Flood Insurance in Florida is a Must for Everyone - Buy Yours Today
You just can’t live in Florida without buying a good flood insurance policy. The entire state is a high-risk flood zone, so flood insurance is just as necessary as everything else. You can buy a plan for yourself by searching for the best flood insurance companies in Florida. By doing so, you can get maximum coverage without paying a lot of money for a policy.
In terms of the best policy plans, you can either choose to go with a federal insurance policy or could look for the one offered by a private insurance company.
National Flood Insurance Plan
Many agencies can offer you federal insurance, also known as National Flood Insurance Plan (NFIP), in Florida. This plan provides you coverage for both your home and its contents. Since it’s a federal plan, most people in Florida trust NFIP coverage over anything else.
The NFIP coverage cap for home and contents is fixed at $250,000 and $100,000 respectively. Also, you have to wait for 30 days after buying the policy. Any loss you incur before that period will be your own. Any loss incurred after that, the policy will cover for, within the set cap limit.
Private Insurance Plans
The cost of private insurance plans is similar to what NFIP provides. However, with private insurance, you have the option to customize your policy in any way you like. This flexibility varies for different insurance providers and according to the coverage they offer.
In general, under a private insurance plan, you can expect the following benefits:
● Include and exclude certain items covered under an NFIP policy
● Pay only for the contents you seek insurance coverage
● Get a higher coverage cap by increasing the flood insurance premium
● Faster settlement for most of the claims
● Shorter wait period for availing flood insurance coverage
● Can get complete replacement cost for covered damaged contents
● Discounts on coverage as per the ongoing offers
A policy may include some or all of the abovementioned benefits. You may want to sit down with your insurer and discuss the best plan they can offer as per your requirements.
Why Flood Insurance is Necessary
While it is necessary for people of Florida to buy flood insurance, not all of them believe that they need it. After all, it may have never flooded in their area until today. However, even those who live far away from water bodies today are at an increased risk of flooding.
It is estimated that every part of Florida will have experienced an event of flooding within the next couple of decades. If you don’t act now, you may even be asked to pay a higher premium for the same policy than what you may pay today. The benefits may be lesser too, not to mention the unaccounted damages that you may never get coverage for at that time.
It’s better to prepare for such events today. After all, your home and belongings worth hundreds of thousands of dollars can be easily covered in full pay just by paying a few hundred dollars as a premium for an entire year!
To know more, call the best flood insurance companies in Florida and ask for their quotes before making up your mind.