30 Oct “I don’t live in a Flood Zone, so I don’t need Flood Insurance.”
As we all watched the devastation that Hurricanes and Floods caused all the way from the west coast of Florida up into Western North Carolina, it really hit home that floods can happen in the least expected places. If you live in Florida, the reality is that you are in a Flood Zone. Flood Zones are categorized as High Hazard and Non-High Hazard Flood Zones. Regardless of which Zone you are in, it is highly recommended to purchase flood insurance.
Just one (1) inch of water can cause in excess of $25,000 in damages.
A common misconception is that your property policy will cover flood damage typically due to the fact that your property policy will cover some water damage. Water is a different peril than flood. Water damage is caused by internal disasters, such as burst pipes and plumbing accidents. Flood damage is caused by acts of nature, such as hurricanes and flooding rivers.
The estimated costs of both Hurricanes Helene and Milton are well over $4 Billion in potential damages. The aftermath of Hurricane Ian was estimated $10 billion in uninsured flood losses. A large percentage of that figure was in Non-Hazard zones. Statistics show that over 20% of flood claims are in Non-Hazard Zones. While Flood Insurance can be another expense to incur, you could be stepping over dollars to save pennies by not insuring this risk.
After 106 years in South Florida facing Hurricanes and Floods together, Plastridge encourages our clients to consider Flood insurance to mitigate this risk.
If you have any questions, please reach out to us.
We’re here when you need us.
For more information: https://plastridge.com/hurricane-flood/
561-276-5221
Hurricane Data: https://www.floir.com/tools-and-data/catastrophe-reporting