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Why flood insurance can be beneficial

Florida residents should know that homeowners insurance policies do not provide any type of flood insurance. It is also important to understand that it can be hard to define what a flood is because it can be caused by anything from poor drainage to the landfall of a hurricane. However, when water enters a home, the damage that water causes may be covered by a policy from the National Flood Insurance Program.

A policy will cover up to $250,000 in losses based on the value of components that are damaged or destroyed. Individuals can also purchase up to $100,000 in additional insurance to cover their personal belongings. The price of a flood insurance policy may partially depend on whether a home is located in a flood zone. Homeowners are encouraged to talk to their insurance agents on a regular basis even if their homes aren't currently in a flood zone.

Doing so can be beneficial as flood maps can change, and that could put a home in a flood zone that wasn't in one previously. Those who may not live in a flood zone could still benefit from extra coverage in case a swimming pool collapses or if water tends to pool in the yard and then enter a home.

Those who purchase flood insurance may be able to have some or all of the flood damage from a major storm paid for by the insurance provider. If this does not happen, it may be an example of bad faith insurance practices. Legal counsel may help a person read and understand a policy to ensure that water damage is covered by it. If so, an attorney may be able to help a person get their hurricane damage claim approved or otherwise obtain compensation.

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Mintz Truppman, P.A.
1700 Sans Souci Boulevard
Miami, FL 33181

Phone: 305-893-5506
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