WHEN DO I NEED TO PURCHASE FLOOD INSURANCE?
So you are making the move to Florida and looking to buy a home! Congratulations! One thing that you may not have experienced in other areas of the county is the potential need for Flood Insurance.
Flood insurance covers direct physical loss caused by “flood.” In simple terms, a flood is an excess of water on land that is normally dry. Here’s the official definition used by the National Flood Insurance Program.
In Florida there are difference rating zones and the combination of the zone you are in, age of home, elevators of the home and additional criteria all go into calculating flood insurance rating. Additionally, for homes in certain flood zones flood insurance is mandatory by the lender. Check out which flood zone your home is in
There are certain items that flood insurance does and does not cover? By visiting Floodsmart.gov you can see all the details.