Flood Insurance

Since 1993 Triton’s agents have navigated the Florida Insurance market making relationships with the finest state and national carriers.

Flood Insurance

Consider adding a flood Insurance policy for comprehensive protection as most homeowners policies do not usually cover losses from flooding.

Reasons to Choose Flood Insurance:

Floods are the most common natural disaster in the United States, affecting areas beyond lakes, rivers, and the coast. Surprisingly, 25 percent of flood losses occur in low- to moderate-risk regions of Florida.In the past two years alone, eight major flood events have taken place in our country. Even just two inches of water in your home can result in damages exceeding $7,800.00!To safeguard your home and valuable possessions, it is crucial to obtain Flood Insurance.For certain flood zones, flood insurance is reasonably priced at approximately $1.40 per day (averaging $503 annually) and is fully backed by the U.S. government.Don't wait too long, as there is a 30-day waiting period for most new policies.First Community Insurance Company, authorized by the Federal Emergency Management Agency (FEMA), issues flood insurance policies.

Frequently Asked Questions about Florida Flood Insurance

Q: Does my homeowners insurance policy cover floods?
No, homeowners insurance policies typically do not cover flood damage.

Q: What does flood insurance cover?
Flood insurance is designed to cover direct physical damage caused by a flood to your building or personal property. Please refer to the attached Summary of Coverage brochure created by FEMA.Summary of Coverage (English) Summary of Coverage (Spanish)

Q: I live in a low-risk flood zone. Do I really need flood insurance?
Most likely, yes. It is advisable to purchase flood insurance even if you reside in a moderate-to-low risk area. Approximately 25 percent of flood insurance claims originate from areas with low-to-moderate flood risk.

Q: Why do I need flood insurance if my community has never experienced a flood?
Floods can occur in moderate-to-low risk areas, not just high-risk areas. Factors such as poor drainage systems, rapid rainfall accumulation, snowmelt, and water main breaks can all lead to flooding. Mudflow, a covered peril under the Standard Flood Insurance Policy, can also damage properties on hillsides. Buildings located in high-risk flood areas have a significant 26% chance of experiencing flood damage during a 30-year mortgage term. Surprisingly, a home mapped in a high-risk area is 2-1/2 times more likely to suffer flood damage than fire damage over the lifespan of a typical mortgage. Consequently, flood insurance is legally required for buildings in high-risk flood areas to obtain a mortgage from a federally regulated or insured lender.

Q: Why does my mortgage lender insist on flood insurance?
Federal law mandates the purchase of flood insurance for any federal or federally related financial assistance obtained for acquiring or constructing buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).
The Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, requires flood insurance coverage to be the lesser of the following:
  • The maximum amount of NFIP coverage available for the specific property type,
  • The outstanding principal balance of the loan, or
  • The insurable value of the structure. If a property is in a moderate-to-low risk area rather than a high-risk area, federal law does not demand flood insurance. However, a lender can still require it, and it is also advisable since historically, approximately one in four flood claims arise from these moderate-to-low risk areas.

Q: Does flood insurance provide coverage for flood damage caused by hurricanes, rivers, or tidal waters?
Yes, as long as the flood water covers a minimum of two acres on your property or if two adjacent properties, including yours, are flooded. This condition is considered a general requirement for flood coverage.

Q: If my home experiences flooding, will federal disaster assistance cover my damages?
Not necessarily. Federal disaster assistance usually takes the form of a low-interest loan to assist with flood damage expenses, rather than providing compensation for your losses. Moreover, these loans are only accessible if the president officially declares a disaster, and they must be repaid along with any existing mortgage.

Q: When does my flood insurance policy become effective?
Typically, there is a waiting period of 30 days before a flood insurance policy goes into effect. There are also private flood carriers/markets that have little to no waiting periods for policies to take effect and are sometimes more affordable than NFIP policies, with broader coverage.

Note: The information provided above was acquired from the Federal Emergency Management Agency (FEMA).

The insurance quotes generated by this website are not a contract, binder, or agreement to extend insurance coverage and are based on information you have supplied and basic assumptions in a few states about the applicable public fire protection class. To obtain coverage, you must submit a quote request to Triton Insurance Group®. All quote requests for coverage are subject to underwriting approval and subject to applicable state, provincial, and federal law. All policies may not be available in all states or provinces. For more information, contact a Triton Insurance Group agent.

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