As Florida residents are getting ready for the 2012 Hurricane Season, Kijner & Sons International Realty would like to share some valuable information with you about Flood Insurance Premiums available to residential homeowners.

A flood insurance policy covers physical damage to your property (i.e.: the insured building and its foundation, detached garages, electronic appliances, permanent installed fixtures, etc...) as well as personal belongings (i.e.: clothings, valuables, furniture, electronic equipments, etc...). However, some things are not covered in the policy and it is your job to find out if you are well protected. Wether you own a house or a condo, wether your property is located in a moderate-to-low risk flood area or in a high-risk flood area and whether you live in Miami or Sarasota, they are several coverage options to choose from with the help of your insurance agent. 

You also need to know that premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

In a moderate-to-low risk area, most homeowners are eligible for coverage at a preferred rate with the "Preferred Risk Policy Premiums" being the lowest premiums available. In a high-risk area, a standard-rated policy is the only option offering separate buildings and contents coverage. 

To learn more about Flood Insurance Premiums available to homeowners but also renters and business owners, KSI Realty advises you to visit the official site of the National Flood Insurance Program (NFIP) to protect yourself and your property from floods associated with hurricanes, tropical storms or heavy rains. 

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Source:
FloodSmart.gov (The official site of the National Flood Insurance Program) - Residential Coverage for Homeowners