The best time to buy or renew flood insurance is before the hurricane season arrives. | FEMA
The 2020 hurricane season looms less than three weeks away, but Florida residents still have time to renew their flood insurance with the grace period in effect until June 15.
The Federal Emergency Management Agency (FEMA) added 90 days to the normal 30-day grace period to help homeowners struggling with impacts from the COVID-19 pandemic.
In 2017, more than three-fourths of homeowners didn’t have flood insurance, which in most cases is a separate policy from homeowner’s insurance, Government Technology reported.
Insurance adjuster Dick Tutwiler advises any Florida homeowner who lacks flood insurance to consider purchasing it and ompares the average $500 annual flood insurance premium to the damages a flood could case, according to Government Technology.
The FEMA flood damage calculator shows that a 1,000-square-foot, one story home getting 2 feet of flood damage would cost an estimated $36,660. The price bumps up to $87,326 for a 2,500-square-foot home.
The Florida Office of Insurance Regulation said water damage from water coming into the home after a lake, ocean or river overflow onto a property or seeping in from heavy rainfall is covered by flood insurance, according to Government Technology. Homeowners insurance usually covers water damages caused by burst pipes or leaking roofs as well.
“The big elephant in the room is the requirement that if a house is damaged to 50% of its value they will need to elevate the house or tear it down.” Tutwiler told Government Technology. “This is a huge issue nobody ever talks about.”
With triple the number of flood insurance policies of Texas, Florida has the most policies at 1.7 million, FEMA told Government Technology. Many homes lie in flood zones in Florida, which makes flood insurance required, and more than 75% of the state’s homeowners purchase policies.
Accuweather told Government Technology it estimates 18 named storms this season.
Alerts Sign-up