Here is an Option to Lower your Flood Insurance Premium in California

If you have a flood insurance policy backed by the NFIP (National Flood Insurance Program) you probably noticed a significant premium increase or you may see it at renewal.   Are there alternatives or options to NFIP backed flood insurance policies in California or in other states? 

You should consider private flood insurance as an option.  Why?  (1) It's unlikely you will be required to obtain a flood elevation certification (cert) for private flood insurance.  Civil engineers charge anywhere from $350 - $1,000+ to complete a flood elevation cert in Silicon Valley.   I'm hearing horror stories where  some of these engineers price gouging  homeowners.  (2)  Save money on the annual flood insurance premium.   I've also heard of cases where private flood insurance premiums were nearly 50% lower than the NFIP backed, flood insurance policies. 

Many traditional insurance agents are unaware of the private flood insurance market.   If you inquire with your traditional insurance agent about private flood insurance, beware.  The traditional insurance agent may dismiss the private insurance sector since they may not truly understand this market.    In addition, since many traditional insurance agents do not have access to private flood insurance (some companies are prevented from offering products from other insurers), they may only offer you the one and only flood insurance product that they have available, the more costly NFIP backed flood insurance policy.  

Speak with a private flood insurance specialist to obtain the details of the program and whether your home / property qualifies for significant savings on flood insurance premiums.  Please note that private flood insurance is not available on all properties.

Private flood specialists are difficult to find.  I know of one that covers California and they are headquartered in Silicon Valley: Red Wave Insurance Services, call them at 408-836-4560.    

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