Florida is one of the most flood-prone states in the union due to hurricanes, tropical storms, and rising sea levels, and you’re not even at risk if you don’t live close to the beach. For this reason, no matter where you live in the state of Florida, you might want to think about getting flood insurance.<\/p>
For example, an estimate from the analytics company CoreLogic states that Hurricane Ian in 2022 damaged Florida to the tune of $40 billion to $64 billion. Heavy rainfall caused rivers and ponds to overflow, causing catastrophic flooding in inland areas as well, even though the Gulf Coast was hardest hit.<\/p>
According to CoreLogic, uninsured flood damage accounted for between $10 billion and $16 billion of Ian’s overall damages. Many homeowners and localities had little to no financial support to help them pick up the pieces if they didn’t have flood insurance.<\/p>
You can get compensation from flood insurance for losses to your house and possessions following a flood. You can have two different policies if you have NFIP coverage: one for your home’s structure and another for your possessions, or “contents.” If a flood destroys both your home and possessions, you will be required to file two claims and pay two deductibles.<\/p>
Depending on where you live and your insurance provider, you might need to purchase flood insurance in Florida. Your lender will probably insist that you purchase flood insurance if you have a mortgage and your house is located in a “Special Flood Hazard Area” (SFHA), as defined by the federal government.<\/p>
There is a 1% or greater danger of flooding in an SFHA every year. On the website of the Federal Emergency Management Agency, you may determine if your house is located in one of these high-risk flood zones.
To be eligible for future federal aid, if you live in an SFHA and have ever received disaster assistance from the federal government due to a flood at your address, you must continue to have flood insurance. Even if assistance was already provided to the former owner of your house, this need still stands<\/p><\/blockquote>Nevertheless, as of right now, no Florida law requires sellers to reveal whether or not their house has ever flooded. You can get the flood loss history of your property from FEMA, or you can ask the prior owner if they will willingly give this information.
Not a resident of an SFHA? If you have a homeowners policy with Citizens Property Insurance Corp., you might still need to get flood insurance. Citizens is the state-funded insurer of last resort. A new state legislation mandates that by the following dates, everyone having a residential Citizens policy that includes wind coverage must purchase flood insurance:
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Effective date<\/strong><\/td> Which policies are affected<\/strong><\/td><\/tr> July 1, 2023<\/td> All existing Citizens policyholders living in a Special Flood Hazard Area.<\/td><\/tr> Jan. 1, 2024<\/td> Homes with dwelling coverage of $600,000 or more.<\/td><\/tr> Jan. 1, 2025<\/td> Homes with dwelling coverage of $500,000 or more.<\/td><\/tr> Jan. 1, 2026<\/td> Homes with dwelling coverage of $400,000 or more.<\/td><\/tr> Jan. 1, 2027<\/td> All other insured homes.<\/td><\/tr><\/tbody><\/table><\/figure> Condo owners covered by Citizens are exempt from this law and are free to decide whether to get flood insurance.<\/p>
What Does Flood Insurance Cover In Florida?<\/span><\/h2>
Flood insurance protects your house against storm surges, overflowing waterways, and surface runoff from severe precipitation. For these kinds of incidents, homeowner’s insurance typically offers no coverage.
“An excess of water on land that is normally dry, affecting two or more acres of land or two or more properties” is how the NFIP describes flooding.<\/p>Because of this restrictive definition, flood insurance won’t cover all types of water damage.
For instance, your homeowner’s insurance policy would probably cover the damage resulting from a busted pipe or your dishwasher spraying soapy water all over your kitchen. However, a flood insurance policy wouldn’t.<\/p>Your possessions are insured up to $100,000 and the structure of your house up to $250,000 under an NFIP policy; private flood insurance firms may be able to offer larger coverage levels.
There are many restrictions associated with NFIP rules. For example, most objects in basements are not covered, and if your home is destroyed by flooding, you will not be compensated for living elsewhere.<\/p>How Much Does Insurance Cost In Florida?<\/span><\/h2>
For coverage from the federally subsidized National Flood Insurance Program, the average annual cost of flood insurance in Florida is $677. The primary provider of flood insurance in Florida is the NFIP. A number of variables, like your home’s elevation and closeness to water sources, will affect your flood insurance rate.<\/p>
