Gambling without Flood Insurance

Is It Worth Taking the Risk of Being without Flood Insurance?

If you live in Florida you are no doubt aware that you run the risk of getting caught in a hurricane. While strong winds and other storm related weather could cause serious damage to your property, flooding can create a catastrophe. If you are hit with a flood, one way to cut your losses is to put in a claim with your insurance carrier. So why do some Floridians go without?

Joe’s Bike Shop sits on the perimeter of Lake Ella in Tallahassee, Florida. Tropical Storm Faye hit the area hard in 2008. The excessive rain caused the lake to flood, which in turn caused flooding in all of the area’s shops, including Joe’s. One employee of the shop, Peter Burchell, returned to the property with owner Joe Mezzina. The pair used a canoe to salvage what they could from the property. Burchell claims the store was flooded so badly that fish and turtles were swimming around inside.

Although the shop was covered by property insurance, Mezzina had not secured flood insurance. So, he had to pay for the damage out of pocket. One would think that Mezzina had learned his lesson and would have flood insurance now. He still does not. He claims that paying the insurance premiums would have cost him more than paying for the flood damage to the store. But, he has to admit that although the flooding from Faye was not catastrophic that one flood could cause him to close up shop.

Going without flood insurance, or any property insurance for that matter, can cause serious financial problems for individuals and businesses alike. That is why most professionals recommend securing coverage even if premiums are expensive. It is also recommended that you do an insurance check-up at some point before hurricane season. Make sure that your insurance is up to date and covers all your needs. Contact a Tampa property insurance attorney to review your insurance policy today.