Losses due to flooding are not typically covered under most homeowners policies, so it may be wise to consider adding a Florida Flood Insurance policy for complete protection.
The Benefits of Flood Insurance Versus Disaster Assistance
- You are NOT in control. Flood
insurance claims are paid even if a disaster is not declared by the President.
- More than 30 percent of
NFIP claims come from outside of mapped Special Flood
- There is no payback requirement.
- Flood insurance policies are
continuous, and are not non -renewed or canceled for repeat losses.
Flood insurance reimburses you for all covered building losses up to $250,000 for residential
occupancies and up to $500,000 for businesses. Contents coverage is also available up to $100,000
for residential occupancies and up to $500,000 for businesses.
- Most forms of Federal disaster assistance require a Presidential declaration.
- Federal disaster assistance declarations are not awarded in all flooding incidents.
- The most typical form of disaster assistance is a loan that must be repaid with interest.
- The duration of a Small Business Administration (SBA) disaster home loan could extend to 30 years.
- The average Individuals and Households Program award for Presidential disaster declarations related to flooding in 2008 was less than $4,000.