Northern Florida is well known for beautiful weather and, at times, unpredictable weather. Whether you are new to the region or a lifelong resident, understanding the basics of flood insurance is essential as a homeowner.
Homeowner’s Insurance Is Not Enough
Some new residents mistakenly assume a standard homeowner’s insurance policy is sufficient to protect their homes when water damage occurs. Unfortunately, these policies sometimes only cover water damage from a source inside your home, such as a busted pipe. Water damage caused by torrential rain, storm surge, or other weather events may not be covered. Protection from these events generally requires a separate flood insurance policy.
Your Flood Zone Matters
The state’s northern region is divided into various flood zones that classify its risk level. Knowing your home’s classification is essential to understanding your coverage needs. Much of the Gainesville, FL region is designated a high-risk zone, including ratings of A and AE. Given this increased flood threat, flood insurance is vital, and adequate coverage is also essential. At Peninsula Underwriters Insurance Agency, we can help you understand your zone rating.
There May Be A Waiting Period
Another surprise newcomers often encounter is the waiting period. Many policies require a 30-day waiting period between purchase and coverage activation. As such, homeowners who wait to secure flood insurance until a named storm is projected to target the region may not be covered at the time of impact. Securing insurance early is best to ensure you are protected when the unexpected occurs.
Peninsula Underwriters Insurance Agency Is Here To Help!
Knowing the important details and being proactive about flood insurance is essential. The more you understand the region’s unique risks, the better equipped you are to implement the necessary safeguards. Contact us at Peninsula Underwriters Insurance Agency. We are happy to serve the Gainesville, FL area and here to help you protect your home.
Floods are one of the leading causes of property damage here in the Gainesville, FL area and around the United States, and many homeowners don’t realize the importance of having adequate flood insurance coverage from Peninsula Underwriters Insurance Agency.
How much flood insurance do you need?
There is no one-size-fits-all answer when it comes to getting the right amount of flood insurance. Generally speaking, most insurers recommend that a homeowner have at least $250,000 in coverage for their dwelling and an additional $100,000 for personal property. Additionally, if you live in a high-risk area or own a home with expensive furnishings or valuable possessions inside, you may want to consider purchasing more than the minimum recommended amount.
When considering how much flood insurance you need, take into account the potential costs associated with rebuilding your home and replacing your belongings if they were destroyed by a flood. You should also check with your state’s department of insurance to see what kind of additional coverage might be available to you depending on where you live.
No one likes to think about floods occurring in their home – but being prepared is critical. Having adequate coverage through a sound flood insurance policy can help ensure that you and your family are able to repair and replace belongings if disaster strikes.
Want To Learn More?
If you have any additional questions about your insurance policy or want a review to make sure you are adequately covered, give us at Peninsula Underwriters Insurance Agency a call today. We are proud to serve the Gainesville, FL area and would be happy to help you find a policy that suits your needs and your budget.
When you are a property owner in the Gainesville, FL area, you will benefit in various ways. While you will enjoy the long-term value appreciation that comes here and having a stable place to live, there are risks that should be mitigated with insurance. A type of coverage to consider getting here is flood insurance.
There are various reasons someone will need this coverage:
An important reason that someone in this part of Florida will want to have flood coverage is so they can protect their assets. Those that would like to own property are going to make a major investment in their future. If you do not have proper insurance, you could lose your investment or be required to make major repairs to protect it. Flood insurance will directly help you protect yourself against the risks associated with flood damage.
Meet Insurance Requirements
While you will want to have a flood insurance plan to protect your home, an added benefit of coverage is that it will help you meet any insurance requirements. Any mortgage lender will run searches on your home to see if it is in a flood zone. If your home is in a flood zone, they will require that you carry food insurance, and keeping the insurance will help keep you in good standing.
Give Us A Call
If you are going to invest in a home in the Gainesville, FL area, having the right insurance is important. When determining if flood coverage is right for your situation, it would be helpful to call the Peninsula Underwriters Insurance Agency. There are many choices to make when looking for this insurance and Peninsula Underwriters Insurance Agency can help you evaluate your options and build a plan that gives proper support and keeps you in good standing.