Personal Flood Insurance

The highest ranked natural disaster in the United States, according to FEMA, is flooding.  Floodwaters have the power to damage not only your home and sense of security, but also your financial future.

But did you know that flood losses aren't covered by your homeowners or business insurance policy? That is why having flood insurance is crucial to ensure you are protected in the event of a disaster.

S.T. Good Insurance of Florida can provide you with different options you may need to supplement your homeowners policy to help protect you in the event of a flood.

Personal Flood Insurance

There's something you should know: Flood losses aren't covered by your homeowners or business insurance policy.

Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment in case of flooding?

Option 1: Hope that you'll receive Federal disaster relief if a flood hits.

Many people wrongly believe that the U.S. government will take care of all their financial needs if they suffer damage due to flooding. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. Even if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property.

Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn't offered, you'll have to shoulder the massive damage costs alone.

The bottom line? If you're looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer.

Option 2: Buy flood insurance and stay protected no matter what.

When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared.

Flood insurance means you'll be reimbursed for all your covered losses. And unlike Federal aid, it never has to be repaid.

As long as your community participates in the National Flood Insurance Program (NFIP), you're eligible to purchase flood insurance. To find out if your community participates, check the Community Status Book on FEMA.gov.

As a homeowner, you can insure your home up to $250,000 and its contents up to $100,000. If you're a renter, you can cover your belongings up to $100,000. As a non-residential property owner, you can insure your building and its contents up to $500,000.

In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it's already too late. You will not be insured if you buy a policy a few days before a flood.

A flood insurance policy is an important insurance policy to have in place, especially if you are in an area prone to flooding. It may even be more affordable than you expect.