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Flood Insurance

Homeowners have many concerns in keeping their home protected. While Florida does not require homeowner’s insurance be maintained, the attorneys at the Coye Law Firm strongly feel it is a viable options for most Floridian homeowners to investigate. One thing many homeowners do not realize is that damage caused to a property caused by flooding is not covered under the majority of homeowner’s insurance policies. Flood insurance is often sold under separate policies, and homeowners can leave themselves, their property, and their family open to high risk of damages if they do not take advantage of flood insurance options. If you have questions regarding the specifics of flood insurance in relation to homeowner’s insurance, have been affected by a flood and lost property, or are having difficulty having a flood insurance claim processed, you may want to speak with an attorney at the Coye Law Firm immediately.

Information on Flooding

Flooding causes more damage and more loss than many people realize, and every home is at some level of risk. According to the National Flood Insurance Program (NFIP) official website flooding is the #1 cause of property damage in the United States. In regards to Florida specifically, the Insurance Information Institute Fact Hurricane sheet says:

  • Florida accounted for over $57 billion in insured catastrophe losses from 1980-2008
  • Floridians own more flood insurance than any other state residents, however, less than 50% of owner-occupied homes are covered
  • Coastal exposure represents 79% of all property exposure in the state
  • The total value in 2007 of insured coastal property was $2.5 trillion
  • Over a 30 year mortgage, high risk flood zones have a 26% chance of flooding
  • 25% of claims come from low to moderate risk areas.
  • Everywhere it rains it can flood, which means every home is at risk to flood damage. To find out about your home, visit the FEMA Flood Insurance Rate Map site here
In light of these shocking facts, the need for flood insurance may become more obvious. Many people are afraid that flood insurance is expensive, but there are many policies available for less than the monthly cost of cable television subscriptions. Consider how much less expensive this is than attempting to replace valuable clothing, furniture, electronics, artwork, home décor, jewelry, or other items destroyed in a flood. To find out more about the particulars of the cost of flood insurance, see the Florida Flood Insurance Program (FFIP) website , a specialized branch of the National Flood Insurance Program (NFIP) just for Floridians.

Flooding and Hurricanes

Each year, millions of dollars in property damage and loss is reported along the east coast due to hurricane damage. Winds gust over 100 mph, water levels rise and sweep away belongings, and unfortunate loss of life can occur. After their family’s health and well-being most people’s thoughts quickly turn to attempting to recover their home and personal possessions. In the most severe of hurricane situations, some people may return home to find nothing left.

Homeowner’s insurance policies typically cover damages to a home due to wind or debris, but when assessing wreckage afterward a disaster it can be impossible to tell what the real source of the damage was. Storm damage claims can be overlapping and confusing, especially in the event of a total loss. The experienced insurance attorneys with the Coye Law Firm may be able to help you navigate the process of multiple claims.

Flood insurance policies must be in place at 30 days before a claim can be made. The policy will not cover damages already “in progress” which means that you cannot wait until after a hurricane hits to take out a flood insurance policy and recover any losses you and your family may have suffered. The Florida Department of Financial Services website discusses more details about this and other specifics of the NFIP in their “ Frequently Asked Questions .” The FFIP website reminds visitors that because of this waiting period “The best time to buy flood insurance is now.”

Legal Assistance

Heavy rains, rising waters, and severe weather can place any home at risk. It is in every homeowner’s best interest to know and understand the specifics of their insurance policies, and to pursue and obtain options to protect the value of their home and property. The insurance attorneys at the Coye Law Firm are experienced in assisting with all aspects of the process and may be able to help in your claim. Your home is an asset you can’t afford to leave unprotected. Contact one of our offices today.