Flood Insurance is available to Homeowners & Tenants through a National Flood Insurance Program. It keeps rates resonable, but it is not all-encompassing. What you may not realize is that when you go to make a Claim, you will need to demonstrate that:
1] The source of the damage was a naturally occuring event. If there is a neighbor – or another party -who is to blame for the damage, you will not have any coverage.
2] That you are not the SOLE victim. At least 2 other adjacent properties must also suffer flood damage in order for your claim to be considered valid.
The Bad News: Limits for the coverage may be $250,000. That may be insufficient for many of our luxury homes.
The Good News: There is only a 30-day waiting period for your insurance to take effect. So if you do not delay, you will beat this year’s potential rains.
There is a website that offers more details: http://www.insurance.ca.gov/wf-con-info/0040-flood-insur-fs/