Flood Insurance

The flood insurance market has changed significantly in the past couple years. When the Biggert-Waters Act took effect in 2012, our President Jake Holehouse, was there fighting for consumer rate decreases and was featured in over 40 Tampa Bay Times articles and local news stories.

In 2017 and 2018, during the flood insurance renewal period, Jake was a consumer advocate working with Congressman Charlie Crist, State Senator Jeff Brandes and State Representative Ben Diamond to help protect Floridians.

HH Insurance is the leading agency for flood insurance solutions. We have seen consumers paying over $20,000 for flood insurance and accurately adjust their premiums rates to under $500 per year.

As we learned in Hurricane Irma just a few inches of water from a flood can cause tens of thousands of dollars in damage. Over the past 10 years, the average flood claim has amounted to over $33,000. Flood insurance is the best way to protect yourself from devastating financial loss. However, over 80% of Floridians did not have flood insurance during Hurricane Irma.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk.

All policy forms provide coverage for buildings and contents. However, you might want to discuss insuring your personal property with your agent, since contents coverage is optional. Typically, there’s a 30-day waiting period from the date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance.

Moderate-to-Low Risk

Most homeowners in a moderate-to-low risk area are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. In fact, building and contents coverage starts at just $119 per year.

If you don’t qualify for a Preferred Risk Policy, a standard rated policy is still available. Even though flood insurance isn’t federally required, nearly 25% of all NFIP flood claims occur in moderate-to-low risk areas.

High-Risk

If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage. The Dwelling Form provides insurance for buildings with one to four units, including single-family condominium units and townhouses. The General Property Form provides insurance for other- residential and commercial buildings. Both forms provide flood insurance on contents if you have purchased this optional coverage.

If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy.