JACKSONVILLE, Fla. – Colorado State University recently updated its hurricane season forecast. The university now predicts 20 named storms this year, including nine becoming hurricanes.
To protect your home ahead of a major storm, Sean Way, with We Insure Group, joined “The Morning Show” on Sunday to answer questions about flood insurance.
“Flood insurance that is offered through the National Flood Insurance Program comes with a 30-day waiting period unless it is a new purchase,” said Way. “Agents do have access to private markets that allow us to write flood insurance with no waiting period or as low as seven to 14 days on the waiting period. Some of our carriers also allow you to endorse your homeowners policy to respond to flood damage as well.”
A survey conducted by AAA before hurricane season found that nearly two-thirds of Floridians don’t have flood insurance.
“Flood insurance covers your dwelling and your personal property inside your home,” explained Way.
To get flood insurance through the National Flood Insurance Program, according to Way, it costs on average up to $525 for the year and there is a 30-day waiting period before it goes into effect. The other option is the private market.
“We have options through the private flood market as well as endorsing if your homeowners allows you to endorse the homeowners policy, meaning add that flood insurance coverage to your current homeowners policy, there’s no waiting period,” explained Way. “But it is better to do those things now instead of waiting until there is a hurricane inside our cone that is projected towards Florida. It gets very challenging at that point to get coverage.”