Many Floridians choose not to purchase flood insurance because they don’t live in a high-risk flood area, but officials with the Federal Emergency Management Agency (FEMA) want to encourage property owners to purchase the insurance to be on the safe side.
It’s important to remember that flooding can happen anywhere, FEMA officials remind property owners.
When flooding occurs, standard homeowner insurance policies typically do not cover it, says a FEMA news release. Just 1 inch of floodwater can cause up to $25,000 of damage in a home.
Residential and business property owners as well as renters can protect themselves from financial losses by having a flood insurance policy through the National Flood Insurance Program to insure buildings and/or their contents. Flood insurance coverage is available regardless of federal disaster declarations, according to a FEMA news release.
There is a 30-day waiting period before new policies go into effect, so don’t wait to obtain a policy.
Flooding in Florida is common. After Hurricane Idalia, more than 5,000 flood claims were filed through the National Flood Insurance Program (NFIP) with a total payout over $300 million to date, closing over 85% of the NFIP claims in the first 90 days after the event, the news release says.
In all, the Hazard Mitigation Community Education & Outreach has counseled more than 11,000 survivors on the NFIP and other mitigation measures. The flood insurance program has more than 1.7 million policyholders across the state with total coverage exceeding $448 billion.
In Florida, 468 communities participate in the NFIP; 10 communities do not. Residents can purchase a flood insurance policy if their community participates in the NFIP, no matter their flood risk.
Coverage is available for residential and commercial buildings and the contents therein:
- Up to $250,000 in building coverage and up to $100,000 in contents coverage for single-to-four family residential structures
- Up to $500,000 in building coverage and up to $500,000 in contents coverage for five-or-more family residential structures
- Up to $500,000 in building coverage and up to $500,000 in contents coverage for businesses
As part of its disaster assistance, FEMA has provided Group Flood Insurance Policies (GFIP) to homeowners and renters after Hurricane Idalia. The group policies are 36-month NFIP insurance certificates for disaster survivors who live in a high-risk flood zone, sustain flood damage, do not have flood insurance, and receive FEMA disaster assistance. When a GFIP certificate expires, the survivor is responsible for obtaining and maintaining flood insurance. Failure to maintain flood insurance will affect their eligibility for future disaster assistance.
To purchase a policy, contact your insurance company or agent. In addition to the NFIP, flood insurance is also available from some private insurance providers. For an agent referral, call 800-427-4661, or visit FEMA.gov/flood-insurance.
Published December 13, 2023
