February 2, 2016
Flood Insurance Discount Potential for Unincorporated Marin County
How can I save 15% off of my flood insurance in Marin County? What is Unincorporated Marin County? Will this happen automatically? Who Qualifies for this Flood Insurance Discount?
Feel the Flood Coming?
The Basics on Flood Insurance:
There are all sorts of rating factors when determining the price for Federal Flood Insurance. Many of these rating factors have to do with your home such as the type of foundation you have. Some of them have to do more with your property, such as the elevation. Other Rating factors have to do with your community. The community rating factors can be complex and difficult to understand and explain. When a community that is participating in the National Flood Insurance Policy improves flood prevention conditions it may trigger lower overall insurance rates. According to the Marin IJ, “Flood improvement work across Marin will allow hundreds of property owners in the county’s unincorporated areas to get 15 percent discounts on federal flood insurance.”
I expect, but I do not know that the discount would apply upon your next renewal. Call your insurance agent direct and inquire.
Of special note here to homeowners is that there may be other things that home owners in Marin County can do to lower their flood insurance bill if you live in a high hazard flood zone. Two Quick ideas are to get an elevation certificate and or shop around with some of the new flood options.
Who is Required to Have Flood Insurance?:
According the FEMA Floodsmart website: “Homes and buildings in high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance.” Also Homes located in low to moderate risk areas “are typically not required to have flood insurance.” When you contact your mortgage broker, more than likely they will tell you. If not an insurance agent that sells and services flood insurance, will be able at least to tell you the flood zone. Consider reading Common Flood Insurance Questions or Flood Insurance Documents. Do not be fooled into thinking that if you are not required to buy flood insurance that you should not get it. People is safer zones, who occupy a residency full time, and have not had any insurance claims can get federal flood insurance for a very low cost.
Where is Unincorporated Marin County?:
Unincorporated Marin County is mostly the areas of the County that are not part of a larger city such as San Rafael, Mill Valley, Novato, Larkspur, etc. Some of the areas in Marin County may have a postal address which is not technically part of the city. An example of this is Tamalpais Valley, which has a postal address of Mill Valley. Technically though, Tam Valley is not part of Mill Valley. Confusing? It is.
Sail away to lower prices
Flood Insurance Discount for Marin Residents?:
In summation if you live in unincorporated Marin County, you may be able to get a slightly lower insurance rate in the coming year(s). It unclear when and how they will take force. The article seems to single out Unincorporated Marin and San Anselmo. I assume it is the city of San Anselmo, but that is partly unclear.
About Marindependent Insurance Services LLC:
Based on mountainous Marin County, Marindependent is a true Independent Insurance Group. Besides Flood Insurance, we offer Earthquake, Term Life, Umbrella, Small Business, Home and Auto Insurance. We also have a specialty in handling to hard to write homes. California License 0K10734. Please read our disclosure.
Further Reading: All About Flood Insurance
