Storms over the last two decades have brought on a considerable amount of flooding throughout the state. It is not only the coastal cities that have seen the flooding. The coastal areas are the ones that people assume are associated with flood insurance. However, even areas more inland are experiencing floods where it is not uncommon to see seven inches or more of water after a single day’s worth of rain.
FEMA has created new maps in the past year that have taken effect. These new maps are placing more areas into flood zones and that’s creating the need for more Florida flood insurance. Ponte Vedra Beach, Florida is one such area that has seen a significant shift in the flood areas. Those that are in flood areas are identified by risk. The higher level risk areas are forced to purchase flood insurance additional to what their Florida homeowner’s insurance policy offers because of the zoning.
Your homeowner’s insurance policies only cover so much. When a person finds themselves in a flood zone, their insurance companies are warning them that they are not being covered by flood damage under their standard policy.
There have been a lot of rumors about what FEMA has done with the new maps. The entire state hasn’t been placed into a high risk flood zone. Some people have been put into the zones while others have been taken off. The changes have taken effect after watching the flood patterns over the past few years. They focus on what has already happened instead of mapping out future conditions.
Premiums have increased and much of that has to do with the Biggert-Waters Flood Insurance Reform Act, which took effect in 2012. This was as a result of taxpayers subsidizing insurance on the properties that were in the high risk zones. The increase on the flood premiums were a necessity to penalize all taxpayers.
“Florida flood insurance is going up in the areas that are considered a high risk, though that doesn’t instantly mean that it becomes too expensive to own the property. There is no reason for people to panic,” “It is all about finding the right company and the right policy to provide coverage.” comments Kirsten Moran of Moran Insurance.
Homeowners are advised to use the new FEMA maps to determine whether they are in a flood zone and identify the risk level that they are categorized as. From there, it is possible to begin researching options for flood insurance to coincide with the homeowner’s insurance policy that is already in place and make comparisons on premium costs. To get more details on Flood insurance in Florida, especially in the Ponte Vedra Beach area, please contact local agency, Moran Insurance.