Insure Your Property
The Federal National Flood Insurance Program (NFIP) allows property owners in participating communities to acquire flood insurance for eligible structures and belongings, regardless of their location within or outside of a floodplain. Key West is among the participating communities in the NFIP, granting access to federally supported flood insurance for its residents, including homeowners, renters, condominium owners/renters, and commercial property owners/renters. Insurance costs vary based on coverage extent, insured items, and the flood risk associated with the property.
All NFIP policy forms encompass coverage for both buildings and contents. However, residents are advised to consult with their insurance agent regarding coverage for personal belongings, as content coverage is optional. Typically, there's a 30-day waiting period from the purchase date before policy coverage becomes effective.
Learn more about flood insurance at https://www.floodsmart.gov/.
Important Flood Insurance Information
- Flooding is not covered by homeowners insurance, a separate flood policy is required.
- There is a 30-day waiting period between purchase and coverage becoming effective (with a few exceptions).
- Flood insurance covers damage caused by rising water - building and contents coverage is provided in two separate policies, except when written as Preferred Risk. Coverage purchased as a requirement for getting a mortgage typically covers just the building, not the contents.
- Flood insurance pays up to $30,000 toward the cost of elevating a home if it was substantially damaged by the flood and is being required to elevate before being restored (view the Coverage D on the Dwelling form).