As a Floridian, you may know that - regardless of the flood zone your home is in - it's always a good idea to have flood insurance in place, especially once you realize that your regular homeowners insurance doesn't cover most rising water events. Overflow of inland or tidal waters, heavy runoff from significant rainfall, collapse or destabilization of land along a body of water due to erosion, or unexpected wave activity can all cause flooding events in your home that aren't covered by your typical HO3 policy.

In most scenarios, those interested in purchasing a flood insurance policy must wait at least 30 days before that coverage is considered to be "in effect." This is primarily to prevent people from purchasing a policy right before a major storm or hurricane hits. However, there is no waiting period if a community's flood map changes, in the event of a new home purchase/mortgage, or if you extend, renew or increase your existing mortgage.

It's also important to know that a flood insurance plan covers only up to a maximum of $250,000 in building damage and $100,000 in contents coverage for a residential dwelling, while commercial structures can be insured up to $500,000 for the building and an additional $500,000 for contents. Regardless, it's much better to have coverage than to be without.

Now that we're well into the 2024 hurricane season, unless you're purchasing a new home, we'd like to strongly suggest securing flood coverage as soon as possible. You may be surprised at how affordable a flood policy can be and that minimal cost is likely to result in profound benefits in the months and years to come.