How to Buy Flood Insurance in Florida
Who should buy flood insurance in Florida? If your mortgage is federally backed and you live in a flood-prone district, flood insurance is required. Even if your community is less likely to flood, insurance is available and recommended.
You buy flood insurance in Florida separately from your homeowner’s policy. Homeowner’s insurance in Florida does not cover damage due to flooding.
Get your insurance agent to explain the differences between government-sponsored flood insurance and privately issued flood insurance.
According to the Florida Division of Consumer Services, “most flood insurance policies currently providing coverage in Florida are underwritten by the National Flood Insurance Program (NFIP).” You can buy NFIP flood insurance from your insurance agent or directly through the NFIP.
The NFIP is responsible for paying claims on insurance it underwrites.
First, determine whether your residential community has been admitted to the Regular Program by the NFIP. Inclusion in the Regular Program expands your community’s access to flood insurance. Your insurance agent can explain the state’s flood-insurance rating methodology, called Risk Rating 2.0.
Ask your agent whether it’s better to add flood insurance to your homeowner’s policy or purchase flood insurance as a stand-alone policy. Your agent can tell you the official definition for flooding, which types of buildings are eligible for coverage and which types of contents are covered.
Under NFIP, you apply separately for building coverage and contents coverage.