Cost of Flood Insurance Florida By County<\/span><\/h2>
The average cost of flood insurance by county is broken down below for each county. These prices exclude the cost of private flood insurance and only display the cost of NFIP policies, which include commercial premises.<\/p>
County<\/strong><\/td> Average annual rate<\/strong><\/td><\/tr> Alachua<\/td> $609<\/td><\/tr> Baker<\/td> $714<\/td><\/tr> Bay<\/td> $423<\/td><\/tr> Bradford<\/td> $687<\/td><\/tr> Brevard<\/td> $513<\/td><\/tr> Broward<\/td> $468<\/td><\/tr> Calhoun<\/td> $840<\/td><\/tr> Charlotte<\/td> $1,138<\/td><\/tr> Citrus<\/td> $1,356<\/td><\/tr> Clay<\/td> $665<\/td><\/tr> Collier<\/td> $750<\/td><\/tr> Columbia<\/td> $650<\/td><\/tr> DeSoto<\/td> $743<\/td><\/tr> Dixie<\/td> $914<\/td><\/tr> Duval<\/td> $611<\/td><\/tr> Escambia<\/td> $603<\/td><\/tr> Flagler<\/td> $554<\/td><\/tr> Franklin<\/td> $1,451<\/td><\/tr> Gadsden<\/td> $726<\/td><\/tr> Gilchrist<\/td> $742<\/td><\/tr> Glades<\/td> $540<\/td><\/tr> Gulf<\/td> $988<\/td><\/tr> Hamilton<\/td> $585<\/td><\/tr> Hardee<\/td> $644<\/td><\/tr> Hendry<\/td> $799<\/td><\/tr> Hernando<\/td> $955<\/td><\/tr> Highlands<\/td> $482<\/td><\/tr> Hillsborough<\/td> $975<\/td><\/tr> Holmes<\/td> $812<\/td><\/tr> Indian River<\/td> $696<\/td><\/tr> Jackson<\/td> $724<\/td><\/tr> Jefferson<\/td> $611<\/td><\/tr> Lafayette<\/td> $769<\/td><\/tr> Lake<\/td> $579<\/td><\/tr> Lee<\/td> $996<\/td><\/tr> Leon<\/td> $694<\/td><\/tr> Levy<\/td> $1,267<\/td><\/tr> Liberty<\/td> $611<\/td><\/tr> Madison<\/td> $631<\/td><\/tr> Manatee<\/td> $898<\/td><\/tr> Marion<\/td> $530<\/td><\/tr> Martin<\/td> $600<\/td><\/tr> Miami-Dade<\/td> $477<\/td><\/tr> Monroe<\/td> $1,476<\/td><\/tr> Nassau<\/td> $589<\/td><\/tr> Okaloosa<\/td> $488<\/td><\/tr> Okeechobee<\/td> $639<\/td><\/tr> Orange<\/td> $525<\/td><\/tr> Osceola<\/td> $511<\/td><\/tr> Palm Beach<\/td> $455<\/td><\/tr> Pasco<\/td> $931<\/td><\/tr> Pinellas<\/td> $955<\/td><\/tr> Polk<\/td> $516<\/td><\/tr> Putnam<\/td> $761<\/td><\/tr> Santa Rosa<\/td> $592<\/td><\/tr> Sarasota<\/td> $886<\/td><\/tr> Seminole<\/td> $571<\/td><\/tr> St. Johns<\/td> $619<\/td><\/tr> St. Lucie<\/td> $480<\/td><\/tr> Sumter<\/td> $475<\/td><\/tr> Suwannee<\/td> $705<\/td><\/tr> Taylor<\/td> $1,158<\/td><\/tr> Union<\/td> $757<\/td><\/tr> Volusia<\/td> $439<\/td><\/tr> Wakulla<\/td> $1,422<\/td><\/tr> Walton<\/td> $419<\/td><\/tr> Washington<\/td> $729<\/td><\/tr><\/tbody><\/table><\/figure> Cost of Flood Insurance In Florida By City<\/span><\/h2>
The average cost of flood insurance in a few of Florida’s biggest cities is shown below. This information does not represent the typical costs for private flood insurance; rather, it is specific to all NFIP policies, including commercial coverage.<\/p>
City<\/strong><\/td> Average annual rate<\/strong><\/td><\/tr> Boca Raton<\/td> $445<\/td><\/tr> Bradenton<\/td> $715<\/td><\/tr> Cape Coral<\/td> $927<\/td><\/tr> Fort Lauderdale<\/td> $472<\/td><\/tr> Fort Myers<\/td> $692<\/td><\/tr> Gainesville<\/td> $599<\/td><\/tr> Hialeah<\/td> $408<\/td><\/tr> Hollywood<\/td> $486<\/td><\/tr> Homestead<\/td> $541<\/td><\/tr> Jacksonville<\/td> $586<\/td><\/tr> Kissimmee<\/td> $701<\/td><\/tr> Lake Worth<\/td> $527<\/td><\/tr> Lakeland<\/td> $485<\/td><\/tr> Miami<\/td> $324<\/td><\/tr> Naples<\/td> $929<\/td><\/tr> Ocala<\/td> $552<\/td><\/tr> Orlando<\/td> $533<\/td><\/tr> Pensacola<\/td> $802<\/td><\/tr> Pompano Beach<\/td> $391<\/td><\/tr> Port St. Lucie<\/td> $519<\/td><\/tr> Sarasota<\/td> $934<\/td><\/tr> St. Petersburg<\/td> $1,029<\/td><\/tr> Tallahassee<\/td> $718<\/td><\/tr> Tampa<\/td> $952<\/td><\/tr> West Palm Beach<\/td> $312<\/td><\/tr><\/tbody><\/table><\/figure> How Flood Insurance Costs in Florida Might Increase<\/span><\/h2>
The NFIP’s new Risk Assessment 2.0 assessment system will result in higher flood insurance premiums for many Florida consumers. In order to better represent each property’s flood risk in premiums, FEMA started implementing the new rates in 2021.<\/p>
Under the new rating process, just 20% of Florida policyholders witnessed a decrease in their flood insurance rates; the majority are paying the same or more.
Federal law typically restricts your flood insurance rate increase to no more than 18% in a single year. Therefore, it might take several years of 18% rises for undervalued high-risk properties to reach what the FEMA regards as the genuine risk-based premium.
FEMA recently published statistics demonstrating the discrepancy between the rates for flood insurance that are currently in effect and those that would be under Risk Rating 2.0.<\/p>