Buying Flood Insurance in California

For many years, Californians have lived in a drought, making flood insurance the last thing on many people’s mind. Approximately 2% of Californians have flood insurance. The recent atmospheric river generated storms dropped millions of gallons of rain and flooded areas many people did not expect. This has caused significant heartache, as many homeowners are left with large bills to repair damages. However, the cost to get flood insurance can be high for some people. Windfall Insurance Services, Inc. in San Diego, CA is here to help you evaluate whether to get flood insurance to protect your home and belongings.

How Flood Insurance is Managed

Flood insurance is sold separately from homeowners insurance in many parts of California. Many people only believe they need flood insurance if they live along the ocean or a river. Buyers in an area designated as a flood zone in FEMA’s map are required to buy flood insurance if the home mortgage is federally backed. These maps are limited and do not consider certain types of flooding, from backed up storm drains, for example. This is exactly the type of flooding that devastated many California areas. Ultimately, the storms caused damage in 41 of the state’s 58 counties. Due to climate change and other factors, many researchers say California needs to prepare for even bigger flooding events.

FEMA has recently updated its flood risk assessments. The new system not only considers distance to water, but also the damages caused by heavy rain and many other factors. The new system did raise rates for many policyholders and but is aiming to offer some relief and discounts. FEMA hopes the new ratings will price risk more accurately and attract homeowners with better rates for some.

Properly Assessing Your Flood Risk

The recent events in California have many reconsidering flood insurance. Some brokers now report rising subscribers. To review your risk, you can look to FEMAs new tools, and you can also look at the history of your neighborhood. Many insurers don’t think to push flood insurance in California, where many worry about earthquakes.

People should also consider not just protecting their homes, but their belongings as well. The state of California has a website on the National Flood Insurance Program, which is currently used by many homeowners. They largely focus on coastal areas. For this reason, it’s worth talking to an experienced private broker to assess your true risk and needs. Furthermore, you can bundle insurance policies and save!

Windfall Insurance Services, Inc. in San Diego, CA can help you find and bundle great policies for auto, home, and flood insurance. Contact us today to assess your flood risk and get started.