As you may know, your Homeowners Insurance does not cover flood damage. According to NFIP, nearly 25% of their claims occur in moderate to low risk areas. 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.
PRIVATE FLOOD INSURANCE - 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.
If you don’t currently have Flood insurance, now is a great time to think about it. If you do have Flood Insurance, but it is currently thru the NFIP, I would encourage you to call us for a No-Obligation quote!
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. We are an independent insurance agent and can provide you with home, auto, umbrella, earthquake, flood, business and many other types of insurance coverage. Contact us today to schedule your free review.
Denia Aggetta ShieldsLou Aggetta Insurance, Inc.
2637 Pleasant Hill Road
Pleasant Hill, CA 94523
(925) 945-6161
denia@aggetta.comLicense #OK22281Like us on Facebook at Lou Aggetta Insurance
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