![]() ![]() Are your electrical outlets and switchbox above potential flood waters? What about washers and dryers? It’s important that your furnace and water heater are above the property’s projected flood elevation, too. Look around your home for potential issues. Make sure you’re getting the best price for the coverage you would actually need in an emergency, from a company you can trust. In that case, reach out to a local insurance agent for help. If you haven’t bought or sold a home in a while, you may not have the current information you need to make informed decisions about your coverage. But if you’re not sure, consider the following: QUESTION: Apart from reviewing my policy, is there anything I can do to prepare for hurricane season? Answer: Hopefully, in your case there isn’t anything more to do. That means you can you afford to pay to stay some-where else while your home is being repaired. The federal flood policies do not offer this ‘loss of use’ coverage but you can find private insurers like TypTap that do. QUESTION: Does my policy cover loss of use or loss of rent? Answer: One thing to keep in mind that even though your home may be uninhabitable after serious damage, you’ll still need to pay the mortgage or rent. QUESTION: Do federal flood policies offer the same coverage as private market insurers? Answer: Federal policies only cover personal property and contents at depreciated value - also known as actual cash value (ACV) - which doesn’t always cover actual replacement costs. Private market options now exist that offer building coverage up to $500,000 “I wish I could say it’s un-common, but I see it regularly: People wishing they had paid just a little bit more to get the coverage they really needed,” said Aimee Alexander, of Insurance Solutions in Vero Beach.Īlso, federal insurance coverage programs may not be sufficient, because they max out at $250,000 in building value, and many Indian River County homes are worth more than that. QUESTION: Is the minimum coverage enough to cover my losses? Answer: If you’re going to buy flood insurance, make sure you have enough coverage to actually cover your losses. ![]() “In fact, only 5 percent of our policies in this area are on homes built after 2010.” ![]() “In Indian River County, 64 percent of TypTap’s current policies are on homes built more than 40 years ago – and in some cases, more than 60 years ago,” said Kevin Mitchell, President of TypTap Insurance. QUESTION: Can I get flood insurance if I live in an older home? Answer: Indian River County has a large percentage of older homes, and many homeowners have had no problem finding an affordable policy with plenty of coverage for peace of mind. To help you prepare, here are some common questions residents are asking us as we prepare for the next storm season. With that in mind, this is a good time to review your flood and homeowners insurance policies, to make sure you have the protection you need.Īt TypTap Insurance, we get a lot of questions about homeowners and flood insurance. It may seem that hurricane season is far away – after all, it seems like the 2019 storm season just ended.īut for those of us along Florida’s East coast, we know it’s never too soon to be thinking about the next storm season. ![]()
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