Cost of Flood Insurance in Florida and How Coverage Works

Cost of Flood Insurance in Florida and How Coverage Works

The national average cost of flood insurance is $707 through the National Flood Insurance Program, according to the most recent statistics compiled by FEMA and the Department of homeland security. However, flood insurance costs vary greatly for homeowners depending on where the property is located and the past claims activity for that residence.

Purchase a flood insurance policy so you are protected from a flooding catastrophe. The cost of your Florida Flood Insurance policy will vary depending on three things: how much insurance coverage you need, how the property is used (home, rental, or business) the flood zone assigned to your home or property.

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As a general agent, Florida Flood Insurance is able to offer both new and existing customers access to private carrier flood insurance options. This includes the same standard policy as the government backed NFIP, but with more coverage solutions and more competitive yearly premiums.

While flood insurance isn’t mandatory in Florida, you may be required to purchase a policy to obtain a mortgage if your home is in a higher risk flood zone. The average cost of flood insurance in Florida is more than $500 per year.

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Average Cost of Flood Insurance by State. Homeowners and renters insurance companies in every state offer flood insurance coverage from the NFIP, which is managed by the Federal Emergency Management Agency (FEMA). We found the average annual premiums for flood insurance vary up to $844 between states.

To understand what flood insurance covers, you need to know three things first: 1. Standard homeowners insurance doesn’t cover flood damage at all. It’ll cover some damage from rain, but if your home is filled with water as a result of rising bodies of lakes, rivers, streams, and oceans, it won’t cover you.

Helpful Advice When Applying for a Florida Mortgage Pre-approval is the process of getting approved for a mortgage before applying. All home buyers should get pre-approved for an easier process and a better chance at approval. The process of getting pre-approval includes:

If you buy flood insurance from a private company, you’ll also see a wide range in cost for flood insurance, depending on location. For instance, a house in Miami Beach in a high-risk zone would cost $18,026 to insure, but that same house in low-risk zone costs $15,000 less, or $3,700, according to privatemarketflood.com.

Understanding flood coverage is key to makings sure you are protected from a flood. The best way to answer the question, "Will my insurance cover flood?" is to look at some commonly held myths about flood insurance. Flood insurance is a confusing, but essential coverage for homeowners.

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