When you own property, the right protection can mean the difference in a claim being paid or not. In Hollywood, FL, there are over 154,817 residents. If you own a home or business here, you may want flood insurance.
An independent insurance agent has access to multiple carriers so that you have options. They do the shopping for you at no cost. Get connected with a local expert for tailored quotes.
What Is Flood Insurance?
Contrary to popular belief, your primary homeowners and business insurance policies won't have flood coverage. For that, a separate policy is needed. To obtain the right protection, take a look at how flood insurance can help.
- Flood insurance: This type of property insurance covers a structure for losses due to a flood. This is caused by snow melting, storm surges, heavy rainfall, storm drainage system failures, and even levee dam system failures.
What Does Flood Insurance Cover in Hollywood, FL?
In the South, 14.00% of the population has flood insurance. When you know that the average cost of floods per year is 5,552.62 million, the right protection is necessary. Take a look at what your Hollywood, FL, flood policy will cover.
- Electrical and plumbing systems
- Portable and window air conditioners
- Furnaces and water heaters
- Window treatments
- Valuable items
- Foundational elements
- Detached garages
- Fuel tanks
- Well water tanks and pumps
- Solar energy equipment
- Personal belongings
What Does Flood Insurance Not Cover in Hollywood, FL?
Your home and commercial property policies exclude flood damage claims. Flood insurance is necessary and comes with its own exclusions. First, knowing what a flood is in Hollywood, FL, is essential:
- What is considered a flood: A flood is an excess of water on land that is usually dry. This typically is classified as affecting two or more acres of land or two or more properties.
Losses that are generally excluded from your flood policy
- Water/sewer back-up
- A burst pipe
- A waterline malfunction
- A roof leak
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How Much Is Flood Insurance in Hollywood, FL?
Like your other personal and business policies, premiums vary. The cost of your flood insurance will depend on numerous factors. Items that may affect your Hollywood, FL, flood insurance are.
- The location of your property
- The flood zone of your property
- Whether the property is residential or commercial
- Your insurance score
- Your loss history
- Prior coverage history
FEMA regulates your flood insurance. It will set rates and guidelines depending on your risk. Workers' compensation insurance is another government-controlled insurance coverage.
How Much Is Flood Insurance in Zone AE?
Your Hollywood, FL, property will have a flood zone assigned. FEMA uses a flood rate map and elevation certificate to determine where your property falls. The difference in flood zone types in Hollywood, FL.
- Flood Zones B, C, and X: These are low to moderate flood risks and usually less annual premium for a flood policy. Insurance is typically not a requirement by your lender for this zone type.
- Flood Zones A and V: These zones are your high-risk locations and the most significant change for a flood loss. Your premiums will be more expensive, and lenders require flood insurance.
The average annual flood insurance cost in Florida is $592 and can vary vastly by where you are zoned. If you fall in an AE flood zone, you will likely pay top dollar for insurance. Your flood policy will also be mandatory to obtain by lenders.
How Much Flood Insurance Do I Need?
FEMA will set specific coverage maximums for flood insurance. The amount will depend on what type of property you are insuring. They are as follows.
- Flood insurance for your home: Flood carriers usually offer $250,000 for the building and $100,000 for the building contents.
- Flood insurance for your business: Flood carriers usually allow $500,000 for the building and $500,000 for the building contents.
- Flood insurance as a renter: Flood carriers typically offer $100,000 for contents-only coverage.
How an Independent Insurance Agent Can Help
Flood insurance is essential when you own a property. In Hollywood, FL, you can find coverage through FEMA-approved carriers. A licensed professional will have access to multiple markets.
When you work with an independent insurance agent, you'll get the best coverage and premiums. They do the shopping for you so that you can relax. Leave the insurance up to the professionals and connect with a local expert on TrustedChoice.com today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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