Waiting Out Storm Season Without Flood Insurance: You May Be in Too Deep
With the dog days of Florida fast approaching, temperatures are turning up and air conditioning units are turning on. The influx of spring breakers gives way to summer vacation, as sweaters are swapped for sunscreen. Among Floridians, these subtle changes also serve as an annual reminder that hurricane season looms on the horizon.
Running from June 1, through November 30, Hurricane season is just over a month away and experts are predicting increased activity in the Atlantic. To compound the issue, the National Flood Insurance Program (NFIP) has announced that beginning this fall, an instituted 30-day wait will now extend to all lender-required flood insurance policies. Prompting potential home purchases within the mandated flood zones to be delayed if flood insurance is not acquired a month in advance.
Historically, intense hurricanes have displayed the ability to move large amounts of water, not only through a devastating storm surge, but also the heavy amounts of rainfall. Although residents outside of designated flood zones may be excluded from lender required flood insurance, the threat still remains. Surging tides have previously caused extensive damage to inland regions, and given that flood water can be defined by as little as 2 acres of standing water, the torrential downpours that threaten our state cause a vast expansion in the number of homes susceptible to potential flooding.
Before you board up the windows and sandbag your doors, seek solace in the fact that protection is available. Boasting abnormally low annual premium, the rates on preferred flood policies are cheaper than the plywood that will soon be flying off the shelves of your local home improvement warehouse. A preferred flood plan, as described by the NFIP, offers multiple coverage combinations for both buildings and contents that are located in moderate-to-low risk areas (B, C, and X Zones). Preferred Risk Policies are available for residential or non-residential buildings also located in these zones, and that meet eligibility requirements based on the building’s entire flood loss history.
Under the NFIP’s current rate schedule, the same moderate-to-low risk homeowner’s, free from lender mandated flood insurance, can assure that assistance will arrive when dealing with a flood damaged property. For as little as $55 in annual premium and no greater than $460 per year for the programs best coverage on property and personal contents, homeowners can breathe easy knowing they won’t be hung out to dry after incurring a devastating loss due to flood water.
Flood insurance can only be purchased through local insurance agencies such as Moore Resources Insurance, which proudly serves the state of Florida. Free quotes are available for homeowner’s who have previously elected not to carry flood insurance but are no longer willing to risk the uncertainty. If an interest arises for a preferred flood insurance plan, remember that you must act a month in advance of your desired effective date due to the 30-day holding period. By waiting around, you may find yourself in too deep.
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
Please remember that the purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.