Record number of homeowners purchase flood insurance in California

flood insurance policies

FEMA reports that more flood policies have been sold through NFIP this year The number of homeowners in California that have purchased flood insurance coverage has grown significantly, according to the Federal Emergency Management Agency (FEMA). This is due to worry concerning El Nino, which may result in several powerful storms in California. Heavy rainfall in the state may be good news for some, as California has been suffering from a severe drought, but this rainfall comes with the risk of flood disasters in several parts of the state. Worries…

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Flood insurance policy ownership plummets in California

flood insurance policies

Due to the ongoing droughts, Californians just don’t see the reason to pay for this coverage. As both state and local officials have now been saying that the droughts that California has been facing may, in fact, be a “new normal” for the state, flood insurance ownership has fallen by 12 percent. An estimated 30,000 insurance policies have been cancelled as they are no longer viewed as worth the price. The decrease by 12 percent has happened from 2012 until now. The reason is that the reduction in rainfall and…

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