New private flood insurance offers consumers more choice
News: 2018 Press Release
"Flood insurance may be the only product that stands between you and a crippling financial loss," said Insurance Commissioner Dave Jones. "California communities have been ravaged by historic floods. I urge consumers to consider flood insurance to protect their most valuable assets."
American National's flood insurance program is a new entry into the private flood insurance market in California and does not replace the National Flood Insurance Program, which currently provides the majority of flood coverage written in the state.
This new residential private flood insurance program offers consumers a number of coverage features, including residential building property, personal property or contents, debris removal, and additional living expenses (ALE) or lost rents. The policy term is 12 months.
"Providing consumers with more choices may lead more residents to consider flood coverage," added Jones. "Many areas of California are subject to flooding from severe storms or heavy rains. I encourage more insurers to consider entering this market."
Last October the department approved a private flood insurance product by Homeowners Choice Property and Casualty Insurance Company. Homeowners Choice also covers residential building property, personal property or contents, debris removal, and ALE. The company is offering limited policies to homeowners and renters whose properties have had no flood claims in the last six years.
Commissioner Jones encourages consumers to prepare for potential disaster by using their smart phone to record a home inventory, catalog their belongings and store them in their cloud account. Residents should also consider scanning deeds, insurance policies and other important documents and store them in their cloud for easy access.
The department has a number of resources to help consumers with insurance coverage or claim questions. Consumers with questions or needing assistance should call the consumer hotline at 800-927-4357.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.