Unfortunately for Californians, this year’s flooding is here. As predicted, the rains are due to our long, long drought. After three years, the rain gods answered.
A common misconception in California is that only people in the Midwest need protection from flooding, and that’s a bad argument. While the floods we experience in California vary, they certainly do not exist.
Luckily for many San Francisco Bay Area residents, if you live in a good floodplain area and your community participates in the National Flood Insurance Program, also known as NFIP, flood insurance can be affordable for you. National flood ins are essentially guaranteed by the US government through the Department of Homeland Security.
Unfortunately, customers living in flood zones A and V pay much more for flood insurance. Sometimes it costs more than 9 or even 10 times. Of course, numerous other evaluation factors also play a role, such as the exact height of your house and the foundation you have. Customers living in these so-called high-risk flood zones are increasingly faced with the Herculean task of paying flood prices that would bring tears to the eyes of the average consumer. Believe me, it’s a high number
In a recent article on CNBC, now titled “California’s.” El Niño floods Keep roofers and insurers on their toes. The article gives the impression that you can get insurance for as little as $400 or $500. And while that’s true for some, it’s not true for those living on higher-risk flood insurance. The $400 price tag is usually most associated with the so-called preferential rate, which many customers can and do qualify for.
What should a customer living in a flooded area in California do? Flood insurance probably won’t help them as much as regular home insurance (home insurance). However, there are certain times when a private flood provider can make sense. Many brokers are not aware of these possibilities.
Most importantly, flooding is almost NEVER covered by your regular home insurance. Another special note is that new flood insurance typically requires a thirty-day waiting period before it becomes effective.
So is it too late to get flood insurance, Californians? Personally, I don’t think so, but it’s getting closer. Time is running out.
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