With the rainy season once again upon us, it’s a good time to think about Flood Insurance. As you may know, your Homeowners Insurance does not cover water damage from flooding. According to NFIP, nearly 40% of all their claims occur in “non-mandatory” flood zones. Their average payout for a claim is $52,000. Another interesting fact is just 1 inch of water can cause $25,000 of damage to your home. The good news is that there are now 2 options for Flood insurance. They are as follows:

NFIP (National Flood Insurance Program)

• This is a national program is backed by FEMA
• The cost is based on government mapping of zones and their likelihood to flood.
• If you are in a “higher” frequency flood zone, you are required to obtain an Elevation Certificate. These certificates can be quite expensive.
• Unless coverage is being required by a lender at the close of escrow, there is a mandatory 30 day waiting period.
• Maximum amount of coverage available is $250,000 on the Building and $100,000 on Contents. Loss of Use is NOT available.
• Requires annual payment in full.

• Not backed by FEMA - but you are protected by the California Insurance Guarantee Association as long as the carrier is licensed to do business in the state of California.
• Rates are based at the location level, which means lower rates in many instances.
• No Elevation Certificate.
• No 30 day waiting period.
• Coverage limits in excess of $1M available. Optional Loss of Use up to $50,000.
• Payment options available.

As an added benefit of your 1st Nor Cal membership, we at Lou Aggetta Insurance will help you review the things that are important to you and provide you with options for reducing risk in your life. If you decide to buy an Auto policy you will receive a $25 Gift Card. If you purchase both Auto and Home you will receive a $50 Gift Card.⁴ We are an independent insurance agent and can provide you with home, auto, life, health, business, and many other types of insurance coverage.