The National Flood Insurance Program sells flood insurance policies to homeowners who own properties in high-risk, moderate-risk and even low-risk areas. Homeowners insurance companies require home and business property owners who have loans through federally insured mortgage companies to carry appropriate flood insurance.
The requirement doesn’t apply to property owners who have paid off their mortgages. Just because you’re not required to carry a NFIP policy doesn’t mean you should forego the coverage, especially if you live in Florida.
As Hurricane Ian has shown, storm surge can push water deep into cities, and rainfall can flood rivers, streams and lakes across the peninsula. Every property owner should be cognizant of the risks posed by flood damage and carry adequate flood insurance.
Just because you’re in a low-risk area on the flood map doesn’t mean your home is immune to flooding. Approximately a quarter of flood claims occur in low-risk and moderate-risk areas.