Understanding flood insurance payment optionsįlood policies are usually annual policies and often require payment in full for the year. Just reach out to the knowledgeable team at Coastal Insurance to learn your options so you can get covered sooner. The downside to this strategy is that it can create a risk for homeowners.įortunately, several private market insurers offer shorter waiting periods for flood insurance, which means your home won’t be at risk for a lengthy period even after you’ve secured a policy. FEMA does this to prevent people from buying just-in-time coverage when the weather forecasts turn gloomy or a big storm is darkening the horizon. With standard NFIP policies, you’ll have to wait 30 days from the time we write coverage until your coverage goes into effect. Is there a waiting period for flood insurance? Our experts work with you closely to be certain you know your options - so you can choose the best coverage. Standard flood policies may not be enough for some homes. Your flood insurance policy can protect your home against these risks and with Coastal Insurance, you can design your coverage to meet your unique needs. For larger or more expensive homes, the damage can be even greater. Just a few inches of water in your home can cause tens of thousands of dollars in damage. Think of flood insurance as protection against water that touched the ground before entering your home. While your home insurance policy protects you if your home fills with water from a burst pipe, most homeowners’ policies can’t help if the water in your home came from outside of your home.Ī flood insurance policy protects your home and belongings against damage from water, whether from surges or from rising water. What does a Florida flood insurance policy cover?Ī flood insurance policy pairs well with a standard home insurance policy, addressing some of the common gaps in coverage specific to flooding. Flood insurance is a wise choice - and it might be more affordable than you think According to FEMA, about 1 in 4 flood claims come from low or moderate risk areas. In lower-risk areas, rates are typically much lower, making flood insurance an affordable choice. Homes in higher risk areas, such as Florida’s coastal areas or low-lying inland areas can take comfort in knowing their home is protected. Some areas have lower risks, while people in other areas watch each coming storm nervously, remembering what happened last time.įortunately, flood insurance can help take the worry out of Florida living. Unless you live at the top of Florida’s Britton Hill, 345 feet above sea level, there’s a good chance your home is in a flood zone. Mortgage lenders usually require flood insurance if your home is in a high-risk area, but flood insurance often makes sense even if your lender doesn’t require that you buy a flood policy. You’ll have options to personalize your policy and choose enough coverage to fully protect your home and belongings. Sometimes an NFIP policy is the best fit, but often a private market policy can meet your needs better. However, many agencies don’t specialize in flood coverage, and writing a policy through the National Flood Insurance Program (NFIP) requires a strong knowledge of underwriting - specifically for flood coverage.Īt Coastal Insurance, we’re your Florida flood insurance experts. Technically, any agency that’s approved to write flood insurance through FEMA can provide a flood quote. Here’s what you’ll need to know to protect your Florida home. And with an average elevation of only 6 feet, flooding can be a big concern. The 3rd most populous state has plenty of stormy weather as well. Residents of the Sunshine State already know that Florida isn’t always sunshine and rainbows. Getting Flood Insurance in Florida is Easy.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |