Let’s Talk About Flood Insurance

Hurricanes Helene and Milton caused devastating flooding in many communities, including inland cities and those not considered high risk for floods. To add insult to injury, many homeowners discovered they’re not covered for flood damage to their homes. That’s because flood damage is not typically covered by a standard homeowners policy. Flood insurance in Bradenton, Sarasota, and surrounding communities is becoming more necessary than ever before, even in areas not considered “high risk.”

While coastal cities like Tampa and Bradenton have historically been vulnerable to flooding, many inland cities are also being affected. According to “Flood: State of the Risk,” by the Insurance Information Institute, “Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance is dismal, reflecting consumer misunderstandings about the coverage.”

Do you need flood insurance?

Consider these facts:

• Just one inch of flood water can cause up to $25,000 worth of damage.
• Almost 90 percent of U.S. natural disasters involve flooding.
• About twenty-five percent of all flood claims in Florida originate in moderate to low-risk zones.

Flooding can occur due to rising water from creeks or rivers, storm surge, or heavy rainfall. Even if you don’t live in an area considered high risk for flooding, you may want to consider buying flood insurance. (Note: If your homeowners policy is with Citizens Property Insurance Corporation, by Jan. 1, 2027, you will need to have flood coverage, regardless of the value of your home.)

Flood insurance covers physical damage to the structure of your home as well as your possessions should they be directly damaged or destroyed by a flood. Flood policies may also include coverage for debris removal costs, loss avoidance (costs associated with relocating insured property away from a flood or imminent danger of a flood), and increased cost of compliance (for homeowners who will need help with the costs of flood mitigation measures when rebuilding after a flood).

NFIP vs. private insurance

You may buy flood insurance from the National Flood Insurance Program (NFIP), or you may choose to go with a private flood insurance carrier. With the NFIP, there is usually a 30-day waiting period before the policy takes effect. Private flood insurance companies often have no waiting period. In addition, private flood insurance companies may offer higher coverage limits for both your dwelling and your contents coverage. Private flood companies have more flexibility in calculating their premiums, so their policies may be cheaper than those from the NFIP. Flood coverage is often quite reasonable for homes not in high-risk areas.

Call on Lakewood Financial Services for your flood insurance needs

If you want more information about flood insurance, please call Lakewood Financial Services at 941-747-4600 to discuss your options for this important coverage. (Click here to contact us online.) Our agents can help you decide which flood insurance option suits your needs. Our office is located in Lakewood Ranch, and we also serve clients in Bradenton, Sarasota, and surrounding communities.

For more information, see www.floodsmart.gov to determine your overall flood risk.