Why Buying Flood Insurance is Important in Broward County Florida

Are you looking to get the best flood insurance in Broward County Florida estimate? You probably would have gone through the available flood insurance options in Florida by now. If not, here’s what you need to know:

Florida has two types of flood insurance plans:

NFIP (National Flood Insurance Program): The federal NFIP plan offers you coverage of up to $250,000 on the home structure and an additional $100,000 on personal belongings. You need to buy the insurance policy at least 30 days before you fall in a need to encash it. The coverage is limited to the abovementioned values. The premium you have to pay depends upon the flood zone you are based in, according to the map set by Miami-Dade County.

Private Insurance: There are multiple private insurers who offer customized insurance plans to suit everyone’s needs. These plans often don’t have a coverage ceiling. You can include as well as exclude certain inclusions that are considered a default under NFIP policy. The wait time is less and so is the paperwork. However, for similar coverage, both NFIP and private insurance can have similar premium value.

At times private insurance can be bought for less after making certain exclusions from a policy. This is specifically beneficial if you are seeking a mortgage since mortgage companies consider it mandatory for you to have flood insurance before your property can be financed. Making the exclusions helps you buy your kind of policy for a lower price.

Know this: Any insurance policy funds a major part of your losses, but you may still need to pay for a small part by yourself. You can discuss more on this from the leading flood insurance company in Broward County near you before buying a plan.

Why Flood Insurance is So Important

You may wonder, why should I buy a policy when it has never flooded in my area before. Also, why must I pay a fixed premium when I can do away without one? After all, how much can something like water harm me or my property?

If you are having these thoughts right now, you must drop them immediately. The threat of floods is as real as hurricanes. While hurricanes mostly have a whole season, floods don’t take that road. This means it can flood in your locality on any day of the year. When it does, a single inch of flood can cost you thousands of dollars!

If you still think that floods have never hit your area before, you should know that more than 20% of claims insurance companies receive every year come from areas where it has never flooded before. The entire state of Florida is a high flood-risk zone. So, if it has never flooded in your area, you could be at a higher threat of flooding than the rest!

Doesn’t My Homeowner’s Policy Cover Flood Insurance

It doesn’t! Flood insurance is a standalone policy. Your homeowner’s policy may cover losses caused by hurricane winds, but it definitely doesn’t secure you financially from flooding. You wouldn’t want to build your resources from scratch after having come a long way, would you?

Remember this:

● You must get a free quote from your nearest insurance company before buying a plan

● Get more information about the flood risk your home is in at present

● Determine the entire replacement cost of your home and everything within it

● Read through the coverage conditions of your chosen insurance policy

● Check for all insurance inclusions and exclusions, such as wind damage

A flood insurance policy is vital to securing the assets that took you a long time to build. At present flood insurance for Broward County, Florida estimate sits at $470 a year for NFIP. It could be higher or lower for private insurance depending upon what kind of coverage you seek.

Speak to your nearest flood insurance company today to know more.