The latest data released by National Flood Insurance Program (NFIP) Policies has shown an increase of 28,084 new flood insurance policies purchased in California from August 31 – November 30, 2015.
“The major increase in flood policies show Californians are taking the threat seriously and taking powerful steps to protect their families and property. Those who may need and not have a flood policy should act today, as policies generally take 30 days to go into effect,” The Federal Emergency Management Agency (FEMA) Region 9 Administrator Robert Fenton said in a report issued on January 6, 2016.
The 12% increase is the first of its kind in recent history. The previous reporting period showed that policies increased 3% from August 31 to October 31.
“We are encouraged by the number of Californians that are becoming financially prepared for the flooding that is expected from El Nino,” said Janet Ruiz, California Representative for the Insurance Information Institute. “It is crucial to protect our families and homes by preparing for catastrophes ahead of time.”
FEMA administers the National Flood Insurance Program (NFIP) and works closely with more than 80 private insurance companies to offer flood insurance to homeowners, renters, and business owners. In order to qualify for flood insurance, the home or business must be in a community that has joined the NFIP and agreed to enforce sound floodplain management standards.
Recommended Post: 2015 natural disaster insurance cost falls lowest in six years
News Source: More Californians Preparing For Severe El Nino Flood Risk: Residents Purchase 28,000 New Flood Insurance Policies in California. FEMA. Retrieved from: http://www.fema.gov/news-release/2016/01/06/more-californians-preparing-severe-el-nino-flood-risk-residents-purchase
California Flood Policies
Reviewed by Christina Bohlemon Jan 05 2016
Rating:
Reviewed by Christina Bohlemon Jan 05 2016
Rating: