With hurricane season right around the corner its time to get prepared. Only 22% of Floridians have flood insurance.
Many Florida homeowners live in flood zones where flood insurance is mandatory, less than a quarter of those homeowners choose to take the insurance. The average flood insurance premium is under $500 a year in Florida, which is minimal compared to the cost of flood damage without any coverage. Flood insurance covers two types of water damage involving water that seeps into a home due to heavy rainfall or overflow of water onto the property. Repairing flood damage in a one-story 2,500 sq ft home is estimated at $87,326 of according to FEMA. Most flood insurance policies have a 30-day wait period with the exceptions of new sales.
The 2020 hurricane season will begin on June 1 and although we are predicted to have a slow start to the season, that is no reason to wait for flood insurance coverage. To support current policy holders that have been affected by COVID-19, FEMA has extended its 30-day grace period of policy renewals by up to 120 days until June 15. Meteorologists predict the months of August and October will have an above average tropical production. The average season has a total of 12 named storms and are anticipating 18 named storms in the 2020 season.
The last five seasons have all had tropical storms before June 1, so while meteorologist predict a slow start, it is still very possible for an early storm to exists. Take the time and get prepared now.