If you don’t live on the coast, you may be tempted to dispense with a flood insurance policy. It’s a decision that has the potential to cost you thousands of dollars. There are some excellent reasons why you should invest in flood insurance.
More Floods Than Fires
Despite what you may think, fires are not the No. 1 natural disaster in Florida or even in the U.S. It’s actually flooding and it’s a particular problem in Florida. Anyone that rents an apartment or owns a home or business in the state should be prepared by having flood insurance.
Storm surges due to hurricanes, storms that carry huge amounts of precipitation, and blocked drains can create flash flood conditions. They’re especially dangerous for Florida residents due to the state’s position in relation to sea levels.
Coverage Not Included
Flood insurance isn’t included in a homeowner’s policy and must be purchased separately. In Florida, flood insurance is generally provided through the National Flood Insurance Program managed by FEMA. However, flood insurance is also available through private insurers.
One inch of flood water can result in up to $25,000 worth of damage to structures. Without flood insurance, you’ll be responsible for replacing furnishings and the cost of restoration work that must be done.
Federal Assistance Isn’t Free
Federal disaster assistance isn’t free – it’s a loan that must be repaid, with interest. Depending on the amount, a single monthly payment could be as much as your yearly premium for flood insurance.
Drains and Runoff
New housing projects and businesses continue to be established and even with extensive land surveys and studies, the potential exists to alter the natural runoff patterns of rainwater. If a large amount of rain occurs, drains may be insufficient to handle the additional water.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487