Flood Insurance
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Flood insurance is required by mortgage companies if you are in a flood zone. If you have no mortgage, flood insurance is optional, although 25% of all Flood claims in Florida happen outside of flood zones. Flood insurance typically costs around $500 or less for one year depending on the home, and is a good coverage to have in Florida due to the possibilities of a "wet" hurricane and Florida's low elevation.
It is good information to know that Flood insurance covers for "rising water" coming from the ground up. If a hurricane blows out your windows and water comes in through the window, or if a pipe bursts in your home and floods your house, those are not covered by a flood policy. You would look to your homeowners policy for such events.
Also, it may be beneficial to you to have an Elevation Certificate done, if you don't have one already, it may save over 50% off the cost of your flood policy. Find out if having an "EC" done will be beneficial to you.
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