Florida Flood Insurance
The highest ranked natural disaster in the United States, according to FEMA, is flooding. The flood insurance professionals at Florida Flood Insurance, Inc. in correlation with National Flood Insurance, LLC, specialize in flood insurance for residents and businesses in Florida.
The mission at Florida Flood Insurance, Inc. is two-fold: to assist Florida residents with understanding the basics about flood insurance, including addressing the common misconceptions, and to help them with their flood insurance needs.
The Number One Misconception is that homeowners insurance covers flood risk. The fact is that homeowners insurance policies typically DO NOT cover flood damage, a point usually highlighted in bold letters on the first page of your homeowners policy.
The Second Misconception is that flood insurance policies are expensive. Actually, if your home or business is located in a Preferred Risk Zone as determined by FEMA, you can purchase flood insurance for as little as $129 per year.
The Third Misconception is that many homeowners think they don�t live in a flood zone. In reality, FEMA has designated the entire state of Florida as a flood zone with varying levels of risk.
The flood insurance specialists at Florida Flood Insurance, Inc. and its parent company National Flood Insurance, LLC, specialize in flood insurance, and possess extensive knowledge to assist with any of your questions or concerns. They act as direct representatives of FEMA and all flood insurance policies are processed through the National Flood Insurance Program (NFIP).
Please call 1-888-900-0404 for a free consultation to determine your flood zone, receive a quote, or to discuss any flood and flood insurance-related concerns and questions. Please don�t be left without flood insurance; call us today!
What is the history of the NFIP?
In the mid-twentieth century, national flood issues were mitigated by the construction of dams, levees, and sea walls. During the 1920s, the insurance industry reviewed the issue of flood insurance and determined that the premiums would be too costly, and would therefore be purchased only by those in high risk areas. As a result of this determination, the insurance industry chose not to offer flood insurance. With flood insurance coverage not available through private insurance companies, Congress quickly realized that flooding was a real problem for those living in floodplains and that the cost of damage caused by flood events could be astronomical.
In 1968 Congress passed the National Flood Insurance Act (NFIA) which created the National Flood Insurance Program (NFIP). Initially, the NFIP was to subsidize taxpayers� costs through insurance premiums, address the problems of hazard area development by exploring other safer options, and require more stringent building construction codes to minimize or prevent flood damage. During its initial stages, the NFIP fell under the authority of the Department of Housing and Urban Development (HUD).
There were fewer than 100,000 existing flood insurance policies nationwide in 1972. Hurricane Agnes roared ashore that same year, devastating a large area of the eastern United States, and causing nearly $4 billion in damages. A congressional investigation determined that very few buildings carried flood insurance and the Flood Disaster Protection Act (FDPA), an amendment to 1968�s NFIA, was born in 1973.
What the FDPA of 1973 required was flood insurance coverage for buildings located in identified flood hazard areas as a condition of receiving federal aid or loans from federally-insured banks for federal disaster coverage.
In 1979 the Federal Insurance Administration and the NFIP were transferred to the newly-created Federal Emergency Management Agency (FEMA). By the end of the 1970�s, there were approximately 2 million flood policies in force.
Over Two Million Flood Insurance Policies in Florida
As it currently stands, there are over 2 million flood insurance policies in effect in Florida. Nationally, the number of policies has risen to over 5.6 million, and there have been significant changes to the NFIP. The Community Rating System was implemented during the 1990s which has increased the amount of flood insurance nationally and which also established a grant program for mitigation plans and projects.
Flood insurance has come a long way since its inception. Today, coverage is available to more than 20,000 United States communities and territories, and nearly 100 private insurance companies now offer national, government-backed flood insurance. And even though federal assistance will remain a crucial part of disaster recovery, the U.S. taxpayers save millions of dollars each year through the NFIP.
Get a Flood Insurance Quote in Florida Today – Online Quote Form
4885 North Wickham Road – Suite 105 – Melbourne, Florida 32940