11 May Walnut Creek Flood Insurance
Close to the iconic San Francisco Bay area, Walnut Creek, California is its own little gem of a city. Due to the many wonderful features of Walnut Creek, there are many happy, long-term residents in the city, and there are always individuals looking to settle within its city limits. For both current and potential residents, there are some unique considerations to take into account when purchasing insurance policies. Specifically, current and potential homeowners need to carefully evaluate their earthquake and flood insurance needs.
Like many other locations in California, Walnut Creek experiences minor, mostly unnoticed, earthquakes on a regular and frequent basis. While a majority of the earthquake activity is minor, there is always the chance that a larger earthquake will take place and that it might be strong enough to cause damage to homes and businesses. While some homeowners insurance policies will provide coverage for earthquake damage, other homeowners may need to have an earthquake endorsement added to the policy to be covered. When selecting an insurance policy for the home, owners should take time to determine if the endorsement offers enough coverage, or if they need to invest in more comprehensive coverage. If a homeowners policy and earthquake endorsement is already in place, the policy should be reevaluated on a regular basis to ensure adequate coverage.
Walnut Creek is also at risk for flooding. While the city has been fortunate to have experienced only a few floods in the past fifty years, the fact remains that the city is susceptible to flooding, and part of the city is considered a Special Flood Hazard Area (SFHA) by the Federal Emergency Management Agency (FEMA). Homeowners should be aware that a standard insurance policy for the home will not cover flood damage. Walnut Creek Flood insurance policies can be obtained from one of two sources in California: The National Flood Insurance Program (NFIP), which provides government-subsidized insurance policies offered through national, regional, and local insurance agencies; or private insurance agencies which offer policies through programs like the National Catastrophe Flood Insurance Program (NCIP).
There are several different factors to consider when deciding between the NFIP and private insurance programs like the NCIP for your Walnut Creek flood insurance needs. The NFIP policy rates are determined by FEMA and may vary based on where a home is located within Walnut Creek. No matter which insurance agency you use, it is important to note that rates for all NFIP policies will be the same, as they are being priced from the same source. Private policy rates will vary, depending on the level of coverage the homeowner wants. NCIP policies are generally more comprehensive and priced less expensively than an NFIP policy. It is important to note that the homeowner should make a decision as soon as reasonably possible, as coverage through the NFIP or private agencies will not take effect until thirty or fifteen days after the policy is approved, respectively.
For both the long-term and potential residents of Walnut Creek, California, an affordable investment of earthquake and flood insurance policies will go a long way to providing protection and peace of mind.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
Sorry, the comment form is closed at this time.