With flood zones continuously being rezoned in Florida, it's imperative you have the right coverage for your property. Even if you don't live directly on the water, flood insurance may still be a good idea, if not required. Regardless how good your homeowners insurance policy is, it will not cover floods. Fortunately, we are up to date with all the policy changes and requirements.
Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.
Building coverage includes:
- The insured building and its foundation
- The electrical and plumbing system
- Central air conditioning equipment, furnaces and water heaters
- Refrigerators, cooking stoves and built-in appliances such as dishwashers
- Permanently installed carpeting over unfinished flooring
Contents coverage includes:
- Clothing, furniture, and electronic equipment
- Portable and window air conditioners
- Portable microwaves and dishwashers
- Carpeting that is not already included in property coverage
- Clothing washers and dryers
The two most common reimbursement methods for flood claims are Replacement Cost Value (RCV) and Actual Cash Value (ACV). The RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.
All other buildings and personal property (i.e. contents) are valued at ACV. The ACV is the RCV at the time of loss minus physical depreciation. Personal property is always valued using the ACV.
As first time home owners, we had no idea what we were doing! Darren not only walked us through our home insurance policy, he also recommended an amazing inspector who would do our 4-point inspection for us!
Justin was incredibly responsive and attentive while I changed over my car insurance policy. He even got me a lower rate for the same coverage!