Flooding is the #1 natural disaster (call caps) in the United States, according to FEMA. It’s important to be prepared for flooding no matter where you live, but particularly if you are in a low-lying area, near water.
Some of the most frequent causes of Flooding in the State of Florida are:
- Tropical Storms and Hurricanes
- Heavy Rains
- Flash Floods
Unfortunately, many Florida Homeowners do not purchase Flood Insurance for one of two reasons: (a) because they think their Homeowners will cover them for flooding and; (b) because they are not required to do so. The truth is, (a) Homeowners Insurance generally DOES NOT cover flooding and; (b) even if you are NOT REQUIRED to carry Flood Insurance you probably should. In Florida, many areas are deemed flood zones, but with different levels of risk. Let’s face it though; everyone in Florida has a risk of flooding!
Before saying NO to Flood Insurance; consider this:
Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).