More homeowners will be required to purchase flood insurance in Florida after July 31, 2024, when updated flood zone maps from the Federal Emergency Management Agency (FEMA) take effect.
Homeowners with federally backed mortgages are generally required to purchase flood insurance in areas where flooding may be likely.
With the latest flood map updates, some areas that were once deemed low-risk have been reclassified as special flood hazard zones. This means tens of thousands of Florida homeowners may now be required to purchase flood insurance even if they haven’t in the past.
Why Did Some Florida Flood Zone Maps Change?
FEMA reviews and updates its flood maps for each county periodically. Revisions are informed by risk modeling and environmental studies related to the specific area, such as hurricane models and elevation data, among other methods.
Flood maps are updated to align with the perceived risk of flooding based on the latest data. Updates are necessary to sufficiently insure at-risk properties and help alert property owners to flood vulnerabilities.
Do I Need Flood Insurance?
Every property is vulnerable to flooding. Even if you’re not required to have it, it’s still a good idea to consider purchasing flood insurance protection.
Here are some important facts to keep in mind:
- FACT: Homeowners and renters insurance does not typically cover flood damage.
- FACT: Flood insurance will pay claims regardless of whether or not there is a Presidential Disaster Declaration.
- FACT: Federal disaster assistance comes in two forms: a loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim in 2018 was more than $40,000.
Did you know?
- Floods are the most common type of natural disaster worldwide – about 40% of all natural catastrophes involve flooding.
- 75% of all Presidential Disaster Declarations are related to flooding.
- Flood insurance policies may take up to 30 days to take effect.
- Just 1 inch of flood water can cause $27,000 in damage to your home.
Do You Have a Mortgage?
If a property has a federally backed mortgage or is insured by state-owned Citizens Insurance, flood insurance may be required as part of those policies’ terms. Some private lenders may also have this requirement.
FEMA Assistance
Generally, those who’ve received FEMA disaster relief in the past must retain flood insurance to be considered for future assistance.
Where Can I Buy Flood Insurance?
Acentria Insurance is here to help address your flood insurance questions and help you secure coverage.
We can help review your circumstances and recommend flood insurance that can help financially protect your home while satisfying any legal requirements. To connect with a team member, visit our locations page to find an office near you or give our team a call to discuss your best coverage options at 866.374.5084.
Learn More On How You Can Prepare For A Flood
Take steps to protect your home, family, and financial security throughout the year, and take extra precautions when flooding is predicted in your area.
The best way to protect your home and belongings from flood damage is to purchase flood insurance – don’t let your hard work be washed away.
Here are a few steps you and your family can take to be ready for flooding: before, during, and after a flood.
