. You may be required to purchase flood insurance if:
You live in a designated high-risk flood zone and have a mortgage backed by a federally-insured lender.
Your lender requires you to purchase flood insurance regardless of whether you live in a high-risk zone.
You live in a high-risk flood zone and have received disaster assistance through FEMA or the U.S. Small Business Administration (SBA). If you choose not to purchase flood insurance, you will typically not qualify for future aid.
Outside of the above requirements, having flood insurance is recommended as Floridian homes are prone to flooding. Homeowners insurance typically does not cover losses or damages related to flooding. This means that if you want to be protected against this threat, you’ll need to purchase a flood insurance policy.
We Can Help
It’s good to have your flood insurance plan in place as soon as you close on a home purchase. Tanenbaum Harber of Florida can help you obtain flood insurance. Call us at 866.620.THFL (8435) to receive a personalized, no-obligation quote.