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Does homeowners insurance cover flood damage?

After six years of a drought, California is now dealing with dangerous flooding. Following a week of serious rain storms, people from many parts of the state have been evacuated from their homes, as they watch the water engulf their properties.

But who will responsible for the property damage caused by the flooding? Homeowners insurance typically covers many types of water damage, but does not include flood damage.

That means that flood insurance has to be purchased separately through the National Flood Insurance Program (NFIP).

Unfortunately, after living with the drought for so long, many California residents decided to cancel their flood insurance policies.

In fact, the Sacramento Bee reported that since the drought began in 2012, 30,000 Californians have cancelled their flood insurance coverage, according to data from the National Flood Insurance Program. These individuals may be stuck paying for flood damage out of their own pockets.

Is it too late to get coverage?

Most flood insurance policies require a 30-day waiting period before coverage will take effect, which means that if your home is already flooded, then it is likely too late to get that damage covered.

However, if the water has stayed away thus far, then now is the time to make sure that you are prepared for 2017, which could see extensive flooding in the state.

The average flood insurance policy costs about $1000 per year, according to the NFIP, but it can be more or less expensive depending on where you live and the flooding risk in that area.

Learn more about the difference between water damage and flood damage here.

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