Why do I need flood insurance?
Those of us who live in Florida know that, in addition to Sun and beaches, our state is characterized by being one of the most hit by cyclones and hurricanes. They are the consequences of living in a tropical area near the sea.
Despite that reality, many people still wonder why they should have flood insurance on their homes.
The first part of the answer is that homeowners insurance does not protect homes from flood damage. That is to say if a house is affected by the flooding of a river or the sea, the owner’s insurance will not take care of it.
The second part of the answer is that it is required by law. The Federal Emergency Management Agency (FEMA) created a map showing the flood risk zones. If a property with a government-guaranteed mortgage is located in one of these zones, it is required by law to have flood insurance.
Another important fact for homeowners to keep in mind is that flood insurance takes effect only 30 days after purchase. In other words, if you take out your flood insurance on June 1, it will not take effect until July 1.
If a hurricane causes flooding in June that damages your home, you will not have insurance protection. A measure was taken by the National Flood Insurance Program to prevent people from insuring themselves only when a hurricane forms in the ocean near their geographic area.
In short, if you live in a classified risk area, don’t think about it anymore, take out a flood policy and sleep peacefully. Hurricane season is approaching and you never know what this year will bring.