Flood waters are not just a problem for homeowners who live on the waterfront. They can impact those with homes several hundred miles inland as well. It really is just a matter of the house’s elevation from sea level and whether or not the nearby rivers are prone to overflowing. For this reason, flood insurance should be considered by almost every homeowner – especially those throughout the entire state of Florida. Here is a quick rundown of the more notable benefits of carrying flood insurance:
• A policy saves a lot of grief – In most cases, flood damage is an excluded peril from almost every standard homeowner’s insurance policy. Simply put, that fact means you cannot collect for any damage caused by a flood. Bear in mind that tens of thousands of dollars in damage can be inflicted by as little as a single inch of water. Flood insurance completely obviates this problem.
• It can protect more than just the structure – While minimum coverages on the contents of a home start at around $8,000, they can be raised to as much as $100,000 or more. The only downside – losses are covered on the basis of actual cash value, not replacement cost – so do not expect to replace that old laptop with the latest and greatest model.
• It is relatively affordable – According to FEMA, the National Flood Insurance Program costs the average homeowner about $650 per year.
Compare that figure with the average residential claim for flood damage running at about $42,000. Even if you are in a 50-year floodplain – that is, one that is expected to flood once every 50 years – the cost of flood insurance appears to be well worth it.
For more detailed information on flood insurance and how it can be used to protect your Florida home, please contact us at The Marcus Group in Tamarac, Florida. We can be found online at www.myflainsurance.com or reached directly at (954) 721-1180.