FLORIDA, USA — Florida families in Broward County are facing devastating flood damage after storms brought historic rainfall to the area.
Insurance expert Mark Friedlander of the Insurance Information Institute says what’s happening in South Florida is a perfect example of flood risk outside of hurricane season.
“There’s no safe spot in Florida when it comes to flooding,” Friedlander said. “We could have storms like that in any part of Florida at any time of year.”
Friedlander says that it doesn’t even take a lot of rain or floodwater to cause major problems for your pockets.
“According to FEMA’s analysis, just one inch of water could cause $25,000 of damage,” he said. “Can you afford to pay for that damage out of pocket? Because that’s what’s going to happen if you don’t have flood insurance.”
Friedlander says for the hundreds of thousands of homeowners who have the state regulated citizen’s home insurance, flood insurance isn’t optional anymore.
In a rollout that’s already begun, he says over the next several years, the state will mandate flood insurance in different phases, with all citizen’s covered properties required to have it by 2027.
While the Florida homeowner’s insurance market is chaotic, Friedlander says you should have pretty good luck shopping around for decent flood insurance rates. Something he recommends doing sooner…rather than later.
“It just takes one storm to cause disaster for you and your family,” he said.
With hurricane season on the horizon, Friedlander says now is a great time to reach out to your insurance agent to make sure you are stable with homeowners, flood and auto insurance policies.