Many homeowners in Florida are required to have flood insurance, while many others can benefit from coverage. At Atlantis Insurance Inc. in West Palm Beach, FL, we offer flood insurance policies and can provide you with many options.
What is Flood Insurance?
Flood insurance protects your home in the event of a flood. Flooding is not covered under a standard homeowner’s policy. Some flood policies cover only the structure of the home, while others also cover the contents of the home.
Do I Need Flood Insurance?
If your home is in a special flood zone, your mortgage lender will require you to have flood insurance. These zones are determined by FEMA. However, it’s important to note that 30% of flood damage occurs in low to moderate-risk areas, so flood insurance is a good idea, even if it isn’t required in your area.
How Do I Know if I’m in A Special Flood Zone?
You can check FEMA’s Flood Map Service Center. You can also contact Floodsmart to learn if your address is in a flood plain.
What is the Coverage Requirement for Flood Insurance?
If flood insurance is required for you, you must meet the minimum coverage requirements. This can be 100% of your home’s replacement value or the total of your loans and credit lines that use your home as collateral.
The maximum coverage limit for residential properties under the National Flood Insurance Policy is $250,000. This is the most you can be required to have.
When Should I Update My Policy?
You should update your policy if there’s a significant change to your home’s structure or value. This may include an addition to your home or remodeling.
Reach Out To Us
If you need flood insurance in the greater West Palm Beach, FL region, contact Atlantis Insurance Inc.. today. Our agents will discuss your concerns and help you select the best policy for your needs.