STUART, Fla. — As Florida continues to face increasing flood threats from recent storms, many homeowners are still choosing to forgo flood insurance, potentially leaving themselves vulnerable to costly damages.
The main issue is that flooding in Florida is almost always perceived as something that only happens near the coast, but experts warn that this mindset can lead to expensive consequences.
WATCH BELOW: Flood insurance in Florida: Why is it overlooked despite risks?
Anthony Conklin of Palm City represents many Florida homeowners when it comes to flood insurance decisions.
"I think when we took a look at it the first time, when we bought the house and ran the numbers, it just didn't make sense," Conklin said. "The likelihood of us getting a flood is probably small."
However, insurance experts say this thinking can be financially devastating.
"(I heard once that) there's a quick cheat code to know if you need flood insurance in Florida. Take out your driver's license, and if it says Florida, you need flood insurance," said Lee Wigglesworth, an independent insurance agent in Stuart.
Wigglesworth said just over a third of his clients have flood insurance. These policies can range from $500 to $1,000 in low-risk areas, and flooding is becoming more of a threat with recent storms in the state that have left homeowners with denied claims.
"We spend exorbitant amounts on hurricane protection, but what we tell our team and tell our clients is you're not fully protected from a hurricane unless you have flood insurance," Wigglesworth said.
Currently, the Federal Flood Insurance Program is not writing any new policies because of the federal government shutdown. However, there are now close to as many as 30 private companies offering flood policies in Florida.
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Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
