5 Flood Insurance Myths You Must Absolutely Not Believe

Flood insurance isn’t something new. However, until a few decades ago, most people didn’t have one at all, despite floods causing a similar level of carnage even back then. This was mostly because flood insurance wasn’t regulated. So, while flood insurance companies charged hefty premiums for a smaller value of assurance, getting that assured value from them wasn’t easy too.

That was until the National Flood Insurance Program (NFIP) was launched. Today, NFIP has already become the template for some of the best flood insurance companies in Miami. Insurance plans offered by these companies are more or less similar, with the only major changes being the scope of coverage and the timeline for claiming insurance.

Despite all their benefits, people often have certain misconceptions about flood insurance and their scope of coverage, which are not true. Let’s discuss a few.

Flood Insurance Covers Every Damage

Floods can more damage than you can even imagine. For instance, flood insurance covers your house, but every part of it might not be covered in your policy itself.

You might also expect your insurance to take care of alternative accommodation while your home is being repaired, but that is not the case with every flood insurance company.

Your personal expenses can rise due to the changes you have to make to your lifestyle, which again aren’t covered by flood insurance.

Even if your house takes irreparable damage due to flood, your flood insurance policy might not cover or suffice the losses you make because of that.

Flood Insurance Can be Clubbed with Homeowner’s Insurance

Flood insurance is a standalone policy. It can neither be sold as a part of a homeowner’s insurance policy nor be clubbed with its range of benefits. So, if you want to secure yourself from damages caused by floods and flood-related events only, buy a separate flood insurance policy. for everything else, your homeowner’s insurance policy should be enough.

Flood Insurance in Florida Only for Those Living in Flood Zones

Flood insurance isn’t mandatory for even those who live in high flood-risk areas. The purpose of insurance is to give a sense of financial security to people who believe floods can cause devastating damages to their assets.

Having said that, no part in Florida is safe from floods. Every part of it is a flood zone in some capacity. More than 20% of flood insurance claims come every year from low-risk flood zones. So, make your decision wisely.

Not Buying Flood Insurance Can Be Worth It

Since flood insurance isn’t necessary, it’s common to think about not buying it, especially if you don’t live in a high flood-risk zone. However, if there is even the smallest chance of flooding in your area, you must consider buying flood insurance. A flood insurance policy may cost you a few hundred dollars, a single inch of flooding can cost you thousands of dollars!

It’s Okay to Buy Flood Insurance Just Before Flooding

Not all flood insurance companies let you file a claim immediately before it floods. It will be a suicidal insurance plan for them too in the first place. So, if you are really concerned about flood-related damages, you must buy your policy well in advance. For NFIP, you have to buy flood insurance at least 30 days before. For private companies, the time gap can be shorter.

Do not trust anything or anyone until you have spoken with a dependable flood insurance company. You can choose the federal-backed NFIP, or the private flood insurance companies that offer more flexibility. It all comes down to how you want to secure your home and assets, what coverage limit you seek, and how you perceive the companies you intend to deal with.

Whoever you choose, the best flood insurance companies in Florida will make you feel proud of your decision.

Speak to your nearest flood insurance agency in Florida today to get a free quote immediately.