It only takes a few inches of water to destroy your home and wipe out your hard-earned investment. Picking up the pieces after a severe flood can prove costly and time-consuming, which is why having flood insurance is absolutely essential for a complete recovery. Flooding is a serious risk no matter where you live in Florida, but many portions of St. Petersburg, FL are at a higher risk than other areas. At Great South Insurance Agency LLC, we understand how daunting choosing the right flood insurance coverage can be.
NFIP vs. Private Flood Insurance
When it comes to buying flood insurance, your two main options include purchasing a policy through the National Flood Insurance Program or opting for coverage through a private flood insurance provider. The NFIP partners with major insurance providers to offer flood insurance coverage, especially in areas where obtaining private coverage can prove difficult, if not impossible.
NFIP policies typically cover up to $250,000 in damage to your home and $100,000 for your belongings. You’ll need excess flood insurance to get additional coverage beyond those caps. Newly-purchased NFIP policies also take 30 days to go into effect, which means you’ll need to purchase your flood insurance coverage in advance of severe weather and other potential flooding events. However, the waiting period is waived when buying a new home with a new mortgage.
In contrast, private insurers offer higher coverage limits while including coverage for other structures on your property. Homeowners can also obtain coverage immediately instead of waiting for 30 days to obtain a NFIP policy. However, rates for private coverage can be significantly higher in some areas.
Having flood insurance won’t prevent your St. Petersburg, FL home from being flooded, but it can make the recovery process much easier. Get in touch with an agent at Great South Insurance Agency LLC to explore your flood insurance options and choose the policy that works best for your home.