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.
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.
Take time to identify your property on the Flood Insurance Rate Map. You may learn that your risk is higher than you think. The designated flood zones represent your risk and also affect how much you'll pay for flood insurance. Please visit FEMA's flood zone definitions page to help you understand what each Flood Zone Designation means.
Don't wait for the next storm to get insured. Stop procrastinating and get flood insurance today! The policy is usually not in effect until 30 days of purchase. Please visit Floodsmart.gov for the most current information on flood insurance premiums and to locate a flood insurance agent near you. For more information about the State of Florida's response, visit the Florida Division of Emergency Management.