FEMA Forcing Southern California Homeowners to Buy Flood Insurance
As FEMA continues to update its flood maps nationwide, it seems that some Southern California residents will now be affected.
According to recent reports, tens of thousands of residents in the area will be forced to purchase flood insurance because their areas are now viewed as risky.
FEMA’s Informing Homeowners
According to the Associated Press, the Federal Emergency Management Agency (FEMA) has informed homeowners in over 150 cities and unincorporated areas in Southern California that they must now purchase flood insurance since their homes are located in the new map’s flood zones. This could be a problem for many who had no idea of the new flood map or that they would be required to suddenly add a new insurance bill to their budgets.
Costs for the Flood Insurance Premiums
On average, flood insurance premiums can run anywhere from $500 to $1,700 a year. According to the report, some property owners have already started paying their flood insurance premiums. Others are expected to have to start early in 2010.
But everyone isn’t just accepting the new flood insurance requirements. Many have discovered that floods are not covered in standard homeowners insurance policies and therefore must be purchased separately. It’s for this reason that some homeowners in the area have reportedly started fighting the map designations to exclude themselves purchasing coverage.
If you’re a homeowner living in California, have you been requested to buy flood insurance for your home?