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Who Needs Flood Insurance on the Coast?

If water was rising close to your home during last Sunday’s deluge, maybe you need to consider flood insurance.


Just a few inches of water in your home can cause tens of thousands of dollars worth of damage. For the five years ending in 2011, the average flood claim in the U.S. was $30,000. But depending upon the source of the flood, your regular homeowners insurance policy won’t cover the damage. You need federally backed flood insurance.

The City of Half Moon Bay has participated in the National Flood Insurance Program since 1986 which means that all residents and businesses are eligible to purchase flood insurance. The City also has a floodplain management program regulated by local ordinance adopted in 2002.

If you live in a high risk area and have a mortgage, your mortgage lender most likely requires flood insurance. But even if you live in a low risk area, you can still buy flood insurance. The same holds true if you don’t have a mortgage. Everyone is eligible.

Flood insurance rates start at $129 per year and go up based upon risk, age of the home and other factors.

The federal government maintains a website to answer questions about flood insurance, FloodSmart.gov.

Here are some facts about flood insurance premiums from the website:

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (is it in a flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

Unless your policy is linked to a new mortgage, there's a 30-day waiting period from date of purchase before your policy goes into effect.

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Vivian Waters May 27, 2013 at 06:14 AM
Great article. It is indeed very much important to know who are the people at risk with every possible disaster that would happen. And that would include floods of course. People in high risk and hazard prone areas must be aware of all these possible hazards. Flood insurance helps so much. This could help affected community in bouncing back after a great disaster. -http://www.premierflood.com/

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