The original federal maps that covered flood insurance in San Diego flood risk map risk were created in the ’70s. Technology has advanced since then, but that doesn’t mean all the maps have been updated. And those maps are important. The NFIP and all federally backed lenders rely on these maps to assess risk, set premiums, and determine who is required to purchase flood insurance.
Bad San Diego flood zone maps leave property owners under or uninsured.
And San Diego County has many bad maps. Out-of-date maps cause problems. If the area has been developed, then there is likely more concrete creating a barrier for land that previously could have absorbed a massive downpour.
San Diego City limits, San Diego County, and surrounding areas such as Oceanside CA, Escondido CA, Carlsbad CA, Chula Vista CA, Coronado CA, Del Mar CA, and Imperial Beach CA to name a few has been growing. Since 1970 California’s population grew from 19.9 million to 39.5 million. Those people need places to live and work and that means development. So if your home was built after the 1970s and it could have an outdated flood map that doesn’t reflect recent development you are probably at risk for flooding and don’t even know it.
Any property owner that is financed will be required to purchase a California flood insurance San Diego policy if your structure is on a flood risk map. Owners of properties outside of these San Diego flood risk maps will not be required to carry flood insurance, but it is important to remember that a line drawn on a map doesn’t protect your property from flooding. FEMA estimates that twenty percent of their claims on any given year come from San Diego California and surrounding areas.
Even FEMA admits that the San Diego flood maps only partially reflect the real risk. Recent storms are proof it can rain anywhere in California’s borders.
Flood coverage gives you peace of mind and California flood insurance in San Diego really isn’t as bad as you think. The average cost for California flood insurance in San Diego is $500 to $850 per year.
No matter what the map says, it’s better to have coverage and not need it than to not have coverage and wish you did.
Natural disasters are common in California, earthquakes, wildfires, and mudslides. But in some areas, such as San Diego CA, and San Diego County, flooding poses a major threat. City officials consider flooding to be the natural disaster most likely to affect the San Diego area. For this reason, property owners within the city, county, and outlying areas are strongly urged to consider purchasing flood insurance to protect themselves financially.
One major factor in the cost of flood insurance for San Diego is the property location and the company you choose to write the coverage. Premiums for homes in low-to-moderate risk are lower and premiums in high-risk areas are higher.
A higher-risk flood zone is Flood Zone AE. If your property is in Zone AE, your lender will require you to have flood insurance.
The cost of California flood insurance in San Diego in this zone really depends on factors that are unique to the structure.
As an example, let’s look at a house built on a slab on grade foundation. The home was built in 1974. The policy is for flood coverage at the NFIP maximum of $250,000 for the building only. It doesn’t include contents and the deductible is our recommended amount of $5,000.
Our example is a house in San Diego CA flood insurance but the premiums will be the same as in San Diego County flood insurance, Carlsbad California flood insurance, Chula Vista California flood insurance, Coronado flood insurance, Del Mar California flood insurance, El Cajon California Flood insurance, Encinitas California flood insurance, Escondido California Flood insurance, Imperial Beach California flood insurance, La Mesa California Flood insurance, Lemon Grove California flood insurance, National City California Flood insurance, Oceanside California flood insurance, Poway California Flood insurance, San Marcos California flood insurance, Santee California Flood insurance, Solana Beach California flood insurance, Vista California flood insurance, and most other California cities and counties in an unnumbered AE flood zones.
This would be the price if the property had a previous flood loss and either doesn’t have an Elevation Certificate or the Elevation Certificate shows the lowest floor is 4 feet under the BFE. This policy lets you use 10% of your coverage to cover other structures on your property
Now, let’s look at the San Diego private flood insurance market and compare the options. The coverage and deductible are exactly the same.
The California Lloyds of London policy would be $625
This option is great but they won’t cover property with a prior flood loss. But they have a broader definition than the NFIP and offer $2,000 for loss of use. $2,000 for other structures doesn’t increase this coverage. They don’t require an Elevation Certificate.
California private flood insurance (Not Lloyds) is $1,296
This option will take properties with one prior flood loss if it was more than 5 years ago and the claim was under $100,000. They will write practically all risks, and you don’t need an elevation certificate.
San Diego Flood Maps have 4,876 properties in the high-risk flood zone.
And there were new maps in 2019.
The area that is most affected by the new San Diego County Flood maps is Del Mar, and Newport Beach, from 17th Street north to San Dieguito River.
FEMA flood maps that will take effect in two months have the potential to send the insurance cost for these properties up.
The good news is that if you bought your flood insurance policy within 12 months of the new map, you will get a heavily subsidized policy.
You will need to work with a flood insurance expert; however, to figure out how to do this.
NFIP insurance for homes in the V and VE flood zones is extremely expensive. Once I saw a premium of $30,000 a year for a single home family. This is ridiculous!!
To save you money, the Flood Nerds shop flood insurance for your V or VE flood zones properties on the private flood market is underwritten by Lloyds of London.
We see savings in the thousands with this approach AND we have been able to double and triple coverage for California flood insurance San Diego oceanfront properties.
The problem with the NFIP approach is they take a one-size-fits-all approach to coverage. The results are premiums far too high for waterfront houses.
Coastal California homes are all custom built. The NFIP doesn’t take this into consideration but Lloyds of London’s other private flood insurers do. They offer variable coverage options as well as significant savings.
For example, a home in Rio Del Mar California, in a VE flood zone map needs $250,000 of coverage, with no contents coverage and a $5,000 deductible.
The NFIP annual cost for flood insurance in a VE flood zone is $4,802.00.
The same coverage for the same property on the private market is under $878.