It is that time of year in Florida when the flowers start blooming, the birds start singing, and the Florida Legislature starts meeting (yet again) to try to figure out what to do about the Florida homeowners insurance crisis (an on-going crisis since Hurricane Andrew hit the state in 1992). Hurricane season officially begins June 1.
The Florida Legislature is attempting to address issues related to the affordability and availability of windstorm insurance. There is, however, another issue Florida homeowners should think about: flood insurance.
Since 1968, the National Flood Insurance Program has provided flood insurance to homeowners, renters, and business owners. When a hurricane strikes, it produces both windstorm damage and flood damage. If you are in a Special Flood Hazard Area (SFHA) you should seriously consider purchasing flood insurance. But consider this: 25% of all flood claims occur in areas that are NOT Special Flood Hazard Areas (in other words, in areas where your mortgage company does not require you to purchase flood insurance).
Before hurricane season starts, learn the facts at www.FloodSmart.gov, the National Flood Insurance Program's official web site. FloodSmart.gov provides you critial information you need to make an informed decision about (1) whether to purchase flood insurance, and (2) how much flood insurance you need to purchase. But remember, the National Flood Insurance Program only provides a maximum of $250,000 on your dwelling and $100,000 on your contents, so you may need to purchase Excess Flood Insurance.
For more information about flood insurance, excess flood insurance, FloodSmart.gov, or the National Flood Insurance Program, just give us a call at Fuller Insurance - 850-622-5283. We deal with this stuff everyday!
Thanks for the great info. Having only worked in personal lines insurance, I did not realize general insurance policies did not cover flooding.
Posted by: Stoney Williams | 06/02/2011 at 01:18 PM