Buy Flood Insurance Now: Don’t Wait

Hurricane Ian's storm surge reached 25 miles inland

Hurricane Season is Here.

Don’t wait to Buy Flood Insurance.

Natural disasters can strike anytime and anywhere, leaving people homeless and helpless.

Floods are a major disaster that can cause significant damage to your property and belongings.

The recent storms in Ft Lauderdale proved that flooding is not caused by Hurricanes only.

Flood insurance can protect you from such losses, but many homeowners do not have flood insurance.

Don’t get caught without coverage when a major flood occurs.

In this blog, we will discuss why now is the time to buy flood insurance, especially since hurricane season starts on June 1st.

The Importance of Flood Insurance

Flood insurance is essential for homeowners, especially those who live in areas within 20 miles of the coast.

According to the National Flood Insurance Program (NFIP), the average claim paid after Hurricane Ian was $104,000.

Even if you are not in an emergency flood zone, you should consider purchasing flood insurance.

According to FEMA, (who runs the NFIP) 40% of all flood claims are located in non-flood zones of B, C, and X.

This means that even if you are not in a flood zone, you could still be at risk.

Hurricane Ian and Its Devastating Impact

Hurricane Ian, which hit the United States in 2018, caused billions of dollars in damage.

During the hurricane, the storm surge passed 12 and a half feet ABOVE the Ft Meyers Beach pier.

And that same storm surge sent water 25 miles inland from the coast.

As a result, much of the damage from Ian was due to flooding, and not Wind.

Unfortunately, many homeowners had coverage for wind damage, but not flood damage.

That’s because Home Insurance excludes damage caused by Flooding.

Why would someone that lives near the coast not buy this coverage?

Buying a home is very expensive, and people will save money where they can.

For people with no mortgage, there is no bank requiring them to carry Flood.

And people with a mortgage, whose house is located in Non-Flood zones like B, C, and X, are not required to carry Flood insurance.

As a result, they had to bear the cost of the damage themselves, which left them financially vulnerable.

You might think that FEMA will come to their rescue and repair the flood damage to their homes.

But keep in mind that FEMA will only LOAN money to the affected homeowner – it’s not a GRANT.

And the amount is rarely close to the actual cost of damage.

Understanding Flood Insurance

Flooding is defined as water that comes from outside the home, under the door, and into the house.

It covers losses caused by rising tides and standing water.

It is different from homeowners’ insurance, which only covers water damage from pipes and damaged roofs.

Flood insurance is provided by the NFIP, which is run by FEMA.

NFIP policies cover both the building and its contents.

The coverage limit for the building is up to $250,000, while the coverage limit for the contents is up to $100,000.

This might not be enough coverage for higher value homes.

Maybe Private Flood is Better for You

In addition to the National Flood Insurance Program (NFIP), there is another option called private flood insurance.

Private flood insurance is provided by private companies rather than the government.

It offers an alternative to NFIP policies and can provide additional coverage options and higher coverage limits.

Private policies are available for properties located in flood zones and non-flood zones, offering a wider range of coverage options for homeowners.

It’s important to explore both NFIP and Private options to determine which one best suits your needs and provides adequate protection for your property.

Consulting with an insurance agent or broker can help you understand the differences between the two options and make an informed decision.

Why Buy Flood Insurance Now?

Hurricane season starts on June 1st, and it really gets going in July, August, and September.

There is a 30-day wait period before flood insurance coverage becomes effective.

If you hesitate until a hurricane is already on its way, it may be too late to purchase insurance to cover that storm.

Now is the time to buy, especially since the busy season is just around the corner.

Remember, even if you are not in an emergency flood zone, you should consider purchasing as 40% of all claims are located in non-flood zones.

Don’t wait until it’s too late; purchase flood insurance today and protect yourself from the unexpected.


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