water damage inside homeThe common misconception about Flood Insurance is that it is covered within a homeowners policy. Most insurance policies do not cover flooding, so purchasing coverage outside of your homeowners policy is always suggested.

When researching policies for flood insurance in Fort Myers, it is important to include coverage on both your building and contents. Both coverages may have their own deductible.

Stated by FEMA, “Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year.”

Often we are told “I’m not in a flood zone.” Unfortunately, the ENTIRE state of Florida is in a flood zone. Determining which flood zone you are in will determine the annual rates to hold the flood insurance coverage. The National Flood Insurance Program has standard (higher risk) and preferred (lower risk) flood zones. More than 20% of flood claims come from properties outside the high risk flood zone.

How to Obtain Flood Insurance
If you are in a standard flood zone and have a mortgage, flood coverage is typically mandated until the mortgage is paid off. With a standard flood zone, an elevation certificate and current photos are needed to secure a proper rate of coverage. For new closings, policies can begin on closing date, otherwise, there is a 30-day wait for coverage to begin.

If you are in a preferred risk, the same 30-day wait would apply after paid receipt. You do not need an elevation certificate or photos, but confirming primary or seasonal occupancy is necessary.

Even a few inches of water can do insurmountable damage to your building’s foundation. If your home or commercial building floods in any way, it can cause foundation cracks, leaks, and damage to your possessions. With a flood insurance policy, you can save money and gain peace of mind.