Why You Need Flood Insurance

Flooding has become an increasing risk over the past few years, especially in Florida. Floods can occur at anytime and anywhere, making them the most common and most costly disaster in the United States. Experiencing losses due to flooding can not only devastating but extremely costly should you not be covered. It is important you understand your risk of a flood and take precautions to protect your home, your possessions, and your family.

What Causes Floods?

Floods can be caused for many reasons including storm surge caused by a hurricane or tropical storm, river, lake, dam, other water system overflow, or even just heavy rainfall. Floods can develop slowly or quite rapidly depending on the type and can come with little to no warning. What is your risk for flooding in Florida? Flooding is a frequent hazard in Florida and is a threat to communities from coast to coast. Florida's coastal location, relatively flat terrain, and low elevation puts the state at an increased risk of experiencing floods. Not to mention, and as we have seen over the past years, Hurricanes are frequent in Florida and bring heavy rains and storm surge.

The Cost of Flood Damage

Flood Smart estimates just one inch of floodwater can cause roughly $25,000 in damages to your home and your possessions. You do not need to live in a high-risk flood zone to experience flood damage either. More than 20 percent of all reported flood claims come from homes located outside of high-risk flood zones. Not only is flood damage extremely costly, but it also can cause quite a headache and frustration while homeowners must wait for repairs. Now with an understanding of the risks and the damage and costs flooding can cause, let's make sure you consider obtaining flood insurance coverage to avoid the costs and frustrations flooding can cause.

Obtaining Flood Insurance

As a homeowner in Florida, you more than likely need flood insurance to provide coverage for your home and possessions. If your home is located in a high-risk area and you have a mortgage, your lender will most likely require you to have flood insurance. However, those who live in moderate to low-risk areas may be surprised to learn flood damage is not covered under your standard home, condo, or renter's insurance policy. Flood insurance must be purchased through private carriers, like Edison Insurance Company or through the NFIP. Edison's flood endorsement allows eligible policyholders to secure flood insurance coverage up to a selected amount, eliminating the need for a standalone flood policy. Most standard flood policies provide coverage up to $250,000 for your home, and up to $100,000 for your contents/personal belongings. However, Edison's Flood endorsement exceeds the limits of a standard flood policy providing up to $2,000,000 for your home and up to $1,000,000 for your personal belongings.

With hurricane season quickly approaching, you definitely do not want to wait until it is too late to obtain flood coverage to be sure your home and possessions are covered. To learn more about obtaining flood insurance with Edison Insurance Company, speak with your agent, or give us a call at 866-568-8922.


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