Unfortunately for Californians, the flood this year is here. As predicted, the rains came from our long drought. Three years later, the rain gods responded.
A common misconception in California is that only people in the Midwest need protection from floods, and this is a bad argument. Although the floods that we receive in California are different, they certainly do not exist.
Perhaps for many San Francisco Bay Area residents, flood insurance can be inexpensive if you live in a good flood zone and your community participates in the National Flood Insurance Program, otherwise known as NFIP. National Flood Ins is essentially written by the US National Government through the Department of Homeland Security.
Customers who live in flood zones A and V, unfortunately, will pay much more in flood insurance costs. Sometimes it exceeds 9 or even 10 times. There are, of course, many other rating factors, such as the exact height of your house and the foundation that you have. Clients who live in these so-called high-risk areas are increasingly faced with the problem of Hercules in paying for flood prices, which will make the average consumer water. Believe me this is a big number
In a recent CNBC article, currently under the title "Floods in El Nino in California" keep roofers insurers busy. The article gives the impression that insurance can be obtained for as little as $ 400 or $ 500. And while this may be true for some, it is not true for those who live in high risk insurance. The price of $ 400 is usually most associated with what is known as Preferred Pricing, which many customers can and can get.
What should a client who lives in a high-risk area in California do? Shopping around with flood insurance is unlikely to help them, as well as with ordinary homeowners insurance (home insurance). However, there are certain times when a private flow provider can make sense. Many agents do not know about these parameters.
Of particular note is that floods are almost never covered by ordinary home insurance. Another special note: the new flood insurance policy usually requires a thirty-day waiting period before it comes into effect.
So, is it too late to buy flood insurance, Californians? Personally, I do not think so, but it is approaching. Time is running out.
