Flood insurance in Florida: Why it matters

Flood insurance in Florida is a necessity for many homeowners. As a low-lying state with risks of storms throughout the year, it is the best way to protect yourself against the costs of flood damage.

You should consider flood insurance even if you believe your home isn’t at risk. According to the Florida Department of Financial Services, roughly 25% of flood claims happen in low-risk areas.

Understanding Your Risk

Florida home surrounded by flood water after a storm.

Given the varying degrees of flood risk across different parts of Florida, property owners should understand their property’s designated flood zone. Properties in high-risk flood zones, such as Special Flood Hazard Areas (SFHAs), are typically required by mortgage lenders to carry flood insurance in Florida. Understanding your property’s flood zone can help you assess the level of coverage needed to protect your assets. Speaking to an insurance expert can help you determine your flood zone and the amount of coverage you need.

Implementing effective flood mitigation measures, such as elevating your property, installing flood vents, and reinforcing vulnerable areas, can reduce potential flood damage and lower flood insurance premiums.

Finding the Best Plan

Flood insurance in Florida often has specific coverage limits and exclusions, making it crucial for residents to thoroughly review their policy documents and understand the extent of their coverage. Additionally, it is essential to recognize that certain items, such as detached structures, basement contents, and landscaping, may not be fully covered under standard flood insurance policies.

Florida’s Citizens Property Insurance Cooperation requires properties in Special Flood Hazard Areas to have flood insurance. As of January 1, properties covered by Citizens with replacement costs of $600,000 or more must have flood coverage, with some exceptions. Additional flood insurance requirements for Citizens are being rolled out through 2027 thanks to a bill passed following the devastation caused by Hurricane Ian.

The National Flood Insurance Program, overseen by the Federal Emergency Management Agency (FEMA), provides flood insurance to property owners in flood-prone areas. Florida residents can access NFIP policies through authorized insurance agents, enabling them to protect their homes and businesses against the financial repercussions of flooding.

Consulting with an experienced insurance agent can help you tailor your coverage to suit your specific needs. Domain Insurance is an independent insurance agency that offers you personalized coverage. Contact us or call (239) 610-1116 to get a quote.

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