West Palm Beach Flood Insurance

Your Complete Guide to West Palm Beach, FL, Flood Insurance

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West Palm Beach Florida Flood Insurance

West Palm Beach, FL, is known for high society living. With over 111,955 residents, owning a property here comes with its risks, and a flood insurance policy can help protect your asset. 

An independent insurance agent will be able to quote coverage through FEMA-approved carriers. They work on your behalf at zero cost so that you can save. Connect with a local professional for details.

What Is Flood Insurance?

When you live in West Palm Beach, FL, flood insurance is necessary. While it may not be required, every location is at risk for flood damage. 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 West Palm Beach, FL?

Flood insurance will fill the gap where your other personal and commercial policies lack. Anything that can be considered a flood will need separate flood insurance for adequate coverage. Take a look at what your West Palm Beach, FL, flood policy will cover.

  • Electrical and plumbing systems
  • Portable and window air conditioners
  • Furnaces and water heaters
  • Appliances 
  • Carpeting
  • Built-ins
  • 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 West Palm Beach, FL?

Just like every other business or home insurance policy you own, there are exclusions. Your flood insurance will be no different. First, knowing what a flood is in West Palm Beach, 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 backup
  • A pipe burst
  • A waterline malfunction
  • A roof leak

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How Much Is Flood Insurance in West Palm Beach, FL?

Your flood insurance policy will have unique rates depending on your location, zoning, and other factors. Carriers work with FEMA to produce a premium for each area. The following are items that may affect your West Palm Beach, FL, flood insurance.

  • 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

Similar to a workers' compensation policy, flood insurance is regulated. FEMA sets the flood zones and more. FEMA will approve private carriers to sell flood insurance that complies with their guidelines.

How Much Is Flood Insurance in Zone AE?

FEMA uses a flood zone rate map and creates an elevation certificate based on a property survey. This will determine what flood zone you're located in for the insurance companies. The difference in flood zone types in West Palm Beach, FL are the following.

  • 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.

If you have a mortgage for a property located in A or V flood zoning, you will be required to carry insurance. This is to protect yourself and the lender. When you are in an AE flood zone, your rates will likely be higher due to your risk.

How Much Flood Insurance Do I Need?

The average annual premium for flood insurance in Florida is $592. This will vary greatly depending on how much coverage you acquire and the flood zone. FEMA sets maximum limits of insurance based on what property type 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

West Palm Beach, FL, flood insurance can be confusing if you're not a licensed professional. There are many things you will need to consider when obtaining coverage. Fortunately, a local adviser can help.

An independent insurance agent will have access to multiple markets. They can review and quote your flood policy at no cost to you. Connect with an expert on TrustedChoice.com to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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