California homeowners who live in areas where there is the possibility, or probability of flooding, know how much devastation it can cause. Some of these same homeowners are under the mistaken impression that their homeowner's insurance will cover the damage. They couldn't be more wrong. Without the protection of the FEMA or private flood insurance CA underwriters provide, homeowners are out of luck when it comes to getting reimbursed for the costs of repairing or replacing their residences.
During the Obama years, a number of laws were enacted that attempted to curtail rising prices, regulate government policies, and allow protections from flooding by introducing independent underwriting. The commercial agencies that resulted are extremely competitive and offer the exact coverage FEMA plans offer. They go so far as to share claims adjusters with the government agency.
Those who are interested in purchasing one of these policies will have to meet certain criteria. Protection is not offered in every state. Companies cover residential buildings, that only have four or fewer units, and nonresidential structures. Renters can purchase policies, but not for the residences they lease. Their contents can be covered, but not the structure.
People who own or live in condominiums and mobile homes are not eligible for protection. Homes that had flood damage within the last five years will not qualify for a policy, nor will properties still recovering from flooding events. Property that does not meet their state's floodplain management regulations are exempt from coverage. When FEMA puts affected real estate in the severe repetitive loss category, companies will not insure them.
Homeowners need to clearly understand how much coverage they will get with one of these policies. The limit for a residential or commercial structure is five hundred thousand dollars. Underwriters allow up to two hundred fifty thousand for residential contents and five hundred thousand for commercial contents.
Many applicants are interested to know how long it takes for a policy to become active. Underwriters tell them that it depends. If the applicant is purchasing a home, and a federally regulated lender requires a policy be in place, there is no waiting period. There is not a wait time if a homeowner decides to change companies insuring their property, if the current policy is still in effect, and the company they are moving from is part of an approved network.
Homeowners can reduce their costs by buying homes that are not in low lying areas. In parts of the country where flooding is common, elevated housing may be more expensive, but it is often worth spending more money for the home and less for additional flooding protection.
The parts of the country with extensive rainy seasons and those with an abundance of water mass are some of the most beautiful and most desirable places to live. They can also become some of the most dangerous places when floods threaten.
During the Obama years, a number of laws were enacted that attempted to curtail rising prices, regulate government policies, and allow protections from flooding by introducing independent underwriting. The commercial agencies that resulted are extremely competitive and offer the exact coverage FEMA plans offer. They go so far as to share claims adjusters with the government agency.
Those who are interested in purchasing one of these policies will have to meet certain criteria. Protection is not offered in every state. Companies cover residential buildings, that only have four or fewer units, and nonresidential structures. Renters can purchase policies, but not for the residences they lease. Their contents can be covered, but not the structure.
People who own or live in condominiums and mobile homes are not eligible for protection. Homes that had flood damage within the last five years will not qualify for a policy, nor will properties still recovering from flooding events. Property that does not meet their state's floodplain management regulations are exempt from coverage. When FEMA puts affected real estate in the severe repetitive loss category, companies will not insure them.
Homeowners need to clearly understand how much coverage they will get with one of these policies. The limit for a residential or commercial structure is five hundred thousand dollars. Underwriters allow up to two hundred fifty thousand for residential contents and five hundred thousand for commercial contents.
Many applicants are interested to know how long it takes for a policy to become active. Underwriters tell them that it depends. If the applicant is purchasing a home, and a federally regulated lender requires a policy be in place, there is no waiting period. There is not a wait time if a homeowner decides to change companies insuring their property, if the current policy is still in effect, and the company they are moving from is part of an approved network.
Homeowners can reduce their costs by buying homes that are not in low lying areas. In parts of the country where flooding is common, elevated housing may be more expensive, but it is often worth spending more money for the home and less for additional flooding protection.
The parts of the country with extensive rainy seasons and those with an abundance of water mass are some of the most beautiful and most desirable places to live. They can also become some of the most dangerous places when floods threaten.
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