Flood Home Insurance Florida Residents Must Have

Flood Home Insurance Florida Residents Must Have

Florida has a truly unique geography. The highest point is only 345 feet above sea level and most of the state is at or only slightly above sea level. Florida residents who are seeking home owners insurance must also look for flood insurance. The National [Flood Insurance] Program (NFIP) is a federal program that provides flood insurance. The majority of home-owners insurance policies do not cover flood damage, a fact many homeowners find out too late, after they have suffered flood damage. The federal flood insurance program fills this coverage gap left by the usual home owner insurance policy. Standards policies usually covers losses due to theft, burglary, lightning and wind damage, and damage form home fires as well as certain categories of structural damage--but no damage from flooding. The usual water damage coverage is very limited and confined to events such as malfunctioning appliances or leaky roofs.

When deciding the best kind of home insurance Florida residents need, homeowners should decide the damage they feel their dwelling most likely needs protection against, and what their budget allows for insurance premiums. Florida's geographic location--a peninsula separating the Atlantic Ocean and the Gulf of Mexico--expose it to violent wind, lightning, and rain events. Fires are another common reason for homeowner claims in Florida. The downpours from a tropical storm can cause water damage not related to actual flooding. Homeowners should carefully consider the coverage any policy provides for all these items when shopping for home insurance Florida's conditions may require. Keeping the cost down should not include eliminating coverage for the most important potential causes of loss.

Shopping for home insurance in Florida entails contacting an agent or insurance broker who will provide a sample policy, and describe its coverage, deductible structure and premiums. The insurance policy's premiums will be different for each home, since the home's age, the location, the deductibles chosen and the coverage limits all are factors affecting the policy's price. Other variables that could affect the premium are whether the home has a burglar and fire alarm system installed with a monitoring company, and whether the home is built according to the most recent building codes designed to resist wind and water damage. These could lower premiums. An older home, especially homes built over 20 years ago, may require higher premiums because they are more susceptible to damage and more likely to require repairs.

Another factor material to the cost of home insurance in Florida is the need to insure valuable possessions inside the home. Most policies typically cover loss and damage to major appliances including the washer, dryer and refrigerator. Deleting this coverage could lower premiums. The deductible--the amount of loss the homeowner must pay before the insurance starts to help--affects the premium. If the homeowner pays the first $500 needed to repair roof damage the premium is higher than if the policy deductible requires the owner to cover the first $1,000 of repair costs. As in most important purchase decisions, home owners should do some comparison shopping both on-line and offline. They may be surprised to see how much their zip code impacts the cost of insurance. Comparing different coverage options and deductibles will help the home owner find the right insurance for their home.

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