Unfortunately for Californians, this year’s flooding is here. As predicted, the rains have come from our long drought. After three years, the rain gods have responded.
A common misconception in California is that only people in the Midwest need flood protection and that’s a poor argument. Although the flooding we have in California is different, it is certainly not non-existent.
Luckily for many San Francisco Bay Area residents, flood insurance can be affordable for you if you live in a good flood zone and your community participates in the National Flood Insurance Program, also known as NFIP. . National Flood Ins is essentially supported by the US National Government through the Department of Homeland Security.
Customers who live in flood zones A and V will unfortunately pay much more in flood insurance costs. Sometimes more than 9 or even 10 times that cost. Of course, there are many other qualifying factors involved, such as the exact elevation of your house and what foundation it has. Customers living in these so-called high-risk flood zones are increasingly being assigned the herculean task of paying flood prices that would bring tears to the eyes of the average consumer. Trust me it’s a high number
In a recent CNBC article, now titled California’s El Niño Flooding Keeps Roofers and Insurers Busy. The article gives the impression that the Insurance can be had for only 400 or 500 dollars. And while that may be true for some, it is not true for those who live on higher peril flood insurance. The $400 price is generally associated more with what is known as a prime price, for which many customers can and will qualify.
What should a customer who lives in a high-risk area for flooding in California do? Buying flood insurance isn’t likely to help them as much as buying regular homeowners insurance (homeowners insurance). However, there are certain times when a private flood provider may make sense. Many agents are not aware of these options.
It should be noted that floods are almost NEVER covered by your regular home insurance. Another special note is that a new flood insurance policy will generally require a thirty day waiting period before it goes into effect.
So is it too late to buy flood insurance, Californians? I personally don’t think so, but it’s getting close. The time is finishing.