Flood Insurance Very Important in South Florida

Flood Insurance Very Important in South Florida

Tropical Storm Isaac made land fall in Key West, yet Emergency Managers estimate Palm Beach County sustained $72 million dollars in damage from flooding.  Much of the flooding was in areas where homeowners are in "low risk" flood zones- often times flood insurance is not required by their mortgage company.  Most homeowners in the hardest hit areas did not have flood insurance and dodged a significant bullet if little to no damage occurred. 

FEMA says the average flood claim in the last five years was $34,000.  All homeowners in Florida should obtain flood insurance.  A policy that covers $250,000 for your dwelling costs only $365 annually in low risk flood zones. 

Many consumers do not know that flood insurance is not included as part of your homeowners insurance policy.  It is a separate policy that must be purchased.

Call Boca Insurance Group today to find out what flood zone you are in and see how much a policy will cost.  You may reach us at 954-596-0691 or e-mail us at Pat@bocainsgroup.com 

For more information on the flooding in Palm Beach County please click here for a link to the Palm Beach Post story.

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Citizens Rates Rise

Linked is an article about the increases in premiums Citizens Property and Casualty has implemented.  Citizens Rates Cause "Sticker Shock"  It is important for potential home buyers to understand the insurance landscape in Florida.  Citizens Property and Casualty is the state run insurance company.  Citizens received a mandate from Governor Scott and the legislature to make premiums more actuarially sound and therefore rates are increasing in many areas. 

Often times Citizens is the only company willing to write homes.  Homeowners with older homes (built prior to 1995 depending on zip code) and homes east of 95 in Broward, Dade and Palm Beach counties are often left with Citizens as the only option.  Boca Insurance Group has companies that are willing to insure older homes and homes east of 95 including homes that are ocean front.Call us today at 954-596-0691 or e-mail us at Pat@bocainsgroup.com  to start to quote process.