Insurance is a tool that helps us to reduce uncertainty about our financial future. By acquiring an insurance policy we are economically safeguarding all our belongings. Flood insurance is a protection for both our home and the possessions we have in case of a flood. In general, standard homeownership policies do not include damage caused by floods.
In Florida, the most common natural disasters are floods. As a result of the destructions that originate after a flood, there are many expenses that are generated to restore the structures again, leading many to bankruptcy. A flood insurance policy can cover the costs of restoring your property.
Flood insurance takes 30 days from your contract date to take effect. To prevent a flood from taking you by surprise, call us at 786.910.9487. With pleasure, one of our agents will give you the advice you need to acquire a policy that suits your needs.
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Is it necessary to have flood insurance if I live in Florida?
The 75% of all the inhabitants of the south of the state live in front of the sea. The coastal strip is increasingly valued in terms of real estate but also more vulnerable to floods. Since 1870 the sea level has increased 8 inches, being Miami (Florida) one of the main cities in the world with more damage or destruction to the structures, caused by floods. Therefore, it is not only necessary, but mandatory to have flood insurance in Florida.
What does flood insurance cover?
With a flood policy you can financially protect all your properties including the objects inside. You can buy different policies such as:
- Coverage for real estate: This type of coverage protects the physical structures and foundations of the house, central air conditioning, electrical systems, pipes, shelving systems, cabinets and panels. In case of a flood the insurance will cover the total value for the complete reconstruction of the house.
- Personal property coverage: this policy will cover the financial value of furniture, electronic devices, curtains, clothing, portable appliances, freezers and some valuable objects such as works of art. The reimbursement in case of loss will be made from the real cash basis value, having a maximum limit of coverage.
What does flood insurance not cover?
According to the NFIP coverage summary, these are some of the types of expenses and properties that flood insurance policies do not cover:
- Damages that can be avoided by the owner such as mold.
- Loss of cash, precious metals and valuable documents.
- Objects that are outside the property: in gardens, Jacuzzis and swimming pools.
- Living expenses such as temporary housing and cars.
In the state of Florida the floods have gone from being a sporadic tragedy to being something common in everyday life. We must be prepared for not to suffer the consequences of losing everything we have worked with from one moment to another.