A number of California homeowners have taken the threats of El Niño-fueled storms seriously and recently purchased flood insurance. The National Flood Insurance Program is helping to take some of the pressure off homeowners. According to the Federal Emergency Management Agency (FEMA), 20,903 National Flood Insurance Program (NFIP) policies were written in the state during November. NFIP is a federal program that offers flood insurance that's purchased through private property and casualty insurance agents. For comparison, between August 31 and October 31, 2015, FEMA stated that 7,181 new federal flood insurance policies were written. Together, 28,084 policies were purchased spanning late August to late November. California homeowners now just considering the purchase of flood insurance may be too late, as policies generally take 30 days to go into effect. Advising homebuyers to purchase flood insurance For buyers' agents, advising clients to purchase flood insuran...
- Insurance policies take at least 30 days to take effect.
- Landslides and earth movements not covered under flood insurance.
- Flood insurance premiums average $700 per year.