Costs and Coverage Requirements for California Flood Insurance

California does not require a homeowner to carry insurance on their house or personal property. Lenders who offer mortgages, however, do require it. In most cases, homeowners in California will do whatever they can to protect their homes and belongings. This includes purchasing flood insurance in addition to your homeowners policy. If you don’t purchase a homeowners policy and the additional supplemental policies, your lender will do it for you at your expense.

Flood Insurance Coverage

Your geographic location determines whether or not you need a flood insurance policy to supplement your homeowners policy. Your level of risk is determined by how close you live to the nearest floodplain and geographic anomalies like valleys, ravines, or dips that occur naturally in the land. Since you live in California, you are also at risk for hurricanes and earthquakes, both of which increase your risk of experiencing a flood. Having all three types of insurance is beneficial for California homeowners.

Do You Need Flood Insurance?

The first thing you need to do to determine if you need to purchase flood insurance is to find the nearest floodplain. You can talk to your insurance agent or contact your local FEMA office. If you want to learn more about the flood risks in your area, contact the National Flood Insurance Program or one of the agencies that sell their policies. They have a wealth of information when it comes to flood risk and are continually updating their information.

Is Flood Insurance a Requirement in California?

Flood insurance is not required in any state, but California officials strongly recommend that homeowners invest in flood insurance through the NFIP. They also recommend the purchase of both earthquake and hurricane insurance as well. With all three types of natural disaster insurance, the homeowner will be protected from the trifecta of issues that commonly produce damages in relation to one another.

California Flooding Risks

Almost every area of California has flooded at least once. Heavy rains are often the problem as well as the runoff from heavy snow in the mountain. Earthquakes and hurricanes can also increase your risk of flooding, especially if you live in a floodplain. If you don’t have flood insurance, you leave yourself at risk for heavy financial loss if flood waters ever make their way to your home. In order to know your individual level of risk, you will need to talk to an insurance agent.

Flood Insurance Costs

If you buy a flood insurance policy from the NFIP, you will pay approximately $780 per year. This will depend on where you live in the state since some areas have a much higher risk than others. You will need to talk to your insurance agent or call the NFIP to get the additional information you need to purchase the right amount of coverage.

If you have questions about flood insurance or where floods are most prevalent in California, talk to our agents here at Jack Stone Insurance Agency. Our agents know how frustrating it is to deal with unknown risks and possible threats. Contact our agents as soon as possible to learn more about the best insurance policy

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