El Nino is upon us and it is time to consider flood insurance. This practical insurance can be purchased anytime, but the policy does not take effect for 30 days. While Earthquakes are the most common natural disaster here in California, flooding is the most common natural disaster throughout the country. With the predicted heavy rain weather on it's way It is very important to keep in mind that flooding is not commonly covered in your typical homeowner's insurance policy, making it necessary to purchase additional coverage for this costly, devastating disaster.
If you are in a high-risk flood zone (uncommon for a lot of our area), a federally regulated lender will require a borrower to buy flood insurance in order to qualify for a mortgage loan. To satisfy the lender, flood insurance must be purchased in an amount that sufficiently covers the loan. If you are NOT in a flood zone, don't assume you are safe! Floods have been known to happen anywhere at anytime.
The definition set up by the National Flood Insurance Program is a general and temporary condition where two or more acres of normally dry land OR two or more properties are inundated by water or mudflow. Flood Policies pay off even if the area is not declared a federal disaster area. this is important because those declarations are very rare.
A policy can be purchased through us over the phone and, if you are not in a designated flood zone, coverage could be less than $500 a year. Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters.
Please remember, if you are considering Flood Insurance Coverage, don't wait! Coverage won't go into effect for 30 days from day of purchase. Coverage can be placed for any type of building - House, Rental House, Condo, and even commercial buildings.