Flood Insurance vs. Normal Home Insurance: What’s the Difference?
Flood insurance can be confusing for many homeowners in Florida. Many do not realize they need it until it’s too late, and this misunderstanding leads to numerous denied claims. A deeper understanding of flood insurance could help you protect your property, avoid denied claims, and face the future with greater confidence. What exactly is flood insurance in Fort Lauderdale – and how is it different from normal homeowners’ insurance?
Normal Homeowners’ Insurance Does Not Cover Flood Damage
The most important thing to know about flood insurance is that it’s not included in your normal homeowners’ insurance policy. If you purchase a basic homeowners’ insurance policy, it will cover various forms of weather damage – including severe wind and earthquakes. However, no policy covers flood damage by default. It may cover water damage, however – assuming that the water came from inside the dwelling (like a burst pipe).
Is Flood Insurance a Separate Policy or an “Add-On?”
In Florida, you can purchase flood insurance as a completely separate policy. For example, you might choose one insurance company for “basic” property insurance before selecting a different company for your flood insurance.
Flood insurance may also be an “add-on” to your existing home policy. For example, your insurance company might provide you with basic coverage and an additional layer of insurance for flood damage.
Ultimately, it makes sense to consider both options as you search for the most affordable choice.
Flood Insurance Is Quite Expensive in Fort Lauderdale
Flood insurance is especially important in coastal, vulnerable areas like Fort Lauderdale, where there is a higher chance for extreme weather events. Unfortunately, this also means that flood insurance is particularly expensive in this area.
Recent premium hikes have made this type of coverage even less affordable. Homeowners can now expect to pay between $600 to $800 per year in addition to their normal property insurance costs. The addition of flood insurance can increase total property insurance costs in Fort Lauderdale to well over $10,000 per year.
What makes these additional costs even more frustrating is the fact that you may face a denied claim after going out of your way to get flood insurance. If you face this problem, consider speaking with a property insurance lawyer to pursue the compensation you deserve. These legal professionals can hold property insurance companies accountable.
Contact Our Fort Lauderdale Property Insurance Lawyers Today
At Geyer Fuxa Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.
Sources:
realtor.com/news/trends/home-insurance-deserts/
fcapgroup.com/flcaj/flcaj-articles/why-flood-insurance-coverage-is-different-than-property-insurance-coverage/
