4 Things To Know About Flood Insurance – And Why It Matters in Florida

Flood insurance matters

Flood insurance is a specialized type of coverage designed to shield homeowners and businesses from damage to property and possessions, caused directly by these disasters. In Florida, investing in a comprehensive flood policy is a “must,” considering the Gulf Coast’s susceptibility to severe thunderstorms, tropical storms and major hurricanes. In fact, the Sunshine State ranks within the top five among states hit hardest by flooding, with over 312,000 claims paid by FEMA’s National Flood Insurance Program from 1978 to 2021. 

At Boyd Insurance & Investments, having provided Protection for Life for three generations, our family has seen the devastation these sudden events can cause – and know why this insurance is a necessity. If you’re considering a personalized flood policy for your life’s most important investments, here are four key points to know before you purchase coverage. 

Specialized Coverage at the National Level

Flood damage requires particular coverage available through the National Flood Insurance Program (NFIP) since it falls outside the scope of a standard general policy. This type of policy is government-backed, ensuring you receive fair pricing and reliability, but distributed by private insurers, like Boyd Insurance & Investments. Our Personal Insurance Advisors, like Deb Merrick, can not only provide you quotes for flood coverage, but also homeowners, auto, RVs, boats and motorcycles, renters, personal property and more. 

Life is different for everyone. And that’s why our advisors craft coverage to be comprehensive, guiding you every step of the way in understanding the insurance process and options that truly protect what you value. 

Understand What’s Covered in Your Policy

Typically, flood policies cover two main areas – the physical building itself and your investments inside. It’s common for insurance to cover structure damage to your home and its foundation, along with damage to electrical and plumbing systems. Within your home, personal belongings, ranging from furniture and clothing to expensive appliances and electronics, can be safeguarded under the appropriate policy for your needs. Knowing your property’s value plays a vital role in the level of coverage you ultimately select. 

Know When Your Coverage Starts and Ends

Always be prepared if and when you and your family are faced with a disaster, which means investing in coverage should be a proactive step you take today for an event months or years down the road. For flood insurance, typically a 30-day waiting period occurs before the policy takes effect. Waiting until the imminent landfall of a tropical storm or hurricane isn’t the time to purchase coverage. Advanced planning is essential. 

Your Home’s Location Plays a Role 

Florida has numerous flood zones – and each come with varying levels of risk. Premium levels depend on your flood zone classification. For instance, a high-risk zone, such as coastal areas, requires flood insurance and rates may be higher, but undoubtedly worth the investment. Other common zones include moderate to low risk, where there’s a reduced threat of flooding, and undetermined risk. In fact, according to FEMA, people outside of high-risk areas receive roughly one-third of disaster assistance for flooding.

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