Flood Insurance Florida A Short Primer

If you are living in the state of Florida where flooding is a possibility and you are worried about the damages it might do to your property, a comprehensive coverage can be availed by getting a flood insurance Florida policy.

With flood insurance, your properties are directly covered by losses sustained from flood. This disaster has been classified by the National Flood Insurance Program "as the temporary and general state of incomplete or total deluge of a couple or more acres of land area, which are normally dry; or a couple or more properties of which one must be yours." If this best describes what happens to you, then you could consider getting this policy.

Essentials of the Coverage

In getting a flood insurance Florida residents are advised on three essential facts about their policies. First is that you must purchase the contents coverage separately. Second, the insurance is not a valued policy and third, the coverage is not meant as a guaranteed cost policy replacement.

With a valued policy, you get the amount that is equivalent to the limit of liability in case you suffer total loss. Flood insurance will only pay for the replacement cost of actual damages up to the limit indicated on the policy. Furthermore, a flood insurance coverage will not pay more than the amount specified on the policy.

With a standard flood insurance you get a single peril flood coverage that will pay for direct damage to the properties covered, up to the amount indicated on the ACV or Actual Cash Value or the replacement cost. The amount you get is the liability limit indicated on the policy or the actual damages done, whichever is lower.

Limitations of the Policy

Typically, homeowners who availed of a flood insurance Florida get to enjoy coverage for the actual damages that has been inflicted on personal property or building by flood. This includes flooding that has been caused by your sewer backing up because of a flood. However, if the sewer backed up because of other reasons, you will not be eligible for a claim.

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