Florida flood insurance above the limits
Excess Flood Insurance in Florida
An NFIP policy stops at $250,000 for a home and $500,000 for a business building.[1] Excess flood insurance is private coverage bought on top of it.[2]
Type your address to see its flood zone and whether a lender will require a policy.
Check my addressReviewed by a licensed, independent insurance agent.
Own a business, condo or apartment building? Read the Florida commercial flood guide.
How high do NFIP limits go?
The NFIP sets a top limit for each kind of building. Building and contents each have their own limit.[1]
| Building type | Building | Contents |
|---|---|---|
| Home, or a 2 to 4 unit building | $250,000 | $100,000 |
| Apartment building, 5 or more units | $500,000 | $100,000 |
| Business building | $500,000 | $500,000 |
| Condo association building | $250,000 times the units | $100,000 |
If your building would cost more than this to rebuild, the NFIP alone can not cover all of it.
What is excess flood insurance?
Private flood insurance can be bought on top of an NFIP policy. This is called excess flood. It sits above the NFIP limit, so the NFIP policy stays in place underneath it.
In Florida, private insurers write both primary and excess flood insurance outside of the NFIP. Some write only certain kinds of flood policies, such as policies for high-value homes.[2]
Does my lender require excess flood?
If your building is in a high-risk flood zone and secures a loan from a federally regulated lender, the lender must require flood insurance.[3][4]
The amount is the loan balance or the NFIP maximum for that kind of building, whichever is less. So federal rules never require more than the NFIP limit.[3]
Your loan papers may ask for more. Read them or ask your lender.
Check my addressIs excess flood worth it?
Start with a gap check. Take what it would cost to rebuild your building. Take away the NFIP limit for your kind of building. What is left is the part of a total loss you would pay yourself.
If the gap is zero, excess flood adds nothing for the building. If the gap is large, excess flood is one way to cover it.
Same flood zone, very different prices
Two buildings on the same street can pay very different prices. The NFIP prices each building on its own: how often the spot floods, how close it is to water, how high the first floor sits and what it would cost to rebuild.[5] Your flood zone decides whether a lender requires a policy.
What does excess usually not change?
The NFIP policy underneath still pays only for direct physical flood damage. It does not pay lost income, lost rent or the days you are closed.[1]
Do not assume an excess policy adds those. If you need them, ask to see the line in writing before you buy.
What does your address need?
The report shows the flood zone, whether a lender will require a policy, and the claims record near the building. If you want options, a licensed, independent insurance agent compares them for you.
Questions about excess flood insurance in Florida?
What is the most flood insurance I can get from the NFIP?
A home or a 2 to 4 unit building can get $250,000 for the building and $100,000 for contents. A business building can get $500,000 for the building and $500,000 for contents. An apartment building with 5 or more units gets $500,000 for the building and $100,000 for contents. A condo association can carry up to $250,000 per unit. [1]
Do I need excess flood insurance?
Only if your building would cost more to rebuild than the NFIP limit and you want that gap covered. No federal lender rule requires it. The federal rule stops at the NFIP limit, but your own loan papers may ask for more. [3][4]
Is excess flood the same as private flood?
Not quite. Excess flood is private flood insurance that sits on top of an NFIP policy or another flood policy. A private primary policy is bought instead of an NFIP policy. Both are written outside of the NFIP. [2]
Does Florida's private flood law cover business excess flood?
No. Florida's private flood law, section 627.715, does not apply to commercial flood coverage. It names excess flood only for personal lines, such as a home. [6]