Wherever you live in the US, particularly Florida, you live in a flood zone. Floods occur year round and for any number of reasons. 25% of all flood related losses come about in areas best described as low or moderate risk.
Your standard homeowners insurance will cover the loss of your homes contents as a result of flooding, but will do nothing to repair or replace your home. ?It is for this reason that the National Flood Insurance Program was established by Congress in 1968, to provide coverage for home owners in flood prone areas, the opportunity to purchase flood insurance. This coverage pays for structural repair or replacement in the wake of any flood due to torrential rains, hurricanes, tropical storms, dam failure, or overrun from rivers and lakes. Communities participating in the NFIP are required to take certain steps to adopt and enforce ordinances that are designed to meet FEMA regs to reduce the risk of flooding.
One thing to remember?.any flooding policy you get will not take effect for 30 days, so timing is everything. Some home purchase agreements stipulate that you have to have a flood insurance policy, which means that you want to make sure the 30 day period ends up coinciding with your closing date. As mentioned, NFIP coverage takes care of the home itself, not the contents. It is up to you to make sure you have adequate coverage for your possessions and valuables as well.
While insurance policies are federally backed by the NFIP, remember that the level of coverage available may depend largely on the geographic area you are in, as well as the localized property values. ?Contact your insurance agent to find out what options are available to you through the National Flood Insurance Program.? Do this now while the skies are clear and there are no storms barreling down on Crystal Springs.
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