Schneiderman Insurance Agency, Inc. Blog
Strong El Nino conditions in the Pacific Ocean are causing a lot of discussion by local and national news and governmental agencies urging residents to consider purchasing Flood Insurance even in low to moderate risk flood areas.
Just because your mortgage company does not require flood insurance does not mean that you should not consider purchasing a policy to protect your home and its contents.
El Nino is a weather pattern that starts with warmer than average temperatures in the Pacific Ocean and usually results in higher than average rainfall and intense storms in western areas of the United States, most specifically in California
The Los Angeles Times reported that since 1978 37% of all flood insurance claims case as a result of two winters (1982-1983 and 1997-1998), which happen to be the last two times there were similar El Nino conditions to this year.
There are many nuances to flood insurance that need to be considered. While mudflow might be covered, mudslides and landslides are not. A flood must affect two or more acres, or two or more properties for insurance to apply. There are limits to the standard NFIP flood insurance policy, so if your residence replacement cost is in excess of $250,000 you will want to speak with your insurance agent about excess flood insurance options.
Flood insurance is available to homeowners, renters, condo owners, and commercial owners and renters. Costs depend on the limits of insurance purchased and the property’s flood risk.
It is important to understand that you cannot get flood insurance at the last minute, so if you are considering purchasing flood insurance it is advisable to act quickly as there is a 30 day waiting period for flood insurance to go into effect after it is purchased in most cases.
If you are interested in learning more about flood insurance available in your area of California, please contact us at our Los Angeles office today