What type of coverage do you need?

Orlando, Fla. 9/5/2017 2:40:06 PM — After the devastating results of Hurricane Harvey, as it made its landfall and passed through Texas, one way or the other we have been exposed to very strong images of families and entire communities in complete despair. Harvey was the strongest landfall in this area, known as the Texas Coastal Bend, since Hurricane Carla, in September 1961.


Photo courtesy of Weather Channel

It is hard to believe that nowadays we have all the technology we need to predict and anticipate events like this, which can cause an unprecedented amount of damages, yet we are still unable to clearly understand what options we have to protect our property and belongings in way that when an extreme weather event hits our area, our focus remain in protecting ourselves,  human life.

One thing we are seen again and again in the news during the comprehensive media coverage they’re having during the rescue and recovery stages, is that a flooding insurance policy is not only for areas designated as prone to water accumulation or with flooding potential.

The Texas event is a one in 500 years and experts, time after time are saying that, no longer the 100 yr waters can be considered the benchmark. Even areas where flooding has never occurred before, should be protected with flood insurance. 

Many people wrongly believe that the U.S. government will take care of all their financial needs if they suffer damage due to flooding. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. And this may not be very enticing, but if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property. 

Whether or not you believe or support climate change issues, these events are our reality. It’s not happening in books or seen on crystal balls, extreme weather is real and we must take action in order safeguard our financial assets and investments. 

Flooding is the most common natural disaster in the United States, affecting every region and state, including ours.

One point we can’t stress enough is the fact that flood insurance has a wait period of 30 days. Also, that flood losses are not covered by your standard homeowners insurance policy. When the weather forecast has announced a flood alert for your area and you now decide to purchase coverage, it's already too late! Unless you purchase your policy within the required thirty days before the event, you won’t get covered. 

Also, if you realize your flood insurance policy is about to expire and you’re on the fence about renewing: It hasn’t flooded in your area in years (or ever). And you really could use that extra money to buy something you really want, know that if you allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate (if you don't have one.) You may no longer be eligible for the policy rate discounts you might have been receiving prior to the policy lapse. It's important to talk with your insurance expert before canceling or not renewing the policy.

On the other side, (the good side, we mean) if you planned and purchased your flood insurance coverage on time to protect your property for when a disaster strikes, those claims are paid even if a disaster is not Federally declared. Flood insurance means you'll be reimbursed for all your covered losses. And unlike Federal aid, it never has to be repaid.

Now you understand why we call insurance ‘peace of mind’ and for very good reasons!

Give us a call if you have questions and or need to quote your flood insurance policy in the Central Florida area.


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