Two Types of Damage from Hurricane Ian
Like most hurricanes, Ian produced two types of damage to property in Florida – Wind damage and Flood damage.
According to Corelogic, the total damage from Hurricane Ian will cost close to $70 billion nationally – the vast majority of that in Florida.
Half of those damages will be from Flooding.
This hurricane dropped as much as 12 inches of rain in a 24-hour period.
And the storm surge from the Gulf was 15 feet above normally dry land in Fort Meyers Beach.
Most of the $35 Billion in Wind damage will be covered by Property Insurance.
But Property Insurance excludes damage from Flooding.
And there will be up to $17 Billion in uninsured Flood damage.
Why Are so many uninsured for Flood?
There are 3 main reasons why so many Property owners have no Flood insurance:
- No Mortgage, so no requirement to carry Flood Insurance.
- Property located in a Non-flood zone.
- Flood coverage insufficient to replace the Property.
- Homeowners misconception that Flood damage will be covered by Home Insurance
No Mortgage.
When you have a mortgage on your property, most banks will require that you have Flood insurance.
Many people have paid off their mortgages and decided to save the premium.
Property located in a “Non-Flood” zone
Many homes are located in “Non-Flood” zones like zones B, C, or X.
Mortgagees do not require Flood Insurance in these zones, so many homeowners don’t buy it.
Flood Damage is More than the Flood Coverage On the Policy
The National Flood Insurance Program provides maximum coverage of $250,000 on Buildings and $100,000 on Contents.
In the past, this seemed like plenty of coverage.
But considering how much it costs to re-build a house today, these coverages now seem low.
A house with $400,000 in Dwelling Coverage and $200,000 in Contents would be woefully underinsured if the home is washed away by a flood.
And there were some very expensive homes in Ian’s path.
Owners think Home Insurance covers Flood Damage
There is coverage for some kind of Flooding under the Home Insurance policy.
Flood damage is caused by a broken pipe will be covered by most Home policies.
Wind-driven rain caused by an object breaking a window and causing damage is usually covered.
But flood water that enters the home under the door from the outside is only covered by Flood Insurance.
Why You should buy Flood Insurance
Because you live in Florida, there are 800 miles of coastline.
Hurricanes make landfall everywhere in Florida.
The worst damage in Hurricanes results from Storm surges.
Storm surges have been known to go 25 miles inland.
Storm surges in Ft Meyers Beach measured 15 foot higher than normal dry land.
Even when you don’t have a mortgage, you can still buy flood insurance.
And if you are located in a “Non-flood” zone, you can still suffer flood damage.
And if your home costs more than $250,000 to replace, you can buy excess flood insurance.
Or you can find a private insurer that can match your home insurance.
Hurricane Ian is leaving a Giant mess in its wake.
How are these uninsured property owners going to rebuild their homes?
Don’t let this happen to you!
Get covered for flood damage with a Flood Insurance policy.
It’s not expensive – especially compared to Home Insurance.
It’s easy to buy and there are more options than ever before with Private Flood insurance.
Contact Cronin Insurance and we can help you with Flood Insurance
Low rates, choice of companies, and personal advice.
Cronin Insurance is the Wise Choice.
