Flood Insurance in Jacksonville, FL
According to the Federal Emergency Management Agency (FEMA), floods are the top natural disaster in the U.S. While some homes are located in participating communities. While homes in a Special Flood Hazard Area (SFHA) are most prone to flooding, flooding can occur from a number of sources and happen anywhere. Regular homeowners’ insurance policies do not cover flooding! Just a few inches of rain around your home can cause major damage.
If you live in a high-risk flood area and you have a mortgage on your home from a federally regulated or insured lender, FEMA mandates the purchase of flood insurance. However, if you live in a moderate or low-risk area, the law does not apply, but you should still have flood insurance.
The federal government offers flood insurance through the National Flood Insurance Program (NFIP), which can be purchased if your community participates in the program. (Most communities do.) This is federally backed insurance that you can purchase as an alternative to obtaining disaster assistance.
However, you may prefer to purchase private flood insurance, as it may provide additional coverages and limits that the NFIP will not cover. For example, the NFIP program limits building coverage to $250,000 and contents coverage to $100,000. If the value of your home or contents is greater than this, a private policy may be a better option. Additionally, private insurance will often provide “loss of use” coverage, which helps provide for your living expenses if your house is uninhabitable and you must live elsewhere, such as in a hotel. The NFIP does not provide this coverage.
There are three main types of private flood insurance policies:
- A standalone policy provides high limits for your home and personal property
- An excess flood policy provides additional insurance once you’ve reached your NFIP policy limit
- A flood endorsement has low coverage amounts for minor damage and can be added to your homeowners’ policy for a small additional premium.
An important note: most flood insurance policies don’t become effective until 30 days after the paperwork is signed (but there are exceptions). If you live in a storm-prone area, it’s best to take out your policy before hurricane/storm season approaches.
Give us a call at the Della Porta Group and we can help you find the best flood insurance coverage for your specific situation.
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7807 Baymeadows Road E, Suite 301,
Jacksonville, FL - 32256