Flooded homeA flood is not something any homeowner wants to face. Water damage can be some of the most potent a home can receive. If your home faces flood damages, you may also face significant financial losses.

The standard home insurance policy typically doesn’t cover flood damages. However, many homeowners buy flood insurance. These are separate policies that provide protection in the event of water damages.

Flood Insurance Regulations

Floods can come from a variety of sources. These include the weather, local water bodies and your own plumbing. Therefore, a variety of laws and regulations govern who must carry flood insurance.

Many homes and localities come with flood risk ratings. The Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP) play a large role in determining local flood risks. Most residents of high-risk flood areas have to carry some form of flood insurance.

But, what if you live in an area where the risk of a home flood is very low? How does that impact your ability to buy and maintain flood insurance?

Flood Insurance for Low-Risk Homes

If your home has a low flood risk, you may not have to carry flood insurance. However, give some thought to whether you still want to invest in this type of coverage. You might qualify for a Preferred Risk Policy (PRP) which is a policy for low-risk homes.

Flood insurance usually protects you in case of certain types of natural occurrences. What qualifies as a flood is carefully defined by law and by insurance providers.

Insurance can protect a variety of your home’s contents in addition to its structure. It may cover replacements for many of your personal belongings. It can also cover appliances, utilities and other industrial components of your home.

However, flood insurance comes with a number of exclusions.

  • You may not be able to get coverage for certain types of personal property. Certain valuables like hard cash, bonds or vehicles may not have coverage.
  • Coverage may not extend beyond the confines of your home’s structure. You may not be able to repair detached buildings or outdoor walkways.
  • The types of damages that occur may also not have coverage. Mold and mildew may not have coverage.
  • You may have to add special coverage for the home’s basement. Basements are very prone to flood damages, so they often need special coverage.

Before investing in flood insurance, talk to your realtor, the local authorities and your insurance agent. They can help you understand the affordability and the practicality of flood insurance.

We are here to help you understand Stuart FL flood insurance. We can even issue you a policy when you need it. Give us a call at 772.287.3366 for more information.

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