Flood Insurance is mandatory in Florida if you are in a flood zone and have a mortgage on your home. Mortgage companies require that a homeowner carries flood insurance if the home is in a flood zone in order to protect the investment. A flood zone determines how much of a risk that a home is in which also determines the rate a homeowner will have to pay for a given flood prone zone.
Homeowners insurance does not cover flooding. Therefore, a separate policy for flood insurance is required. A homeowner’s policy may cover water damage if the water comes from the air and not the ground. For example, if a tree limb were to fall on your roof and causes a hole in the roof which then causes rain to come in and cause water damage, this would most likely be something that homeowner’s insurance may cover. However, each policy can vary a bit depending on the insurer and its always a smart idea to speak with your insurance company to find out what exactly is covered under your given policy.
Flood insurance is for flooding that happens from the ground. For example, if a creek in your area overflows due to a large amount of rain and the water floods your home then this would be something that flood insurance would cover. Even if you are not in a high-risk flood zone, or your mortgage company does not require you to have flood insurance, it’s still a good idea to have coverage. The lower the risk of flooding the lower the rate of your flood insurance will be. When speaking with your insurance company, discuss your options and select the best coverage that fits into your budget and needs.
If you need more information on this topic or any other help during this process please feel free to contact the experts @ Siesta Title and Escrow at 941-889-7744