What Are the Different Types of Flood Insurance in Fort Lauderdale
For many Florida residents, flood insurance is an absolute must-have. As most homeowners know, flood coverage does not come with standard home insurance policies – and you must obtain this coverage on top of your normal policy. That being said, not all flood insurance is created equal – and you may have numerous options when considering these choices. If you’re already dealing with a flood-related claim, consider speaking with a property insurance lawyer in Fort Lauderdale.
Assessing Flood Insurance by Maximum Coverage Limits
One way to assess the different types of flood insurance is by considering the different maximum coverage limits offered by each policy. As CNBC notes, a single inch of flood water in your property can cost up to $25,000 to repair. In reality, most floods are much worse than this – so you might want to consider policies that offer generous maximum coverage limits. Some policies offer $250,000 in coverage limits, while others match the Coverage A limits of your standard homeowner’s policy. Others are far more generous, offering over $1 million in coverage. Of course, the most appropriate pathway depends on your unique circumstances – including the value of your property.
Consider Payment and Deductible Options
Different types of flood insurance may also offer different payment options. Some flood insurance requires you to pay your premiums in one lump-sum payment each year. Other policies might allow you to take advantage of more flexible deductible options, while others may be more strict. Some may even force you to pay a separate, additional deductible to cover your lost or destroyed items after a flood.
Consider the Unique Aspects of Your Home
When planning for your flood insurance, you might also want to consider the unique aspects of your home. This doesn’t necessarily involve the value of your property, but rather its physical features. For example, your property might include an outdoor pool – a common feature in Fort Lauderdale. In this case, you might need to consider what might happen if your pool floods or suffers hurricane damage.
The presence of a basement also requires specific considerations when choosing flood insurance. Fortunately, there are flood insurance policies that specifically include coverage for a flooded basement.
Consider Assistance With Sandbags
Some of the most interesting flood insurance policies give you the financial support you need to protect your home from flood damage. For example, some insurers will give you thousands of dollars to purchase sandbags before a flood. This could reduce the chances of more extensive claims – serving everyone’s best interests in the process.
Contact Our Fort Lauderdale Property Insurance Lawyers Today
At 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.
Source:
cnbc.com/select/best-flood-insurance/