Excess Flood Coverage: When Basic Flood Policies Aren’t Enough

Like the rest of the state, the area surrounding Fort Myers, FL is prone to severe seasonal flooding. Is your basic flood insurance enough? SWFL Insurance Agency Inc. wants you to be prepared for the wet weather. How can you tell if you need excess flood insurance?

  • Your primary policy doesn’t cover the total value of your home. In case of severe flooding, your home may need extensive repairs to the foundation, subflooring, and support structures. These expensive repairs can quickly eat into your primary payout, leaving you liable for a large out-of-pocket contribution. Higher-value homes need excess flood coverage to protect the owner’s personal wealth.
  • You own a commercial business. Does your business owner policy include flood coverage? Check with your agent to ensure your inventory, equipment, and buildings are covered. In combination with other policies, excess flood insurance gives business owners the capital they need to rebuild after a catastrophic storm or accidental flooding.
  • You are a collector. High-value possessions like jewelry, artwork, musical instruments, and antiques are difficult to replace. However, without enough insurance, finding equivalent replacements may be impossible. After paying for repairs to your property, there is rarely enough left over from your primary payout to replace your precious items as well. Excess flood insurance provides enough funds to replace and repair all of your important items. Even these policies, however, may not fully cover the value of lost items. Talk with your insurance agent about additional policies to protect high-value collectibles.
  • You’re a landlord. Don’t risk losing months of investment income because you don’t have enough cash to repair your property after a flood. Excess flood insurance allows you to fix damages while still making regular payments to the bank.

SWFL Insurance Agency Inc. serves the insurance needs of residents and business owners in the Fort Myers, FL area. Contact us for more information on excess flood insurance.