how much is flood insurance in florida and How Coverage Works

If your home is situated in a flood zone with a moderate or high risk of flooding, your mortgage lender may require you to buy flood insurance if you own a home in Florida. Due to Florida’s low height and great exposure to hurricanes, flood insurance is still a worthwhile option even if it is not needed.

Floods and storm surges are not covered by homeowner’s or renter’s insurance plans, but you can buy a flood policy through the National Flood Insurance Program (NFIP) or a private insurer. The average cost of a flood insurance policy via the NFIP is $562 per year, but by working with a private flood insurance firm, you may be able to obtain lower prices and more flexible coverage options.

Cost of flood insurance in Florida

For plans bought via the NFIP, flood insurance in Florida costs $562 on average.

The cost of flood insurance is determined by a number of criteria unique to your house, including the elevation, building materials, and distance from the ocean. The cost of flood insurance can range from about $190 to more than $2,000 depending on the features of your home.

If your home is used as a rental or if you live there less than half the year, which are both typical cases for Florida homeowners, you can also get a higher flood insurance premium. Moreover, your fees will increase. Each flood insurance policy is subject to an annual $25 NFIP surcharge, but if the home is not your principal residence, the amount rises to $250.

City	Policies in force	Total coverage	Total premiums	Average cost per policy
Jacksonville	25,121	$7,459,799,100	$11,477,567	$457
Miami	51,595	$11,217,918,300	$20,121,760	$390
Tampa	27,257	$7,512,210,100	$23,414,175	$859
Orlando	2,792	$770,482,900	$1,464,701	$525
St. Petersburg	34,953	$7,914,322,200	$33,219,095	$950
Hialeah	13,270	$3,016,487,300	$5,198,698	$392
Port St. Lucie	6,140	$1,790,964,500	$2,385,524	$389
Tallahassee	1,849	$486,317,600	$1,239,534	$670
Cape Coral	33,256	$8,911,569,500	$24,297,524	$731
Fort Lauderdale	38,806	$9,681,889,700	$15,722,665	$405

We advise contrasting estimates from the NFIP with those from businesses that provide private flood insurance in order to get the best flood insurance rates. The prices of private flood insurance are often comparable to or less expensive than those of the NFIP.

Additionally, a private flood insurance policy may offer larger coverage limits, allowing you to acquire more extensive coverage if the cost of rebuilding your home exceeds $250,000. Private flood insurers may, however, revoke your coverage if they determine that your house poses an unacceptably high risk for them to insure.

Do you need flood insurance in Florida?

If you desire financial security following a flood, you must get a flood insurance coverage. Otherwise, you’ll probably have to cover a sizable percentage of the damage out of your own cash.

Florida doesn’t require homeowners to have flood insurance, but mortgage lenders frequently do, especially if you live in a high-risk flood zone. You’ll probably need to buy flood insurance if the government’s flood zone maps show that your home is situated in a flood zone that begins with an A or V. Although your home is thought to be at a decreased danger of flooding if it’s in an X, C, or B flood zone, about a quarter of flood occurrences still happen there.

The proximity of many Florida residents to waterways like a beach, river, or lake puts them at a higher danger of flooding. Even in cases where surges or wind-driven water floods properties, which is a regular consequence of storms, flooding is not covered by homeowner or renter insurance plans.

If a hurricane comes and you don’t have insurance, you might not be eligible for federal aid from FEMA unless the situation is deemed a national emergency. Even then, post-disaster payouts are often under $10,000. A flood may easily result in considerably more damage, including the need to repair your home’s flooring, some of the walls, as well as your belongings and appliances.

Flood insurance companies in Florida

Ask your current homeowners or renters insurance provider for coverage if you’d like an NFIP policy since most Florida insurers and brokers sell NFIP flood insurance. As an alternative to the NFIP, Florida has recently made it easier for businesses to offer private flood insurance.

We advise checking prices from independent flood insurance providers since you might find a lower rate and more comprehensive coverage. Additionally, private flood insurance providers could provide coverage more quickly, with policies beginning as soon as three days after coverage. On the other hand, an NFIP policy normally has a 30-day waiting period before coverage begins.

The following insurance companies are primary writers of flood insurance in Florida:

AIG
American Integrity Insurance Company of Florida
American Strategic Insurance Corporation
Centauri Specialty Insurance Company
Edison Insurance Company
Federal Insurance Company (Chubb)
Florida Peninsula Insurance Company
Homeowners Choice Property & Casualty
Lloyd’s Underwriters (The Flood Insurance Agency)
Progressive Property Insurance Company
Safe Harbor Insurance Company
Southern Oak Insurance Company
Tower Hill Insurance Company
TypTap Insurance
Universal Insurance Company of North America
US Coastal Property & Insurance Company
Voyager Indemnity Insurance Company (Assurant)

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how much is flood insurance in florida and How Coverage Works