How high flood scores impact flood insurance in SF, CA
April 14, 2021at7:00 AM
Flooding devastates property. A high flood score means more than increased flood insurance rates in San Francisco, CA. It lets you know what to prepare for. If you received a high flood score, Gleetopia is your premier insurance solution. Our long-standing industry relationships and experience enable us to offer unbeatable deals and expert advice. Unlike other agencies, we’re family-owned and treat clients like our own kin.
Here’s what you should know if your property has a high flood score.
What it means
Your flood score is your Flood Factor. If you live in a flood zone, this has direct consequences on flood insurance in San Francisco, CA. Flood Factors are graded on a scale of 1-10. These gradations represent your flood risk:
Flood insurance rates depend on these grades. Variables that go into calculating Flood Factors include:
If your home is in a flood zone
If your home is at risk of flooding
Projected flood risk
These scores don’t just represent the potential of flooding, but they also represent the depth of potential flooding. Calculating Flood Factors is complicated. Everything from the flood source (rain, rivers, coastal areas, etc.) to flood probability is taken into account.
How it impacts home value
A high Flood Factor impacts more than just flood insurance coverage in San Francisco, CA. It directly influences your home value.
It’s typically more difficult to sell homes with a high Flood Factor. It also significantly reduces property value. This means if you’re selling or planning on selling your home, you’ll likely have to lower the asking price.
How it impacts insurance rates
A higher Flood Factor means your flood insurance rates in San Francisco, CA will inarguably increase. For example, a home in a “V zone” (coastal areas) can cost up to 100% to 200% more than what it costs to insure a home in a zone with a minimal chance of flooding.
However, this all depends on multitudes of factors only truly qualified agents can calculate. At Gleetopia, our connections and industry experience enable us to find the perfect, custom coverage for your unique situation.
Why you need insurance
Firstly, if your home is in a high-risk flood area and your mortgage is backed by a federally regulated lender, you don’t have a choice. It’s a government requirement to have flood insurance under these circumstances.
However, even if it’s not required, it’s important to have flood insurance. If your home floods and you don’t have insurance, homeowner’s insurance won’t cover it. After a flood, there’s nothing worse than being hung out to dry.
If you live in a high-risk flood area, this isn’t worth risking. Flood insurance in San Francisco, CA covers structural damage to your home and personal property. It’s the most common natural disaster in the US. A staggering 20% of all flood insurance claims are for homes outside high-risk areas.
Everyone’s vulnerable. If you’re not covered, you’re setting yourself up for financial ruin. All it takes is a few inches of water to cause major damage. A mere four inches of flooding could require you to replace:
Without flood insurance, this all comes out of pocket.
Contact us now to get insured!
If you recently received a high Flood Factor, getting flood insurance coverage in San Francisco, CA is of the utmost importance. You can’t anticipate what you can’t anticipate, and the risk of being uninsured is simply not worth it. At Gleetopia, you’re family, and that’s exactly the kind of care and attention we afford our valued clients. Contact us now to get insured!