A home is a huge investment for most people, and they will do whatever is necessary to protect it. They insure it against fire, burglary, and water damage. Many believe their California homeowner's policy covers anything that might happen, but they are wrong. Those who live in low lying areas often find out the hard way that flooding is not an item covered in their standard policy. Without the FEMA or private flood insurance CA underwriters offer, these homeowners are left to replace and repair their homes themselves and at their own expense.
A number of laws were enacted under the Obama administration that changed the rules regarding government subsidized policies, rate hikes, and the introduction of independent underwriting protection against flooding events. The independent agencies have very competitive rates, and homeowners have the same coverage they receive under the FEMA plans. The government and commercial agencies even employ the same claims adjusters.
This protection is not guaranteed to all homeowners. It is not open to residents throughout the country, although more than half the country is eligible. The types of buildings the policies cover include residences with one to four units, and structures that are not for residential use. Individuals don't have to be homeowners to qualify. Renters can purchase the protection for the contents of their homes.
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.
Although they understand the dangers, many homeowners choose to live in areas where flooding is common. Many refuse to relocate no matter how many times the water rises. For those who choose this lifestyle, protection policies are not only necessary but crucial.
A number of laws were enacted under the Obama administration that changed the rules regarding government subsidized policies, rate hikes, and the introduction of independent underwriting protection against flooding events. The independent agencies have very competitive rates, and homeowners have the same coverage they receive under the FEMA plans. The government and commercial agencies even employ the same claims adjusters.
This protection is not guaranteed to all homeowners. It is not open to residents throughout the country, although more than half the country is eligible. The types of buildings the policies cover include residences with one to four units, and structures that are not for residential use. Individuals don't have to be homeowners to qualify. Renters can purchase the protection for the contents of their homes.
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.
Although they understand the dangers, many homeowners choose to live in areas where flooding is common. Many refuse to relocate no matter how many times the water rises. For those who choose this lifestyle, protection policies are not only necessary but crucial.
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