Flood Insurance

[bimmer456]

I'm trying to get flood insurance but because of the storms all the carriers are putting moratoriums on new policies, looks like I have to wait till after the storm to get a policy. any luck with anyone else on here?

[UncleWede]

Most carriers aren't writing ANY new policies in Cali.

[bimmer456]

Originally Posted by UncleWede

Most carriers aren't writing ANY new policies in Cali.

I have mercury they are pretty good but I’m an existing policy holder. Was able to get umbrella coverage for $1 million in coverage. Like others premiums have gone up though.

[kscarrol]

Traditional flood is a federal program though various companies (USAA in my case) manage policies for their customers. Historically, when I lived in New Orleans, no new polices would be written when there was an active storm. That's what's happening to the OP in SoCal with the current "atmospheric river" situation.

If you're talking supplemental flood on top of the federal program then that may be different where insurance companies simply refuse to issue new policies at all.

[bimmer456]

Originally Posted by kscarrol

Traditional flood is a federal program though various companies (USAA in my case) manage policies for their customers. Historically, when I lived in New Orleans, no new polices would be written when there was an active storm. That's what's happening to the OP in SoCal with the current "atmospheric river" situation.

If you're talking supplemental flood on top of the federal program then that may be different where insurance companies simply refuse to issue new policies at all.

I don’t live in a flood zone so no federal program though insurance would want to sell to low risk clients to hedge there bets against high risk properties

[kscarrol]

The federal program is available everywhere. I now live in Upstate SC, also not in a flood zone and the federal program is available here.

Edit: if you don’t have any flood risk why do you want/need flood insurance? And if no risk, surely the insurance companies would love to sell you a policy.

[RickFLM4]

I’m also not in a flood zone and have a federal policy issued through a private company as described above. Insurers stop writing policies here (flood and homeowners) when a storm is approaching, also as described above. Standard procedure to avoid new policies immediately before a hazard hits.

[bimmer456]

Originally Posted by kscarrol

The federal program is available everywhere. I now live in Upstate SC, also not in a flood zone and the federal program is available here.

Edit: if you don’t have any flood risk why do you want/need flood insurance? And if no risk, surely the insurance companies would love to sell you a policy.

There were some “low risk” areas that got flooded so worth having the protection for piece of mind even though it’s never flooded here or at least not since the 1800s. I do have earthquake insurance through a state program being in CA but never really thought about flood insurance and never had it.

[kscarrol]

Your first flood policy will be from the federal program which offers a maximum $250k of structure and $100k of content coverage. You can then buy excess coverage from private insurance companies. If your area has flooded in the past it can flood again so you’re right to get coverage.

[bimmer456]

Originally Posted by kscarrol

Your first flood policy will be from the federal program which offers a maximum $250k of structure and $100k of content coverage. You can then buy excess coverage from private insurance companies. If your area has flooded in the past it can flood again so you’re right to get coverage.

My exact city and address has never flooded. I did get a quote for $300k structure and $100k loss of use and $120k for items or contents I think or maybe $150k came out to something like $550k total for $1600 a year but another policy with $293k coverage no loss of use was like $800

[UncleWede]

Originally Posted by kscarrol

hat's what's happening to the OP in SoCal with the current "atmospheric river" situation.

It seems to be more the "climate change" issue in Cali. There hasn't been a fire in 5+ years near the cabin, but we're almost an assigned risk if I were looking at equivalent auto insurance. Apparently it's "down" to $7,000/yr, to qualify for most bank loans. Hence why I haven't been able to sell it on behalf of the trust yet.

The fact El Nino might show up this/next/several years in the future is bs for insurances not to write policies. Just because LA got half their yearly total of rain in 2-3 days????