Your Florida Condo and Flood Insurance

FEMA has labeled most areas in the state of Florida a flood zone. If you live in a condo in Florida, even if you are nowhere near water, chances are you live in a flood zone. In fact, 97% of all Florida communities participate in the National Flood Insurance Program. [http://www.floridadisaster.org/Mitigation/SFMP/Index.htm]

While you may not be required to carry flood insurance for your condo, premiums can be extremely affordable and it is a good idea to consider it since it is better to have it and not need it than to be caught without it.

When you purchase condo insurance it will cover water disasters caused by things like pipe bursts, but it will not cover floods. While wind damage would be covered by your regular condo insurance, water damage would not be covered. If you have a flood but do not have flood insurance, you will end up in a fight about which came first: the wind or the water.

4 Things to know about condo flood insurance:

• High risk flood zone – If you live on the ocean or in another high risk flood zone, your only option is a standard policy, with separate contents and building coverage.
• Deductible matters – Part of the calculation of your flood insurance premium will be based on how high your deductible is, similar to your condo insurance premium.
• Price check – Flood insurance is not as pricey as you may think it is. Depending upon where your condo is located and your belongings, you may be eligible for preferred rate coverage.
• Flood insurance is federal – Flood insurance is a federal program, it is not related to your standard homeowners or condo insurance.

Should you suffer a flood loss and need to file a claim, licensed public adjusters at Advocate Claims will be happy to answer your questions and assist you.

For over 10 years, Advocate Claims’ public adjusters have been helping condo owners get the insurance claim settlements they deserve. If you have recently suffered damages, Advocate Claims can help. Contact our public adjusters today at 954-369-0573 to speak with a licensed public adjuster about the insurance claim process and what we can do to help.