JACKSONVILLE, Fla. – Catastrophic flash flooding continues in South Florida after three consecutive days of torrential rains, and while it’s too early to tell exactly the totality of damage to vehicles and property, local Insurance experts said the flooding should be a reminder that now is the time to get flood insurance.
Some areas like North Miami saw more than 15 inches of rain that local officials said still isn’t showing immediate signs of letting up.
“We are anticipating some of the flooding will not have much time to recede before the rain starts again. It will not take much time to already exacerbate the saturated conditions in the hardest hit areas, so unfortunately, that water is not being fully absorbed and additional rains will lead to more flooding,” Mayor Daniella Levine Cava said.
Insurance experts said this week’s severe rain event is a stark reminder that all Florida homeowners should consider flood insurance.
“The bottom line is every community in Northeast Florida is vulnerable to flooding. Some are worse than others, but we all are prone to flooding. In fact, you look across Florida, all 67 counties are prone to flooding,” Mark Friedlander, Insurance Information Institute spokesman, said.
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Friedlander said typically one inch of flood water is equivalent to $25,000 worth of damage to a home. He said that flood insurance, whether from the private market or through FEMA is not as expensive as property insurance.
“Most flood policies in Florida are very reasonable. In fact, if you live away from the coast, you could get flood insurance for roughly $50 a month. So about $600 a year, the average cost of a flood policy in Florida is running about $985,” Friedlander said. “But there are many homes here in Northeast Florida, get it for roughly $50 a month, it’s worth the investment. Because think of what happens if you have flood damage.”
Brightway Insurance Agent Matt Carlucci Jr., who has more than a decade of experience in the industry, said FEMA’s rates for flood insurance are pretty much the same across the board no matter where people live.
“There’s a lot of private market companies with very, very competitive rates for flood insurance, and the coverage is also very, very good. So I would recommend, you know, no matter who you have your insurance with, for homeowners or car, ask for flood insurance quote,” Carlucci said.
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Carlucci said many times, the best option is through the private market.
“And you can really tailor flood insurance policies now to be kind of more so what you need. So many of us may not need two, three, four hundred thousand dollars of coverage for flood insurance, but we could benefit from maybe $50,000 in flood insurance. And you can add that many times as just a rider to your homeowners’ policy,” Carlucci said.
Experts said it’s also a good idea to add flood insurance to car insurance premiums.