Global Courant
Unfortunately for Californians, the flood is here this year. As predicted, the rains are from our long long drought. After three years, the rain gods have answered.
A common misconception in California is that only the people of the Midwest need flood protection and that’s a bad argument. While the floods we get in California are different, they are by no means non-existent.
Fortunately for many of the residents of the San Francisco Bay Area, flood insurance can be inexpensive if you live in a good flood zone and your community participates in the National Flood Insurance Program, also known as the NFIP. National Flood Ins is essentially endorsed by the US national government through the Department of Homeland Security.
Unfortunately, customers living in flood zones A and V will pay much more for flood insurance. Sometimes more than 9 or even 10 times that cost. There are, of course, plenty of other assessment factors, such as the exact height of your home and the foundation you have. Customers living in these so-called high-risk flood areas are increasingly being tasked with paying flood prices that would make the average consumer cry. Trust me, it’s a high number
In a recent article on CNBC, now titled California’s El Nino floods keep roofers, insurers busy. The article gives the impression that insurance can be purchased for as little as $400 or $500. And while that may be true for some, it’s not true for those who live in a higher-risk flood insurance policy. The $400 price is usually most associated with what is known as Preferred Pricing, which many customers can and do qualify for.
What should a customer who lives in a California flood risk area do? Shopping around with flood insurance probably won’t help them as much as regular homeowners insurance. However, there are certain times when a private flood provider can make sense. Many brokers are not aware of these possibilities.
What is special is that floods are 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 takes effect.
So, is it too late to buy flood insurance, Californians? Personally, I don’t think so, but it’s close. Time is running out.
The need for flood insurance is real
World News,Next Big Thing in Public Knowledg
#flood #insurance #real
