Buying Flood Insurance in Broward County – Things to Know

According to an estimate, over 73% of Broward County residents come within a flood-prone area. These floods can be caused by hurricanes, rains, clogged drainage systems, or even overflowing levees. The floods can hit anywhere at any time. You need to identify and acknowledge flood risk in your area, even if they have not struck near you yet. If you happen to fall in a risk area, then you should buy flood insurance in Broward County, Florida. This insurance will ensure that you are secured from incurring any financial loss due to floods.

Buying flood insurance is a matter of safety and financial security. It was even speculated that anyone who hasn’t bought flood insurance by February 2020 will be obligated to get coverage soon. The regulation, brought by the Federal Emergency Management Agency, was the second of its kind in the decade. Those who do not have the insurance will not be eligible for the insurance benefits going forward.

Are You Covered by the Right Flood Insurance?

You can choose to buy flood insurance in Broward County, Florida from either a government entity or a private player. The coverage under a federal insurance policy will be limited, though their scope will cover a lot of things. A private policy will have higher coverage, and could also be customized as needed. It may be possible to have the two policies for availing comprehensive coverage.

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How to Choose the Right Plan

First of all, you need to ascertain the possible flood risk in your area. Almost every state in the country experienced a flood at least once over the past 5 years. This means it can flood anywhere no matter where you live. If you live in a high-risk area, your plan must be comprehensive. If your area is not at much risk, you can go for a plan that offers lower coverage.

If you go for the federal National Flood Insurance Program (NFIP), the coverage limit is up to $250,000 for your home and another $100,000 for all your belongings. You also have to buy the policy 30 days before you can seek benefits under it.

If you think that you will need coverage beyond that, you can club the NFIP with a private flood insurance policy. That makes you eligible to draw additional benefits from the two policies.

Buying from a Private Insurance Company

You also have the option to buy the entire plan from a private flood insurance company. The primary benefit of buying from them is that you can customize the entire policy any way you like. You can choose what to include and not to include in the policy according to your preference. The wait time is usually shorter at about 14 days, though it can vary based upon which insurer you choose.

You can always call your preferred insurance company and ask them to explain the coverage in detail. You can ask for customization options and the waiting window before the benefits become available to you. Call up your nearest flood insurance company in Broward County, Florida for a free quote and further discussion today.