Coverage for a flood is likely not included in your regular homeowners policy.
While only high risk homes are typically required to have flood insurance, we know that 20% of all claims happen to homes considered moderate to high. Also, 25% of homes will statistically have a flood claim during the life of a 30 year loan.
Flood insurance can be obtained through the National Flood Insurance Program as a seperate policy. This program determines risk according to a sliding scale based on several risk factors. Ultimately, areas are deemed to have a risk of high, moderate or low.
Mortgage companies typically require homes in a high risk area to carry flood insurance. Homes in a low risk area qualify for the Preferred Risk Policy, which offers lower rates.
Regardless of your flood zone, we know that the entire state of Florida is at risk for flooding. What we learned from hurricane Sandy is that major hurricanes don't care about your flood zone. There was a large number of homes that were considered moderate to low risk that suffered a complete loss. For the homes that did not have flood insurance, this loss was devistating.
The National Flood Insurance Program is changing the flood zoning. Some lower risk areas will soon be considered high risk.
Prices of flood insurance may increase. Call Ruggeri Insurance to find out more about flood insurance, and see if you qualify to be 'grandfathered' in to lower rates.