Flood Insurance

Did You Know?

Did you know if your property lies inside the SFHA it has a 26% chance of experiencing a flood during the life of a 30-year mortgage? And did you know that your standard homeowner's insurance policies do not cover flood related damages? Damages associated with floods can easily total $25,000 or more.  Flooding can happen to anyone, anywhere. Even if you are located outside of a high-risk zone, your property may still flood. In fact, over 40% of all claims filed in 2014-2018 were from policyholders outside of high-risk zones.

As stated previously, flooding can occur anywhere, anytime. Even if you are not required to have flood insurance, serious consideration should be given to purchasing it anyway. Because the Village of Palmetto Bay participates in the National Flood Insurance Program, all Village residents qualify to apply for NFIP flood insurance.

Although the federal government requires flood insurance for mortgages through federal programs which lie in the Special Flood Hazard Area, it may not cover the loss of contents. If you are renting, you should consider purchasing renters insurance and flood insurance as well. Loss of contents is usually more common than structural damages during flood events.