After weeks of torrential rains, many Californians woke to rising waters and mudflow entering their homes or properties. Unfortunately, most homeowners in California do not carry flood insurance, unless it was required by their lender leaving them without coverage. Standard Homeowners insurance does not cover flood, mud flow or earthquake insurance and this type of coverage must be purchased under a separate policy. Either a flood insurance or difference in conditions policy.
In California only about 230,000 homes and other buildings have flood insurance policies. Thats about 2% of all properties.
When you buy a home, we recommend asking your insurance agent for a free quote on flood insurance while you are obtaining quotes on homeowners insurance, this will give you valuable information such as whether you are in a high risk flood zone and what the cost for the coverage is. While FEMA cannot predict flood risk, it is a good idea to evaluate your own property for things like hillsides and or where your home sits, is it elevated or in a valley? Has your neighborhood had any prior flooding issues?
The recent storms damaged several thousand homes so badly they’ll need to be repaired before people can live in them again. This can be very costly and the time it takes to repair the home to where it is livable can take months as their may be a shortage in contractors, which will add to the cost of repairs.
It may be a good idea to consider a quote on flood insurance. Many homes that are not in a high risk flood zone may find the premiums very inexpensive and worth the peace of mind.
