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Flood insurance is a requirement for any mortgage company if you live in a special flood zone. Obviously, coastal cities like Miami are suceptible to flood hazards, so in many cases, flood insurance is going to be a part of your expenses.
Here is a quick synopsis covering the amount of flood insurance available for various building types through the National Flood Insurance program. Single Family and all other residential homes can get coverage up to $250,000.00. Non-residential buildings can get up to $500,000.00 in coverage. If you want to insure the contents of your home, you can insure residential contents up to $100,000.00 and non-residential contents up to $500,000.00.