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.
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.
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.
Those who live in mobile homes, condominiums, and within the coastal barrier resources system are not eligible for the coverage. Homeowners who have been affected by flooding within the last five years or who are still recovering from previous floods will be turned down if they apply for one of these policies. Properties in violation of a state's floodplain management regulations and those that have been deemed as severe repetitive loss by FEMA also do not qualify.
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.
Homeowners who are considering these policies often want to know when they will go into effect. Underwriters explain that it depends on the circumstances. If a federally funded mortgage lender requires the protection, it goes into effect at closing. Owners changing from one agency to another have no waiting period as long as the old agency is within the network. Those who let a policy lapse have a waiting period and must submit a no known loss statement to the new agency.
Prospective homeowners can reduce their policy costs substantially by purchasing property that is elevated. Even though may be in a low lying area or in close proximity to a large body of water, it much more likely to survive a flooding event than its neighbors located at a lower elevation.
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.
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.
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.
Those who live in mobile homes, condominiums, and within the coastal barrier resources system are not eligible for the coverage. Homeowners who have been affected by flooding within the last five years or who are still recovering from previous floods will be turned down if they apply for one of these policies. Properties in violation of a state's floodplain management regulations and those that have been deemed as severe repetitive loss by FEMA also do not qualify.
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.
Homeowners who are considering these policies often want to know when they will go into effect. Underwriters explain that it depends on the circumstances. If a federally funded mortgage lender requires the protection, it goes into effect at closing. Owners changing from one agency to another have no waiting period as long as the old agency is within the network. Those who let a policy lapse have a waiting period and must submit a no known loss statement to the new agency.
Prospective homeowners can reduce their policy costs substantially by purchasing property that is elevated. Even though may be in a low lying area or in close proximity to a large body of water, it much more likely to survive a flooding event than its neighbors located at a lower elevation.
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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