FLOOD INSURANCE:
WHAT EVERY BUYER NEEDS TO KNOW
North Central Florida Edition
KR
by Kerry Brock - Realtor
Why Worry About Floods?
Most Common and Costly Natural Disaster
Flooding is the most common and costly natural disaster in the U.S.
Devastating Damage
Even a few inches of water can cause devastating (and pricey) damage.
Limited Federal Assistance
Federal disaster assistance is not guaranteed and may be limited.
Does My Homeowners Insurance Cover Flood Damage?
Standard Policies
No, most standard policies do not.
Separate Coverage Needed
You'll need a separate flood insurance policy for protection from rising water.
Federal Assistance Limitations
Federal disaster assistance can help, but it's no substitute for a full policy.
What Exactly Is Flood Insurance?
Flood Damage Coverage
Covers damage caused by flooding, including:
Heavy or Prolonged Rain
Melting Snow
Coastal Storm Surges
Blocked Storm Drains
Levee or Dam Failure
Is Flood Insurance Required?
1
High-Risk Areas
If your property sits in a "high-risk" flood area (1% or higher chance of flooding annually) and you have a federally backed mortgage, your lender must require flood insurance.
2
Consider Everywhere
But remember: Wherever it rains, it can flood. Even if it's not mandated, flood coverage is worth considering.
How Much Does It Cost?
$1,000
Average Annual Premium
Average premium: About $1,000 a year, per FEMA.
Varies
Property Factors
Varies widely based on specific property factors (elevation, flood zone, home structure, etc.).
Your deductible also affects your yearly premium.
Where Can I Get Flood Insurance?
1. National Flood Insurance Program (NFIP)
- Managed by FEMA.
- Available in participating communities—most North Central Florida areas are part of the program.
- Residential coverage: up to $250,000 for building repairs, $100,000 for personal property.
- Non-residential: up to $500,000 for building repairs, $500,000 for contents.
- Generally, a 30-day waiting period before coverage kicks in (exceptions if tied to a mortgage).
2. Private Flood Insurance
- Offered by private insurance companies.
- May provide higher coverage limits and extra perks (temporary living expenses, policy enhancements).
- Can be used alone or to supplement NFIP coverage.
When Does Coverage Begin?
1
NFIP
NFIP typically requires 30 days from purchase to effective date.
2
Private Insurance
Private Insurance wait times can differ, but may be shorter or tailored to your needs.
Consult the Experts
State and Local Laws
State and local laws can influence your options.
Licensed Insurance Agent
Always good to talk with a licensed insurance agent about your specific circumstances.
Real Estate Professional
Consult a real estate professional (like me) about your specific circumstances.
How I Can Help
I'm committed to bringing hospitality to real estate—that means looking after your best interests. As your dedicated Buyer's Agent in North Central Florida, I'll:
Identify Flood Zones
Identify flood zones and advise on risk levels.
Connect with Insurance Professionals
Connect you with insurance professionals to help find the right policy.
Guide Through Requirements
Walk you through any lender requirements or local regulations.
Ensure Peace of Mind
Ensure you have peace of mind before signing on the dotted line.
Reach Out Anytime
Questions? Want to learn more? I'm here to guide you every step of the way.
Kerry Brock LLC - Realtor Florida Homes Realty and Mortgage 352.474.8878 | kerrybrockrealtor@gmail.com