Florida flood insurance

How to get affordable Florida flood insurance

“Anywhere it can rain, it can flood.” – FEMA

Of the homeowners who believe they are at risk of flooding, 43% get flood insurance from the National Flood Insurance Program (NFIP), according to a study by the Insurance Information Institute and Munich Re.

But there’s a better and more affordable way to protect your home from floods. We crunched the numbers, and our carriers can help about 71% of Florida homeowners spend less on flood coverage than they would with an NFIP policy

If you qualify, you can get flood insurance with these perks:

• No waiting period for your flood coverage to take effect

• Coverage added at any point in your policy term

• Flood limits that match your dwelling coverage limits

• No separate deductibles

• One premium for both your home and flood insurance

• No elevation certificate required

• One company for both flood and hurricane claims

Do Florida homeowners need flood insurance?

So why is flood insurance so important in Florida? Consider the sheer number of single-family homes at risk of storm surge along the Gulf of Mexico and Atlantic coast.

Homes at risk of storm surge

^{Source: Insurance Information Institute, Facts + statistics: Flood insurance, Accessed 2/4/2024.}

Florida is more at risk for floods than any other state, thanks to its 11,000 miles of rivers, streams, and waterways coupled with flat terrain. According to NOAA, Florida gets 54 inches of rainfall on average across the state each year.

Moreover, if you have a federally backed mortgage (think FHA, VA, or USDA loan) and you live in a flood zone designated A or V, you're required to purchase flood insurance.

But it’s not just coastal homeowners who need flood insurance. More than 25% of flood claims happen outside high-risk flood zones, which means you may want flood protection even if your lender doesn’t require it.

Florida’s flood risk at a glance

• $28.9K: The average NFIP flood claim payout in Florida.

• 7.5 million: The number of single-family homes at risk for storm surge damage from Category 5 storms.

• $1.8 trillion: The cost to completely rebuild these homes, including labor and materials.

• 77%: The Florida population who lives in coastal counties and are most at-risk of storm surges.

• 20%: The number of Florida counties that experienced 50 or more flood events in the past 24 years.

• 22%: The number of Florida homeowners who have flood insurance.

^Sources:

•  ^{Insurance Information Institute, Facts + statistics: Flood insurance, Accessed 12/14/2023.}
• ^{Federal Emergency Management Agency, Historical flood risks and costs, Accessed 12/14/2023.}
• ^{National Oceanic and Atmospheric Administration, Office for Coastal Management, Florida, Accessed 12/14/2023.}
• ^{Florida Department of Financial Services. Anywhere it rains, it can flood. Accessed 12/14/2023.}

What does flood insurance cost in Florida?

For all of Florida, the average NFIP insurance premium is $958, but low-risk counties typically pay much, much less. That’s because the cost of flood insurance varies depending on your home’s flood zone.

When weighing flood insurance costs, remember that even an inch of standing water can cause roughly $25,000 of damage to your home - and that's not counting the cost to replace lost belongings. More importantly, floods can happen anywhere, including outside of high-risk flood zones.

What does Florida flood insurance cover?

While a standard home insurance policy can cover water damage from a burst pipe, it does not cover damage caused by floods. Only flood insurance can do that.

What exactly counts as a flood? Any condition where one or more acres of normally dry land are inundated by inland or tidal waters or mudflow.

Flood insurance can cover flood damage to your home, other structures, and your belongings. These are covered for their replacement cost up to the limits in your homeowners policy.

Getting covered means you can make a claim if the following items are damaged by floods:

• Electrical, heating, cooling, and plumbing systems.

• Appliances, including refrigerators, stoves, washers, and dryers.

• Carpeting and window treatments.

• Built-in bookcases, cabinets, and paneling.

• Foundation, walls, anchorage systems, and staircases attached to the structure.

• A detached garage.

• Personal property, including clothing, furniture, and electronic equipment that isn’t stored in the basement.

• Valuables, like artwork, silverware, china, memorabilia, and furs, up to $2,500 in value.

You can also add on coverage for:

• Debris removal.

• Moving property prior to a flood.

• Filling sandbags for temporary levees.

• Work you perform to protect the home from floods.

What Florida flood insurance doesn’t cover

Flood insurance can’t cover everything. For example, a flood endorsement from our carriers excludes coverage for:

• Boathouses or anything boats are attached to.

• Fences and retaining walls.

• Sea walls.

• Hot tubs, pool, and pool equipment.

• Landscaping.

• Decks.

• Septic systems.

• Moisture or mold/mildew damage that could’ve been prevented.

• Cars and other vehicles.

• Earthquakes and earth movements caused by floods.

How much flood insurance do I need in Florida?

How much flood insurance you need depends largely on your risk – and Florida can be pretty risky when it comes to floods. The endorsement our carrier offers automatically matches your flood coverage limits with your:

• Dwelling coverage.

• Other structures coverage.

• Personal property coverage.

• Additional living expenses.

That way you don’t have to remember two limits. What you see in your declarations page of each of these coverages is what you have in flood insurance to protect your home, other structures, and belongings.

Do you need an elevation certificate to get flood insurance in Florida?

A flood elevation certificate is a document that shows your property’s elevation, flood zone, and relative estimated height of floodwaters. You need an elevation certificate to get a policy with the NFIP, but the carriers we work with don’t require one.

When to buy flood insurance in Florida

Like any coverage, you want to buy flood insurance before you need it (i.e., before hurricane season starts!). No insurance policy retroactively covers flood damage you already have, so get your coverage before a hurricane or flood strikes.

That’s another benefit of working with Kin. There’s no waiting period for flood coverage purchased, and it’s effective immediately. You can add on flood insurance any time, except during moratoriums. By comparison, the NFIP has a 30-day waiting period before coverage takes effect.

How to get a Florida flood insurance quote

Just ask for a flood quote when you apply for homeowners insurance. Already a Kin policyholder? Give us a call at 855-717-0022 to add on flood coverage today!

Learn about flood insurance where you live