Flood Insurance

Do You Have Flood Insurance?

Flood damage is excluded from homeowners and commercial building policies. If your property is in a flood plain, you may be exposed to a large financial loss as a result of flood damage.

  • Floods are four times more likely to occur than a fire.
  • Floods can occur anywhere, even outside identified flood plains.
  • Beachfront structures account for only 3% of all flood losses.
  • There is a 26% chance of a flood occuring in a hazard zone over a 30-year mortgage.
  • 35% of all claims each year cover property located outside high-risk areas.
  • Of the 10 million homes in high hazard areas, only about 25% are covered by flood insurance.

A flood insurance policy defines ‘flood’ as a temporary condition of inundation of normally dry land areas from overflow of inland or tidal waters, or the unusual and rapid accumulation, or run-off of surface water from any source, including mudslides caused by flooding.

Flood insurance covers damage to a building, including the foundation, posts, pilings, piers, or support systems for elevated buildings. Coverage is available for equipment necessary to the habitability of a building, such as utility connections, sump pumps, well water tanks and pumps, fuel or water tanks, furnaces, washers and dryers, food freezers, and air conditioners. Flood policies cover erosion, which is typical after a flash flood, abnormal tidal surge, severe storm or mudslide. Clean up expenses are also provided by flood policies.

Flood insurance provides limited coverage for basements and other enclosed areas beneath the lowest floor. Structures other than buildings, including fences, retaining walls, walkways, decks, driveways, and patios are not typically covered by flood policies.

Federally insured flood insurance policies are made available through independent insurance agents, such as Boynton Insurance Agency. In 1968, the National Flood Insurance Program (NFIP) was established to provide property owners with insurance protection for flood loss and encourage those communities to enforce measures that reduce flood loss in high hazard areas. Over 18,000 communities have instituted zoning and building ordinances to comply with the National Flood Insurance Program, and property owners in these communities are now eligible to purchase flood insurance.

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Property owners with buildings in hazard areas should consider purchasing flood insurance. Low hazard areas are also at risk, and discounted rates are available. We can help you access this federal program to help cover your property from the risk of flood damage.