Find the Best Flood Insurance Rates & Companies in Florida
Florida is one of the most notorious states for hurricanes and flooding. Unfortunately, many residents and property owners aren't adequately prepared for financial losses that result from flood damage. Standard homeowners insurance and business insurance policies won't cover natural flooding events. You'll need a Florida flood insurance policy to protect your property.
Luckily, a Florida independent insurance agent can help you find all the flood coverage you need. They can get you set up with the right flood insurance for a commercial or residential property. Until then, here's a deep dive into Florida flood insurance requirements, coverage, average costs, and more.
Key Takeaways - Florida Flood Insurance
- In Florida, flood insurance can reimburse you for property damage to your home's structure and contents caused by natural flooding, such as from hurricanes.
- The average annual flood insurance cost in Florida is $865, or approximately $72 per month.
- The current national average cost of flood insurance is $899 annually, or approximately $75 per month.
- Many Florida residents and property owners are required to have flood insurance, such as those who live along the coast or in other high-risk flood areas.
- Working with a local independent insurance agent is strongly recommended, as they can tailor a policy to your unique property and coverage needs.
Best Flood Insurance Companies in Florida
Fortunately for residents, flood insurance is available from many different carriers in Florida. Here are our top recommendations for the best Florida flood insurance companies this year:
- REInsure Pro: This carrier sells flood insurance and many other types of personal insurance. REInsure Pro works with independent insurance agents and offers fast claims responses.
- Progressive: This carrier also sells flood insurance and many other types of personal and business insurance. Progressive has an excellent financial strength rating from AM Best, offers many discounts, and provides 24/7/365 customer service.
An independent insurance agent can compare Florida flood insurance quotes and coverage options from these carriers and others in your area.
How to buy flood insurance in Florida
You can buy Florida flood insurance from FEMA's National Flood Insurance Program (NFIP) directly online. Many private insurance companies in Florida also offer flood insurance. A local independent insurance agent can help you weigh your options to find the right policy for your unique property.
Is Flood Insurance Required in Florida?
In some cases, yes. Properties located in high-risk flood zones in Florida are often required to have flood insurance. Additionally, you may be required to have coverage if you have a mortgage. Regardless of whether coverage is mandatory, though, having flood insurance can be a wise decision, especially in Florida. Just one flooding event can cause thousands of dollars of property damage or even more.
What Does Flood Insurance Cover in Florida?
Florida flood insurance provides coverage for a building's structure, foundation, and contents. The coverage in flood insurance breaks down as follows:
- Buildings coverage: This can cover repair or rebuilding costs to your home if the structure or other components (e.g., electrical systems, flooring, built-in appliances, and plumbing) are damaged or destroyed by natural flooding.
- Contents coverage: This can cover repair or replacement costs to your personal belongings, including furniture, removable appliances, clothing, jewelry, and electronics, caused by natural flooding.
Your Florida independent insurance agent can help you get covered with the right amount of flood insurance in each category.
What's Not Covered by Florida Flood Insurance?
Florida flood insurance won't cover flooding caused by sewer backups or line breaks. You can add a sewer backup endorsement to your home insurance policy to have this protection. In Addition, flood insurance typically doesn't cover any of the following:
- Valuable papers like certificates and currency
- Outdoor property like septic systems, decks, patios, landscaping, wells, hot tubs, pools, and fences
- Personal belongings stored in basements
- Additional living expenses
- Vehicles
- Business property and interruptions
Your independent insurance agent can help you review your specific flood insurance policy's coverage exclusions.
How Much Does Flood Insurance Cost in Florida?
Florida flood insurance costs an average of $865 per year, or about $72 per month. So, how much is flood insurance in Florida compared to the U.S. overall? The current national average cost of flood insurance is $899 annually, or about $75 per month. This means that residents in Florida actually pay a bit less than average for their coverage.
