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Discussing Flood Insurance Rates for Homeowners and Renters in California

Posted by: Insurance Place by: September 28, 2016

Discussing Flood Insurance Rates for Homeowners and Renters in California

Flood Insurance Rates In California

California doesn’t seem like the most likely place to get flooded, but you’d be surprised. Heavy rains, snowmelt, flash floods, and even broken levees and dams are all common causes of California flooding. There’s good news, however—you can find a wide range of flood insurance rates to get a policy that protects your home.

So how much should you pay if you’re a renter vs. a homeowner? And what else affects flood insurance rates in California?

To help you make the most informed decision and get the coverage you need, we’re going to go over some common flood insurance rates and what to expect from the policies.

 

General Flood Insurance Rates in California

Whether you’re renting an apartment or own a home, your flood coverage will vary. For homeowners, flood insurance rates will be based on coverage for both the building and the contents. For renters, however, flood insurance will only cover personal property; there’s no need to get coverage for the building since you don’t own it.

Here are some common rates, listed from low, medium, and high coverage:

  • • $20,000/$8,000 – $146 annual premium
  • • $100,000/$40,000 – $324 annual premium
  • • $250,000/$100,000 – $425 annual premium

(Source: FloodSmart.gov)

These rates are based on living in a low- to moderate-risk area. If you live in a high-risk area, you’ll need to call your insurance company to get a flood insurance quote. Rates can also vary if your property has a basement. Basements are uncommon in California, so you may only need to consider the standard rate.
For California renters, rates can vary if your personal property is above ground or closer to where flooding may occur.

 

What Is and Isn’t Covered By Flood Insurance in California

Now that you have a basic understanding of what affects the price of your California flood insurance rates, you need to know some of the finer details of your policies—what they cover, and what they don’t. When you’re deciding on a plan that fits your budget, you need to know you’re getting not only enough coverage but the right kind for your property.

Many flood insurance plans in California do not cover plumbing issues. If one of your pipes burst, flooding your kitchen or garage, the incident will usually fall under your homeowners’ insurance—not your flood insurance policy.

On the other hand, flooding caused by earthquakes will not likely be covered by an earthquake policy; you’ll need flood insurance instead. In this case, having both earthquake and flood insurance coverage can help you recover after a double disaster of this magnitude.

These are just a few factors that can affect your rates. There are more, but to learn what they are you’d need to get a personalized flood insurance quote. It’s the only way to determine just how much coverage you really need for your rental property or home.

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