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Miami, FL 33186

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Three details you shouldn’t overlook when you buy flood insurance

It’s important for homeowners to fully understand their flood insurance policy. At Prestige Insurance Group, we make sure that homeowners in Miami, FL have all the information they need to understand their flood insurance.

The following are three details you shouldn’t overlook when you buy flood insurance:

Flood insurance requirements

Homeowners are sometimes required to have flood insurance. If you own a home in a high-risk flood area, you might need to carry a certain amount of flood insurance coverage.

Those who live in a flood zone and are still paying off a home loan definitely need to invest in flood insurance. Discuss flood insurance requirements with your lender if you are in this situation. 

Coverage for personal property

A typical flood insurance policy will include coverage for personal property. However, flood insurance policies specify a coverage maximum for personal property damage.

You should consider the value of the personal property you have in your home. Ideally, your policy should carry enough personal property coverage to cover the full value of your belongings in your home. 

Policy deductibles

Flood insurance policy deductibles typically work a little differently from how home insurance policy deductibles work. A flood insurance policy will usually have three different deductibles. These include a deductible for building coverage, contents coverage, and added living expenses. 

Make sure you’re aware of all the deductibles on your policy and that you put thought into which deductible amounts are best for your financial situation. 

Are you looking for flood insurance for your home in Miami, FL?

Prestige Insurance Group is here to help. We can offer you a quote on a flood insurance policy that will give you peace of mind and protect the value of your home. 

Why You Need Flood Insurance

Flood insurance is an important type of coverage that can fill in the gap that is present in standard home insurance. Home insurance generally doesn’t include any protection from floods that are caused by nature, and flood insurance can protect you against many types of flooding. Having flood insurance allows you to protect your home against a common risk. Without flood insurance, you would have to pay for all of the damage the flood caused, and it can be highly destructive.

If you don’t have flood insurance, give us a call at Prestige Insurance Group in Miami, FL to find out more. 

Why Everyone Needs Flood Insurance

It’s common for homeowners to only think about flood insurance if they live in a high-risk flooding area. These areas tend to be near water in areas where flooding is relatively common, or the slope of the land may lead to flooding. What they don’t know is that about 20% of all the claims for floods come from places that are not high-risk areas. Those who don’t have flood insurance may face tens of thousands of dollars, or even more, in repairs or even rebuilding. The National Flood Insurance Program recommends that every homeowner should have this insurance coverage.

Backing for Flood Insurance

Flood insurance works a little differently from many other insurance types. It is sponsored and backed by the government through the National Flood Insurance Program. The cost for flood insurance is always the same no matter where it is purchased from for this reason. The government sets the pricing and the terms of this type of insurance. This can be highly convenient for people who don’t want to shop around for the insurance they need. 

Protect Yourself With Flood Insurance

Most homeowners should have flood insurance, especially in Florida. Call us at Prestige Insurance Group in Miami, FL to get started. 

Signs You Need Flood Insurance: Protect Your Home and Family

As a homeowner, you may have wondered if you really need flood insurance, especially if you are living in sunny and dry areas. According to NFIP (the National Flood Insurance Program), over 20% of flood insurance claims are from properties considered low risk. You should note that the standard homeowners’ insurance does not cover flood damage; hence, you need to purchase it separately.

According to FEMA (the Federal Emergency Management Agency), floods are considered the number one natural disaster across the United States.  Flooding is caused by several conditions, including hurricanes, heavy rains, spring thaws, among others. Even though there are areas, which FEMA has categorized as high risk and prone to flooding, it can occur anywhere. Even a few inches of water can lead to detrimental damage to your home, its contents, and even your family. 

Learning about the characteristics of a particular property or home is the best way to know if you should purchase flood insurance. Our team of professionals at Prestige Insurance Group based in Miami, FL, has put together the following property characteristic to help you decide.

1. Inspect your home and the surrounding area. Look for places where runoff could enter your house during heavy rains. Your property still needs protection from runoff even if it’s not identified as being in areas prone to flooding.

2. Review all the paperwork related to your home purchase. Inspect the "Natural Hazards Disclosures" to determine whether your property is in an area designated as prone to flooding by FEMA. If you cannot access your closing papers, visit a local post office and ask for the official list of parcels showing the ‘Zone A’ and ‘Zone B’ flood risk category. If your property falls under an area listed as high-flood risk, you need flood insurance.

3. Ask around the neighborhood regarding any flood history in the area. This will help you know if your property is at risk.

Based in Miami, FL, Prestige Insurance Group is an independent insurance agency that will help you find the right insurance policies for your needs to protect your home and family. Visit our website for more information on flood insurance.

What is covered by flood insurance

When it comes to natural disasters, floods are number one. They cause more than 8 billion dollars of damage in the United States every year. No state is safe, flooding can and does happen in all 50. Florida is particularly vulnerable due to the flat terrain and its many lakes and rivers, as well as an 1100 miles coastline. Add to that more than 59 inches of rain a year, hurricanes, and tornados, and you have a high risk of flooding. At the Prestige Insurance Group in Miami, FL, we understand flooding and the importance of flood insurance. 

Home insurance does not cover flooding. It would be best if you had a designated flood insurance policy. If you live in a high-risk area, your mortgage holder will require that you carry it. Even if your mortgage is paid off, flood insurance is a good idea in Florida. 

Flood insurance covers damage that is a direct result of flooding. FEMA flood insurance has two parts. It has building coverage and content coverage.

Building coverage includes: 

  • Electrical service and wiring in your house
  • Plumbing including pipes and water heater
  • Heating and cooling units, ductwork and heating runs
  • Appliances such as refrigerators, stoves, dishwashers, compactors and installed microwaves
  • Permanently installed flooring, including carpeting, tile, wood, and laminate floors
  • Built-in furniture such as bookcases and cupboards

Contents coverage

  • Clothing includes shoes, coats and other wearing apparel.
  • Furniture things like dining sets, couches, chairs, beds, dressers
  • Decor this includes wall decor and throw rugs.
  • Electronics such as TVs and computers
  • Personal items including kitchen items like dishes and pots and pans, toys for children, and baby paraphernalia

What isn’t covered is a place to stay while your home is being repaired. Check with your home insurance policy to see if it can help out with finding you a place to stay. 

At Prestige Insurance Group in Miami, FL, we have a dedicated team with more than ten years of experience helping our customers get the coverage that they need. Give us a call for an appointment for a free quote. 

Partner Carriers

  • AmTurst
  • AmWins
  • Foremost
  • Hagerty
  • Infinity
  • National Flood Program
  • National general
  • Progressive