Living in the middle of hurricane country would seem as enough reason why all Florida residents should have flood insurance. Floods are more than just high water. It could be a stopped-up gutter or pipes which prevents water from flowing freely.
One look at our homeowners insurance policy along with statistics from FEMA might seem enough for us to call our insurance carrier requesting coverage.
According to FEMAs report, a home has a one-in-four chance of flood damage during the course of a 30-year mortgage. In the case of fire, it's a 9% chance that your home will be damage by fire. Yet, 25% of all claims that were paid by the National Flood Insurance Program were paid out to policy holders in low-to moderate-risk flood areas.
Orlando sits on 98 feet above sea level. However, FEMA is quick to point out that a slow moving tropical storms dumps more rain than a category five hurricane. So this is something that none of us should take lightly. Thus far, florida residents has made over 21,000 claims and the payments totaled more than $545 million.
Memories of past hurricanes and storms are short and only a 10% of homeowners will include flood coverage on top of their regular policies.
The average coverage for flood insurance ranges in price from $200 to $600 depending on the severity of the risk. However, past experience has shown that it's better to be safe than sorry.
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