Be in Controlled. Get Flood Insurance in Southwest Florida
Many Florida homeowners live close to waterfronts including beaches, rivers, or lakes, increasing the risk for flooding. Flood insurance policies provide financial protection after a flood and without it, you’ll likely have to pay out of pocket for a significant portion of the damage.
Exercise Extreme Caution in the Event of Flooding:
- Put safety first, get out.
- Seek a safe location immediately.
- File an insurance claim with insurance agents.
- Before re-entering the home, make certain the building is structurally sound and not in danger of collapse.
Reasons to Consider Excess Flood Insurance
1. Flooding is a clear and present danger.
- 90% of all-natural disasters in the U.S. involve flooding.
- According to the National Flood Insurance Program (NFIP)​, floods are the #1 natural hazard in the U.S.
- Floods occur every day in all regions of the country.
- Property damage-causing flooding can be the result of major rainstorms, rapid snowmelt, and more.
2. A standard flood insurance policy may be insufficient.
- In commercial properties, standard flood insurance policies may not be sufficient to cover damages incurred during a flood.
- A standard flood insurance policy typically only provides coverage up to $500,000 for a commercial property. Should your property suffer loss or damage, and the cost to rebuild is more than $500,000, there will be a deficiency.
3. Excess flood insurance covers building contents.
- The equipment, tools, inventory, computer software, or other supplies amassed in commercial properties are vital to business operations.
- An excess flood policy provides coverage to replace stand-alone contents up to their actual cash value, plus protection against business interruption suffered from a flood.
4. Flood insurance isn’t mandated by the state of Florida, but it’s a common requirement of mortgage lenders, particularly for those in a high-risk flood zone.
- Homeowners are not legally required to insure their homes. However, in the case of flood insurance, the federal government mandates coverage for high-risk homes under certain circumstances.
- For those with a mortgage, lenders require the purchase of a standard homeowners insurance policy to protect your investment.
- Lenders are also federally mandated to require homeowners in high-risk flood zones (called special flood hazard areas, SFHAs, or 100-year floodplains) to purchase flood insurance coverage in addition to their homeowners’ policies.
- Those are the only two cases in which flood insurance is required. Still, when it comes to insurance coverage, it’s better to ask if you need the protection rather than if it’s required.
- Without flood coverage, you’ll be left paying flood repair costs out of pocket.
Put Flood Insurance Coverage on Your Priority List
- Moderate to low-risk flood areas make up 20% of insurance claims. As flood plains can change over time, high-risk areas are not the only areas affected by flooding. Properties on hills or in low-risk areas may have a significantly reduced risk, but they are still not immune from flood danger.
- The likelihood of experiencing a flood is higher than that of a fire. For those who live or work in high-risk areas, the likelihood of experiencing a flood is higher than a fire. According to the NFIP, the likelihood of experiencing a flood is 27 times more likely than a fire during a 30-year mortgage period.
- New land developments may create new problems. New, nearby land development construction can create changes in natural runoff paths, putting homes at risk for flood damage.
- A little bit of water can do a whole lot of damage. As little as one inch of water can cause significant property damage. Two feet of water can carry a car away. Small amounts of water, in addition to catastrophic situations, including flash floods, can produce 10–20 foot walls of water and cause serious destruction.
- Rain and hurricanes are not the only causes of flooding. Overlooked weather scenarios that can also cause flooding include mudslides, winter storms, and melts. Inadequate drainage systems and failed protective devices such as levees and dams can also cause floods.
- Accepting Federal disaster assistance can be costly. Federal disaster assistance is treated like a loan with interest that must be paid back to the government.
- Flood insurance coverage is affordable. Premiums are determined by a number of factors including community rating systems and coverage types.
- Reimbursement for damage-preventing measures. If you are insured and are facing an imminent threat of flooding, you may be eligible to receive reimbursement expenses for preventative measures.
Southwest Florida’s Leader in Flood Insurance
SERVICING BONITA SPRINGS, CAPE CORAL, CLEWISTON, FORT MYERS, LABELLE AND OKEECHOBEE
Flooding is the number one and highest occurring natural disaster in the United States, especially in Florida, since it is located near the coast. Flooding occurs in all regions, near water or not, low-risk zones, high-risk zones, and even in areas that have never been flooded before.
Most homeowners in Southwest Florida believe flood damage-related costs will be covered in their homeowners’ policy but they are not.
John Perry Insurance also offers:
- Business Auto Insurance Business Owner Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Condominium Association Insurance
- Liability Insurance
- Workers Compensation Insurance
- Auto Insurance
- Boat Insurance
- Condo Insurance
- Flood Insurance
- Home Insurance
- Motorcycle Insurance
- RV Insurance
- Umbrella Insurance
Call John Perry Insurance at 863-777- 4966 for a free consultation and flood insurance quote today.