Since standard property insurance (personal or commercial) doesn't cover flooding, it's important to have protection as hurricanes, tropical storms and heavy rains directly impact us on the west coast of Florida. It should be noted that every property is in a flood zone, and just because you're not in a "high risk" zone doesn't mean your property won't flood - however, it does mean you will pay less for the same coverage! Flooding is one of the leading causes of property damage in our area as it only takes a few inches of water where it doesn't belong to cause many thousands in damage. Fortunately, with discounts like a special elevation report, flood policies are frequently only a few hundred dollars a year - a small price to pay to protect your property.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for homeowners, renters, and business owners to financially protect themselves. Flood insurance protects two types of insurable property: building and contents. The first covers your building, the latter covers your possessions; neither covers the land they occupy.
Building Coverage Includes
Contents Coverage Includes
The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to property owners insured within 80% of the full replacement cost. ACV is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.
We can find discounts on flood insurance you may not find on your own. Give us a call, or get a flood insurance quote online today.