by InsInvestigator » Tue Dec 04, 2007 06:00 am
I have a question about flood insurance in CA. One of my rental properties was built back in the late 50s and sits atop a levee overlooking an area that was prone to flooding before the surrounding area was developed - almost 15 years ago. Because my property sits higher than the rest, water hasn't a chance to get even close to my front door. I am, however, still required to purchase flood insurance. How do I circumvent this requirement?
Posted: Tue Dec 04, 2007 09:51 am Post Subject: CA Floods
Hi InsInvestigator!
If I'd heard about CA correctly then the floods over there ought to be awful!
So you should think twice before you opt out of a policy! It might well hold good for the reason that no devastating floods have caught up in your area for the past few years, but who knows what lies ahead!
Thanks for sharing your mind,
ArindamSenIndies
Posted: Tue Dec 04, 2007 10:19 am Post Subject: Levee doesn't guarantee full protection against floods.
I am, however, still required to purchase flood insurance
That's may be because no levee can ensure full protection from flood.
Levees require proper maintenance to retain their heights otherwise they can be easily overtopped by the bigger floods resulting from catastrophes like-tsunamis or cyclones. Living at the top of the levee doesn't guarantee protection against floods.
Thanks.
Posted: Tue Dec 04, 2007 10:25 am Post Subject: Rising costs...am I right !!
My friend, I do empathize with you when I see some of the vital stats associated with Flood insurance flooding. When I look into the data it reflects people to have spent around $400 an year for flood insurance on an avg. With people residing in places which have the strongest probability of getting affected by flood waters it could rise to $2000 an year (depicting $250,000 for their home coverage & $10,000 for the home contents).
Even for people who are not within but some what closer to a flood-zone, the prices could be around $300 per year. But when we read through these data we need to remember that there has still been an increase in terms of flood-insurance applications during the recent years.
So, why take chances!
Regards, Fatman
Posted: Tue Dec 04, 2007 11:13 am Post Subject: Why flood insurance ?
Hi!
I agree that flood insurance is not an absolute necessity for everyone of us. It is also a supportive fact when we don't stay within a flood-zone. But we must not forget that it doesn't take much to turn a so-called 'safe' place into a 'flood-prone' area. If we had closely observed all events associated with Katrina & Rita then we ought to realize that the best & the most affordable way of protecting our assets is to buy flood insurance. All the best.
Posted: Fri Dec 07, 2007 01:43 am Post Subject:
You can never be 100% sure that your place won't be flooded. Since the insurance isn't that expensive I don't really see a reason to circumvent it. By Murphy's laws when you decide not to buy insurance or find a way not to buy it there'll be a flood big enough to reach your house. So please don't take chances.
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