Now is too late to get flood insurance for homeowners and renters who live in the direct path of Hurricane Florida. But NOW is the time to get flood insurance for homeowners and renters living outside the path of this impending disaster.
Flood insurance is required on top of/in addition to your regular homeowner’s insurance policy.
The National Flood Insurance Program or specific flood insurance through a private insurer (some insurers do not carry flood insurance so check) are the only two ways to insure your home, your belongings and your family/self in the event of flooding.
It takes 30 DAYS for flood insurance to go into effect…get this going NOW!!
The Atlantic Hurricane Season runs through November 30. Last year’s devastation storms, Harvey, Irma and Maria, caused $265B in damages.
Just like regular insurance coverage, the devil is in the details for flood insurance. READ the policy and BE AWARE OF COVERAGE EXCLUSIONS AND LIMITATIONS. For example, some flood insurance policies will only cover water heaters, washing machines and dryers, not any thing else damaged/destroyed by flooding. Separate coverage IS AVAILABLE for those items.
Additionally, know that rebuilding an older house costs more than rebuilding a newer house damaged by a natural disaster/flooding/winds/hurricanes/etc. Why? Current, stricter building codes apply to rebuilding older homes and those current, stricter codes cost more, usually 25%-50% more,than codes cost when that older house was first built.
Luckily, building ordinance and law coverage is insurance to cover rebuilding costs for an older home.
Renters, know that renter’s insurance is an option available to you to cover your belongings and your costs of having to live somewhere else if you can’t stay in your rental due to damage after a storm.
Lynne McChristian, a consultant with the Insurance Information Institute, suggests that all homeowners read, review and check their homeowner’s insurance policies now.
- Your home should be insured for the cost to rebuild it, not the cost to replace it. Included in those costs are the total square footage of the home, labor, construction materials, and the location of the home. Location is a PRIMARY COST as some locations are more expensive than others. For example, insurance is most expensive in Florida, least expensive in Hawaii.
- Only 25% of people with home insurance have policies that cover less than 80% of the cost to replace a home. McChristian recommends an insurance policy that covers rebuilding, not replacing, costs.
- The priciest property insurance claims include:
- Fire/lightning/debris removal – $43,983
- Bodily Injury and Property Damage – $22,100
- Water Damage and Freezing – $8,861
- Wind and Hail Damage – $8,313
The estimated damage caused from 1 inch of flooding to home structures and possessions is $26,807.
