Flood Insurance, Do I really Need it?

Well the rain has started and the question has come up again. Do I really need flood insurance? The honest answer is I do not know, Where do you live, what is the terrain like and a lot of other questions. But here are a couple of real life stories.

A client that sits on a hill but has a slope  behind the house and  does not think they need flood insurance. During a heavy rain the water coming down the hill behind the house rushes in through the sliding glass doors and floods the hardwood floors. A  perfect definition of flood, the water was moving on the ground. A flood insurance policy would have provided the money for the floor repair.

Another example was a house sitting off the road but slightly below the road. During the last El Nino the water came down the road with silt in it. The water crested the road berm and and poured down the driveway into the garage. Damage was done to the contents sitting on the floor and of course the mud had to be scraped out and cleaned up. Another claim that would have been covered by flood insurance.

Of course, if you are in a flood zone and are working on a loan the bank will require Flood coverage. Depending on the zone the premium for $250,000 on the house could be as low as $430.00 for the year. Because of the seasonal nature of flood insurance, the premium is paid up front and the policy goes for the entire year,.

What if I am not in a flood zone you might ask? The house on the hill. Well the flood insurers will assign a risk and make coverage available. Everyone can get flood insurance. The kicker is that there is a 30 day wait after the application before it is in force. The only exception is if the bank requires the coverage, then it goes into effect the next day. So do I really need flood insurance? The answer lies in the possibility that rising water or flowing water and mud could enter your house. If this is possible then flood insurance is for you. Give us a call today at 805-238-1818 and we will get the application going for you.



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