Flood insurance in Florida: Why experts say waiting until a storm is coming could cost you

Added: 2026-06-08

[00:00:01]In Oakland Park, they're cleaning storm drains.

[00:00:05]Clearing debris, a sign of improvement for homeowners and renters in the North Andrews community. Much of it lies in a special flood hazard area. But, on the brink of storm season, flood insurance is hardly on retired resident James Wertz's mind.

[00:00:18]>> You know, I don't I don't want to buy any kind of insurance.

[00:00:21]>> Why is that?

[00:00:22]>> My brother paid 30 years on a insurance on his house that flooded and they canceled him.

[00:00:30]Why should that happen to me?

[00:00:32]>> Flooding is no small risk in South Florida. Three years ago, one heavy April rain wiped out homes in parts of Broward County.

[00:00:39]>> Just 1 in of flood water could cost $25,000 of damage in your home. So, you can imagine if you have a foot of flood water in your home how much damage that is and you would be on the hook to pay that out of pocket.

[00:00:53]>> Mark Friedlander works for the Insurance Information Institute. He says renters and homeowners should strongly consider flood policies, which are separate from standard and hurricane wind protection.

[00:01:03]Buyers can score policies through the National Flood Insurance Program. In Florida, Friedlander says the average cost is $894 a year, but there are limits. National Flood Insurance policies cover no more than $250,000 of damage to single-family homes.

[00:01:17]>> If you have a more expensive home, meaning it's going to cost more for the replacement after a natural catastrophe, you want to look at the private market.

[00:01:26]>> Florida's Office of Insurance Regulation lists 57 private providers, but most policies come with 30-day waiting periods before coverage kicks in.

[00:01:34]>> There are no policies available at the last minute. In fact, there are moratoriums that are put in place on all insurance coverage when storm warnings are issued.

[00:01:44]>> Wertz has no plans to move, but he sees and hears reason to reconsider his flood insurance views.

[00:01:49]>> I figure if it flooded here before, it's going to flood again, that's for sure.

[00:01:52]>> In Oakland Park, Larry Seidman, CBS News, Miami.