Floods are among the most common natural disasters in the U.S., killing more people than hurricanes, lightning, and tornadoes. Besides deaths, they also damage property, leading to huge losses. It is worth noting that more than 40% of all flood-related claims came from outside high-risk areas, which means you should carry this type of insurance policy whether you live in an area susceptible to flooding or not. With that in mind, here’s everything you need to know about flood insurance coverage in Sarasota, Florida
Does Homeowners Insurance Cover Floods?
While a standard home insurance policy typically covers water damage resulting from situations such as an accidental overflow of a fixture or an appliance, it does not cover flooding. To protect your home and other property against flood damage, you need to carry a standalone flood insurance policy.
What Does Flood Insurance Cover?
Flood insurance basically covers damage to the structure of your home as well as your personal belongings such as furniture and electronics in case of a flood. It also covers fixtures such as the HVAC system and electrical units inside your home. However, it is important to note that the scope of coverage depends on various factors, including, among others, the amount of coverage, exclusions, and the type of flood insurance policy you purchase.
Who Needs Flood Insurance?
According to the Federal Emergency Management Agency (FEMA), it only takes a few inches of flood to cause damage worth tens of thousands of dollars. This means that you need flood insurance regardless of the zone you live in.
Per the U.S. Department of Homeland Security, you should purchase flood insurance if you fall in any of the following categories
• Live in a high-risk or low-risk area
• Your mortgage lender requires you to have flood insurance
• Have high-value properties that you intend to protect
• Have, at some point, received disaster assistance from the federal government such as disaster grants from FEMA or disaster loans from the Small Business Administration (SBA)
How Do I Buy Flood Insurance?
The National Flood Insurance Program (NFIP) offers flood insurance to homeowners through participating insurance companies. As such, to buy flood insurance, you first need to search for the participating insurance providers on the NFIP website and compare quotes. If you buy your policy through NFIP, you will typically have $250,000 and $100,000 worth of coverage on your home structure and personal belongings, respectively. However, you can get more coverage through private insurers. Take note that to be eligible for NFIP flood coverage, your home must be located within a participating community.
Flood Insurance in Sarasota, Florida
Florida experiences more hurricanes than any other state in the U.S. These hurricanes are often accompanied by flooding, making Floridians greatly susceptible to flood-related damages. Thus, if you live in Florida, regardless of whether you live in a high-risk or a low-risk zone, getting your property covered with adequate flood insurance coverage can protect you from future financial catastrophe.
Get in touch with our experts at Atlas Insurance today for high-quality flood insurance coverage. Our team of experts is here to assist you with comprehensive coverage options. Call Us Today: 941-366-8424
