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Flood Insurance Melbourne Fl

Flood Insurance Melbourne Fl: Many people do not know that Flood losses are not covered by your homeowners insurance policy.  Floodwaters damage your home and sense of security. They also can impact your financial future. How can you protect your most important investment in case of flooding?

People often wrongly believe that the local or federal governments will take care of all their financial needs if they suffer damage due to flooding.  This may occur in a widespread natural disaster, but given hurricanes are a common occurrence on the Space Coast, it’s unlikely.  To receive federal assistance the President must formally declare an area a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property.

Flood Insurance Melbourne Fl

floods river overflows its banks

Do You Need Flood Insurance in Florida?

Flood insurance isn’t mandated by the state of Florida but it can be a requirement of mortgage lenders. This generally occurs if you’re in a high-risk flood zone. If the government’s flood zone maps indicate your house is located in a flood zone starting with an A or V, you’ll likely need to purchase a flood insurance policy.  This means erring on the side of caution can save you thousands in the long run.

When Can You Purchase Flood Insurance

You can buy flood insurance at any time.  We recommend purchasing a policy as soon as you move into your home. There’s a 30-day waiting period from date of purchase before your flood insurance policy goes into effect.  This means you can’t buy flood insurance 2 days before a hurricane hits Florida and be covered.

However, if you are increasing, extending, or starting a mortgage loan, there is no waiting period. Coverage becomes effective at the time of the loan, provided that the flood insurance application and payment of premium was made at or prior to loan closing

It’s very important you get a policy long before hurricane season.  BCA Insurance can help you find the right amount of coverage you need.

What Does Flood Insurance Cover?

Flood insurance protects two types of insurable property: building and contents. The first covers your building, the seconds covers your possessions.  Neither covers the land they occupy.  It is up to you to decide what you want covered, but given the annual cost of flood insurance is less than most major appliances in your home, we recommend carrying both.

Flood Insurance Melbourne Fl

If you have questions regarding flood insurance, just give us a call!  When you search for “Flood Insurance Melbourne Fl” look for BCA. We’re the best independent insurance company on the Space Coast!

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