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7 Things Floridians Need to Know About Flood and Flood Insurance

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Do you live in Florida? Do you have flood insurance? If your answer to the first question is “Yes,” then that should be your answer to the second question, too. Why? Because Florida and flood are two sides of the same coin. Here’s what you need to know about flood and flood insurance as a Florida resident.

  1. Over 850,000 Floridians in high risk flood areas don’t have flood insurance and many of those homeowners don’t even realize they aren’t covered. Standard homeowners policies (HO3) don’t cover flooding, meaning you have to ask your agent about purchasing it to have flood coverage. 
  2. Flood zone maps calculate risk of flood, but “low risk” doesn’t mean “no risk.” Most mortgage issuers use these maps to decide whether or not to mandate flood insurance for homebuyers. However, you should have flood insurance even if your home is paid off or you aren’t required to carry it.
  3. Florida has no “flood free” zones. Every new storm season can bring with it another flood-causing weather event. Only you can decide how much risk you’re willing to take. Keep in mind that 20% or more of flood claims every year come from “low risk” flood zones. 
  4. Flood damage can be very costly. For example, after Irma hit Florida, the average closed claim payment for flood damage was almost $50,000. All of the Florida homeowners without flood coverage had to pay for repairs out of their own pocket.
  5. The average elevation above sea level is only 6 feet. While coastal areas are most commonly associated with flooding, areas around rivers can also be vulnerable, and it’s a fact that low to moderate risk areas actually receive one-third of all federal disaster assistance for flooding.
  6. You can get flood insurance through the National Flood Insurance Program (NFIP), which is administered by the Flood Emergency Management Agency (FEMA), but exclusions and caps on coverage are likely to still leave you with massive losses if you are impacted by flood. 
  7. Olympus partners with Neptune to provide broader flood coverage for Florida homeowners, so ask your agent to go over what type of flood protection you can get before the next storm season starts. NFIP policies have a 30 day waiting period, but we can get your covered more quickly, with more comprehensive coverage.

Don’t wait until it’s too late to get flood coverage. Protect your home and belongings by talking to your Olympus agent about flood coverage today.


This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.

Olympus Insurance is licensed by the state of Florida. Information found on this site is intended for Florida residents only.