Like all major weather events, flooding is becoming more common in the state of Florida.  Located between the Gulf of Mexico and the Atlantic Ocean, with much of its land being beachy or marshy, Florida is particularly vulnerable to flooding.  Home and business owners in Florida should make sure that their businesses are adequately protected by choosing flood insurance.

Floods Are Becoming More Common

Last year saw new records set for coastal flooding, including areas like Miami Beach, Fort Lauderdale, and other South Florida communities.  Previously, it took hurricane or major storm level events to create flooding.  According to the National Oceanic and Atmospheric Administration, however, ocean levels have now risen to a point where flooding is becoming more common.  The problem is expected to continue to worsen over time.

Cost of Recovery

According to FEMA, flood water that rises just a single inch can do almost $30,000 of damage to a building.  Several inches – or worse, feet – can do substantially more damage.  Homeowners may think that if there is a flood, they’ll simply repair the damage, but few property owners have tens of thousands of dollars set aside to cover this level of damage.

Long Term Damage

Even if flooding doesn’t actually come into the home, potential damages can still arise.  Water changes in the soil can cause foundation issues, problems in basements as well as outbuildings like sheds or workspaces.

Flood insurance may be able to help cover these damages, even if the primary residence or building isn’t damaged.

Loans or Lines of Credit

For both home and business owners, banks often want to see that a building is adequately insured before it underwrites a loan to a customer.  In an area that regularly experiences flooding, like Florida, flood insurance may be required in order to demonstrate that the individual is ready to take on the financial responsibility of a loan.  Banks want to know that they’re going to make money on any loan product sold.  With insurance, even if a building is destroyed, the bank will be able to collect some funds.

Homeowner’s Insurance Often Is Not Enough

Homeowners may assume that their regular homeowner’s insurance will cover flooding, but in many cases this is not true.  Each home or property owner should contact their insurance agent to find out if their policy does in fact cover flooding, to what level, and discuss whether or not a supplemental policy is recommended.

All signs point to flooding in Florida continuing to worsen.  Some experts say that the flooding will continue to move off the coastal areas and move inland, especially as El Niño conditions happen in the next year.  Property owners who do not invest in high quality flood insurance are taking a significant risk, even if they live off the coasts and outside of South Florida.  Insurance premiums are a small price to pay to ensure that even if your home or business is damaged during a flood, you will have assistance as you try to recover.  The author suggests requesting a quote for flood insurance in Boca Raton or anywhere else in Palm Beach County today to get the best rates possible.