Things Every Florida Luxury Homebuyer Needs to Know About Flood Insurance

by Domenico Ceruzzi 11/19/2018

If you plan to buy a luxury home in Florida, it pays to check out flood insurance. That way, you can protect your house and personal belongings against flood damage associated with hurricanes, tornadoes and other natural disasters.

Now, let's take a look at three things that every Florida luxury homebuyer needs to know about flood insurance.

1. Flood insurance and homeowner's insurance are not interchangeable.

Homeowner's insurance is a must-have for any homeowner, regardless of location. This coverage safeguards a homeowner's residence and personal belongings against a wide range of dangers.

Although homeowner's insurance offers a large assortment of coverage, it rarely provides protection against flood damage. This means a Florida luxury homebuyer will need to purchase flood insurance in addition to homeowner's coverage.

Fortunately, it is easy to obtain flood insurance, as this coverage is available through insurance providers that participate in the National Flood Insurance Program (NFIP).

In many instances, Florida luxury home insurance providers offer both homeowner's and flood insurance. If you choose a homeowner's insurance company that fails to provide flood coverage, the NFIP can offer information about other insurers in your area that can provide you with the flood insurance that you need.

2. Flood insurance won't go into effect immediately.

Let's face it – the panic surrounding a hurricane or other natural disasters may make luxury homeowners reconsider their decisions to forego flood insurance in the first place. But those who choose not to purchase flood insurance right away may struggle to get the insurance they need when a natural disaster strikes.

Oftentimes, homeowners are required to wait at least 30 days before a flood insurance policy takes effect. This means if you want to purchase flood insurance in the days leading up to a potential hurricane, you may be out of luck.

Florida luxury homebuyers may want to purchase flood insurance at the same time that they buy homeowner's coverage. By doing so, these property buyers can speed up the process of implementing flood insurance to protect their luxury residences against flood damage.

3. Flood insurance rates may vary.

A luxury homebuyer in the Florida Keys may be required to pay more for flood insurance than a luxury homebuyer in Tallahassee. In fact, there are many factors that will impact a luxury homebuyer's flood insurance rates, including the amount of coverage that is purchased, the deductible amount and a property's elevation level.

If you have questions about flood insurance, it helps to consult with an NFIP-participating insurance company. This insurer can offer insights into flood insurance that you may struggle to obtain elsewhere.

Lastly, if you need assistance as you kick off a Florida luxury home search, don't hesitate to contact a local real estate agent. This housing market professional can help you seamlessly navigate the Sunshine State luxury housing market. As a result, a real estate agent will make it simple for you to find a deluxe Florida luxury home that matches or exceeds your expectations.

About the Author

Domenico Ceruzzi

Domenico was born and raised in central western Italy by the Tirreno Sea. He moved to New York in 1990 where he resided for seven years, then moved to New Jersey; he made his way to the lovely Naples, FL in 2010 and having had the busy metropolitan life experience, he holds a great appreciation for the laid-back Southwest Florida lifestyle. 

He chose real estate as his career in 2004 because for him “nothing is more rewarding than being able to find and deliver a very important part of the American Dream to people, and their appreciation and long-lasting gratitude, in return, is priceless" 

Domenico chose Amerivest Realty in October of 2012 as he was attracted to the firm for its bold market presence and serious commitment to agent support. 

Some tidbits you might find interesting about Domenico: 

He was a paratrooper in the Italian Army with a specialization in drug management. He is an avid scuba diver. He is a well seasoned, fine cuisine, cook. He is certainly a multifaceted man and dynamic real estate agent and Amerivest Realty is proud to have him on the team.