Storm surges prove need for flood insurance in Florida

Six out of the top 10 metropolitan cities on the Insurance Information Institute’s list as at risk for storm surges are in Florida, highlighting the need for flood insurance.

But flood insurance is not part of a standard homeowners policy, so property owners need to protect themselves and their finances by purchasing it.

An inch of floodwater can create up to $25,000 in damages. As the average policyholder’s claim costs more than $42,500 the Insurance Information Institute said, Bankrate.com reported, homeowners can’t risk going without flood insurance.

Though the hurricane season runs from June 1 to Nov. 30, flooding isn’t unheard of during the other six months of the year.

As flood insurance is a regional hazard, it must be purchased as supplemental insurance.

Several private insurers and the National Flood Insurance Program (NFIP) offer flood insurance with backing by the Federal Emergency Management Agency (FEMA). But NFIP insurance is limited to areas that support floodplain management ordinances, Bankrate.com reported.

If FEMA’s Flood Maps show your property is designated A or Z, it’s considered to be a high-flood zone. Designations of X, C and B are lower-risk areas.

If a storm caused a federal emergency designation you might be eligible for assistance, but it’s usually much less than the average $42,500 claim, Bankrate.com reported.

Florida’s average flood insurance policy with NFIP costs $723 annually, though a private insurer may offer a better policy. Or wind and flooding mitigation measures may earn you discounts on the policy.

It’s important to check with your mortgage lender to determine specific requirements it may impose.

The hurricane season may be ending soon, but the risk of flooding remains.

Purchase from NFIP Direct or from FEMA’s private insurer network. Call the NFIP at 1-877-336-2627 or your own agent for policy information.

A federal search tool can help to find a flood insurance provider who can help.