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The California state does not mandate flood insurance. However, homeowners ought to acquire coverage as demanded by their mortgage lenders. Building owners in flood plain areas need such protection. At Wynn Insurance Agency, we offer federally-backed flood coverage for personal properties and home structures.
Flood plan covers numerous risks facing local homeowners, like:
Nevertheless, a flood policy does not include earth movement even if it is due to floods, and homeowners need separate coverage plans for such risks.
Do you have a building in a high-risk flood region? Relevant authorities re-evaluate high-risk flood areas regularly, and homeowners should keep checking the state of their zone. Investors who need a mortgage must identify whether their structure is in a risky flood area.
However, every homeowner should consider having a flood coverage policy unless their property is well elevated and far from any water body. Moreover, it is crucial to note that nearly all homeowner's insurance companies do not cover flood-related damages.
The state requires the mandatory acquisition of flood insurance for government and government-related financial assistance for construction or procurement of structures in flood hazard regions. The compulsory purchase demand is also applied when borrowing secured loans from financial institutions.
When making, renewing, or extending any federally-backed loan, creditors must carry out a flood zone evaluation to check whether there is any building part in a high-risk flood area. The law demands that lenders and federal agencies write to borrowers stating that flood covers are mandatory for them to get loans.
At Wynn Insurance Agency, we have made it easier for our customers to pick an insurance plan that fits their needs as we have in-depth knowledge of flood policies. Our team has experience working with flood covers, and we will help you read zonal maps. Give us a call today or visit our office for more details on insurance coverage.
