Having home insurance is great, but it just doesn’t cover everything. This holds true especially if you live in Florida where hurricanes and floods are an annual affair. Despite all the technological advancements, we can still not prevent these nature’s wraths from wreaking havoc all around. And when they hit us hard, our losses run into hundreds of millions of dollars. That is one serious amount of money loss annually.
Your homeowner’s insurance covers a lot, but flood coverage isn’t one of them. This is why it makes sense to look for the best plans for a standalone policy of its own. Such policy can cover all the losses you incur in and around your house due to a flood, depending upon the kind of coverage you have bought. If it’s NFIP, there will be certain exclusions and the loss limit will be capped. If it’s private insurance, you will have to pay more or less for insurance according to the kind of coverage you seek from it.
If you want the best flood insurance coverage for your home, here’s what you must do:
- Assess the Risk to Your Home during Floods:
While the entire Florida state falls under the risk of flood, it’s the coastal areas that are at a higher risk than the rest of the state. For people living in those parts, buying a flood insurance policy is more of a necessity than an option. Those who want to buy a house in those parts on a mortgage can’t do it unless they have a flood insurance policy at closing. Those living inland should buy a policy too, but they can choose to include or exclude certain coverage aspects before buying a policy.
- Take Special Notice of Coverage Inclusions and Exclusions:
Different policies come with different inclusions and exclusions. Make sure that the policy you pick is your best option. Federal policies cover a lot, but they aren’t customizable like a private insurance policy. Read through the policy document to understand if the coverage you need is in there. If you aren’t sure, you can also ask a Tampa Bay flood insurance expert for some advice.
- Public vs Private Insurance:
National Flood Insurance Program (NFIP), a federal insurance policy, provides coverage of up to $250,000 for home damage and $100,000 for other losses. However, anything that isn’t there physically inside your house isn’t covered under the federal policy. Private insurers, on the other hand, offer higher coverage. Their plans are also more customizable than the rest. But in the end, it will always be totally your decision.
- Don’t Delay in Buying Proper Coverage:
While hurricanes have a fixed season to strike the state, there is no specific time when the floods can hit your area. So, if you don’t want to wait until the last minute before buying insurance, the right time to do it is now. Most of the policies take several days before you can avail coverage under them. For NFIP, the kick-in is fixed at 30 days. For private players, it can vary.
- Go with Reputed Flood Insurance Companies:
The best thing about choosing reputed flood insurance policies is that they already know what they are dealing in. The private insurance industry is very volatile. Large companies serving your area will already have the capital and expertise to reach a win-win situation for you and them.
Are you still thinking? Don’t delay anymore. Get in touch with the leading Tampa Bay flood insurance company for a free quote and consultation today.