Private or federal, which flood insurance policy?

Private or federal, which flood insurance policy is best for me? Many urban areas in Florida are vulnerable to flooding, such as Miami Beach, Miami, and Tampa. However, of the 11 million homes in the Sunshine State, only 13% have flood insurance, according to records from the National Flood Insurance Program (NFIP).
Perhaps the lack of interest in flood insurance is due to the mistaken belief that homeowner’s insurance covers damages caused by water entering a property. That’s not the case – these damages are only covered by flood insurance, which is a completely different policy from homeowner’s insurance or home insurance, as it is also known.
Typically, flood insurance covers structural damage, loss of furniture and personal belongings, cleaning expenses, and repairs to the home affected by water from the sea, a river, or torrential rains. It also usually covers the costs of temporary accommodation if it is necessary to evacuate the property.
There are two main types of flood insurance: the NFIP flood insurance and private flood insurance.
NFIP insurance is a government-provided insurance that is available to all homeowners and businesses regardless of their level of flood risk. It is designed to provide basic coverage at an affordable price and covers up to a maximum of $250,000 in structure and $100,000 in personal belongings.
Private flood insurance, as the name suggests, is offered by private insurance companies and usually provides additional coverage for higher-risk properties that are not eligible for NFIP flood insurance. Although they are usually more expensive, private insurance provides more comprehensive and personalized coverage.
Another major misconception is that flood insurance covers any damage caused by water. That’s not the case either. For example, if the water that causes the loss entered through a window that was left open during a torrential rain, or through a crack in the roof, flood insurance will not cover it. It also won’t cover damage caused by water entering the house from a broken pipe or sewer. For these types of accidental damages, there is homeowner’s insurance.
If you need affordable flood insurance to protect your family’s assets, call Univista Insurance. Private or federal, which flood insurance policy is best for me?

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