California Insurance Commissioner Dave Jones has approved a new private flood insurance product
The residential product, which Jones announced the approval of on Tuesday, is provided by American National Property and Casualty Co. The new entry into the private flood insurance market in California does not replace the National Flood Insurance Program, which currently provides the majority of flood coverage written in the state, according to Jones.
The 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 or lost rents. The policy term is 12 months.
In October 2017 the California Department of Insurance approved a private flood insurance product by Homeowners Choice Property and Casualty Insurance Co. 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.
“Flood insurance may be the only product that stands between you and a crippling financial loss,” Jones said in a statement. “California communities have been ravaged by historic floods. I urge consumers to consider flood insurance to protect their most valuable assets.”
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