Average flood insurance prices are calculated by FEMA and the National Flood Insurance Program based on the Florida flood insurance rate map. The cost of flood insurance in Florida can also vary depending on the following factors:
- The amount of coverage chosen
- The location of the home
- The home's specific flood zone designation
- The history of flooding in the area
- The building materials used in the home
An independent insurance agent can help you shop and compare affordable Florida flood insurance plans in your area.
Florida Flood Zones
Florida flood zone maps can be accessed online with ease. One of the best resources for Florida flood maps, including Orlando, Florida flood maps, is FEMA's official website. The organization's website offers several comprehensive and user-friendly tools to help you assess your Florida flood risk. You can also find Florida flood zone map PDFs, Florida flood plain maps, and more.
Florida cities with the highest flood risk
Florida's peninsula shape means it is uniquely bordered on three sides by water and has both a Gulf Coast and an Atlantic Coast. Still, certain areas of the state are more prone to flooding than others. In the following cities, you might actually be required to carry flood insurance:
- Cape Coral
- Miami
- Tampa
- Jacksonville
- Fort Lauderdale
If you live or own business property in any of these areas, you may want to get flood insurance immediately to avoid potentially devastating financial losses. An independent insurance agent in Florida can help you.
How to Apply for Flood Insurance in Florida
You can buy flood insurance directly through FEMA's NFIP or from several private insurance companies located throughout the state. However, it can be easiest to work with a local Florida independent insurance agent. These agents have access to multiple flood insurance companies near you, so they're free to shop and compare plans and rates to find the best deal.
The Best Flood Insurance Discounts in Florida
You can get Florida flood insurance discounts on either NFIP coverage or private flood insurance. FEMA provides flood insurance discounts for newly mapped properties and for residents in communities participating in the Community Rating System. These discounts can range from 5% to 45% and depend on each property's classification.
Private flood insurance companies may offer several discounts on coverage, depending on the carrier. Some common flood insurance discounts offered are those for homes built on stilts or those that have undergone other flood-proofing precautions. Your independent insurance agent can help you find all the flood insurance discounts in Florida that you qualify for.
How to File a Flood Insurance Claim in Florida
Flood insurance claims follow a simple process in Florida. Just take these steps if you ever need to file a flood insurance claim:
- Contact your insurance company or agent: Call your independent insurance agent or flood insurance company immediately to report the disaster. You'll need to have your insurance information ready.
- Gather evidence: Wait until your property is declared safe for reentry before you evaluate the property damage for yourself. Next, you'll likely be asked to gather evidence of the damage for your insurance company, such as photos and videos, and to prepare a detailed written report.
- Work with your claims adjuster: Your flood insurance carrier will schedule a visit from a claims adjuster to perform a property inspection in person to evaluate the damage. Your adjuster might provide you with an estimate for reimbursement during this visit.
- Receive payment: Finally, your insurance company will issue your claim payout. This may be a direct deposit or a check. The amount you receive depends on the terms of your coverage and the extent of the damage.
Your independent insurance agent can file your flood insurance claims for you directly through your carrier. They can also keep you updated through every step of the process, including when you can expect to receive your payout.
FAQs About Florida Flood Insurance
Do you need flood insurance in Florida?
In certain cases, yes. Flood insurance can be required in Florida if you have a mortgage or own a property in a high-risk flood zone.
What is the average cost of flood insurance in Florida?
The average cost of flood insurance in Florida is $865 per year. This breaks down to approximately $72 per month.
What is the best flood insurance company in Florida?
Our pick for the best flood insurance company in Florida is REInsure Pro. REInsure Pro works with independent insurance agents and offers fast claims responses.
Why work with a Florida independent insurance agent when shopping for flood insurance?
Florida independent insurance agents can help you find the flood insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare flood insurance quotes from several carriers for you.
And down the road, they can help you file flood insurance claims or update your coverage as needed. Your agent can help you find flood insurance in Ocala or wherever you reside.
Sources
https://www.nerdwallet.com/insurance/homeowners/learn/flood-insurance-cost
https://www.sparklymaidorlando.com/blog/what-cities-in-florida-are-at-risk-of-flooding