Flooding is a common and costly natural disaster in Florida, most recently during Hurricane Ian, and it is important for homeowners to understand the importance of flood insurance in protecting their property and assets. Flood insurance is not typically included in a standard homeowners insurance policy and must be purchased separately. Wondering if the insurance company will consider your flood damage to be flood damage? Rule of thumb is if the water came from up to down, it’s weather related. If water came from the bottom up (not including black/grey water), likely flood damage.
When purchasing flood insurance, homeowners should understand that there are two types of coverage: building coverage and contents coverage. Building coverage provides protection for the structure of the home, including the foundation, walls, and electrical and plumbing systems. Contents coverage provides protection for personal property, such as furniture, appliances, and clothing.
It is important to note that the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary provider of flood insurance in the United States. However, some private insurance companies also offer flood insurance policies.
Homeowners should also be aware that there is typically a 30-day waiting period from the date of purchase before a flood insurance policy becomes effective. This means that homeowners should consider purchasing flood insurance well in advance of the start of the hurricane season to ensure coverage is in place.
It is important for homeowners in Florida to understand that flood insurance is not a luxury, but a necessity. Flood damage can be devastating and the cost of repairs can be astronomical. By purchasing flood insurance, homeowners can protect themselves from financial ruin in the event of a flood. If you have questions about flood insurance or whether you are covered, contact the homeowner’s insurance attorneys at VCM Law Group for help at 786-361-6887 or info@vcmlawgroup.com.