Boca Raton property owner purchases flood insurance hours before storm
A Boca Raton property owner tells WPTV he almost had an insurance policy on one of his properties cancelled because he didn’t have flood insurance. Hours later, the home’s back yard was covered in downed trees and debris.
“This is our yard this morning. Big tree feel, it’s on the wires right here,” one of Marshall Sklar’s tenants is heard saying on cell phone video.
Sklar is a Boca Raton real-estate broker who owns properties all over South Florida. He said he received that video from one of his tenants in Hallandale Beach early Thursday morning.
“This is like the worst storm we’ve probably seen here in 20 years,” Sklar said. “The last time we had damage was about 2005.”
Luckily, he’s covered through his insurance, but he learned something important hours before the wind and rain rolled in.
“I actually got a cancellation of the policy on the house where this happened yesterday, because I didn’t have flood insurance," Sklar said. "Just this morning, I signed up for flood insurance.”
Insurance agents WPTV spoke with said this is fairly common.
“Homeowners insurance covers your home, but not for flood," Stacey Giulianti, co-founder of Florida Peninsula Insurance Company, said. "You have to have a separate flood insurance policy, because that’s a separate really dangerous type of event."
Giulianti said many homeowners, especially those who are new to Florida, don’t realize this.
He said food damage is often very pricey. One inch of water can cause $25,000.
“So, to spend $400, $500 maybe $600 a year on premiums, $40 or $50 a month, one inch of water is going to cost $25,000 in damage," Giulianti said. "Seems to me like a no brainer.”
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