Flood Insurance Florida – BE PREPARED!

FEMA experts say the hurricane Irma catastrophe that occurred in Florida summer of 2017, proves that everyone who owns a home or commercial property is vulnerable to severe financial loss in just a few hours.

Disregard the maps produced in August 2017 by the Federal Emergency Management Administration separating Florida properties from high-risk mandatory insurance flood zones and low-risk optional insurance zone. Regardless of where you live in Florida, if you own a home or business and don’t have a flood insurance policy, you are leaving yourself open to overnight financial disaster.

At least 20% to 30% of homeowners and 70% of businesses in the State of Florida hit hardest by flooding, have no active flood insurance policy. The reason is many of the homes that flooded were located in a low-risk flood zone or so-called Zone X.  And unlike homeowners in high-risk zones such as “A” or “V”,  owners were not required to buy flood insurance.

Ask residents of South Florida if Flood insurance is necessary?

For nearly a week, South Florida has been deluged with 10 inches of rain, flooding many homes. Homeowners facing substantial losses without current insurance policy have few choices:

  • Either liquidate their savings if they have them, to make the necessary repairs, or borrow the money to do necessary repairs, so to get their home safe enough to live in, then make gradual improvements over time when money is available.
  • Or walk away from their homes and let the bank foreclose.

What is covered by FEMA Flood Insurance?

FEMA emergency assistance grants are not enough to bring flooded homes back to pre-flood condition. The maximum post-disaster grant is $33,300, but the average paid to individuals or households is $4,000 to $6,000.

That money is intended to help cover temporary housing, lodging reimbursement, child care expenses, vehicle repairs, and just temporary repairs to bring a home into a safe and sanitary living or functioning condition, according to the FEMA fact sheet.

FEMA’s disaster grant program is not a substitute for insurance and cannot compensate for all losses caused by a Flood. We have to look at the State of Florida as a high-risk flood zone. If you incur water damages in your house, many people are not financially able to recover from that loss.”

The National Flood Insurance Program paid $2.4 billion to settle 27,000 filed claims after severe storms and flooding in Baton Rouge in August 2016. That is an average of $90,000 per claim.

Besides that which zone you’re in, or whether the government makes you buy insurance, can you afford $100,000 to fix your home?

Florida has the most active flood insurance policies – 1.8 million, of any state in the nation. But that is a fraction of the Floridian 4.7 million single-family homes here.

Florida property owners are flood insurance deficient.

Out of 703,000 structures under a mandatory purchase requirement, just 57% had flood insurance in 2015, according to FEMA data.

In Florida, most past flooding does not reach heights seen in Houston after Harvey. Drainage is faster for several reasons, including an advanced system of man-made waterways and water ponds, proximity to the coast, and the state’s absorbent sand and limestone base.

Even two to three inches of water throughout your house will cause thousands of dollars in damage. Carpeting, wood flooring would most likely be ruined in addition to all electrical appliances with a circuit board close to flooring. Do not forget the dry walls acts like a sponge, absorbing water far above the two to three inches covering the floor.

Repair crews come in and remove all the drywall five feet up the wall. If you do not remove the damaged drywall out and apply decontamination to the wood studs, therefore your home will accumulate mildew and mold in a couple of months. Therefore, it results in filing a MOLD Claim which can be costly and unhealthy.

Why are so many homeowners unwilling to buy flood insurance for an average of $500 per year?

If homeowner’s properties are outside mandatory flood insurance zones and in a low-risk zone, classified on the maps by FEMA as X-Zones, homeowners think that flood Insurance Policy is not needed. When we advise homeowners you must buy flood insurance it made everyone think they are immune.

The low-risk zone classification causes people to think the odds are in their favor and that it will never flood here. That doesn’t mean you are safe. It just means you are less likely to experience flooding. And even after severe flooding, too many people don’t understand that regular homeowner insurance does not cover damage from water that seeps into the home from the outside.

What is the cost of Flood Insurance in Florida?

For Residential or Commercial Flood Insurance quotes, feel free to call us today at (954) 454-9599 or (866) 454-9555, we are here to help you protect your properties.