Flood insurance covers damage to your building and/or contents that occurred as a result of a flood. In order to qualify as a flood, the water has to cover at least two acres of land or has to have damaged at least two or more properties. Water damage from broken pipes or back-ups is not considered a flood.
Today in Florida flood insurance is being offered by FEMA, usually via what is known as “Write Your Own” companies and also through private insurance companies.
A common misconception about the need to carry flood insurance is when the property is not considered to be in a “flood zone.” A flood zone is an area mapped by FEMA and designated as more or less likely to flood. However, much flood damage occurs in areas that were not previously designated as flood zones. An example of this was in 2017 when Hurricane Irma struck Florida. Only about half of Florida homeowners in high risk areas carried flood insurance. Wike Insurance considers flood coverage a vital part of your insurance portfolio.