Can't Get Flood Insurance?

The House and Senate have not yet passed Flood Insurance 
reform. They have only temporary funding for the National Flood Insurance Program. 

House version: increase flood insurance 
coverage for residential property; increase borrowing 
authority for the NFIP; increase annual limitation on 
premium increases from 10 percent to 15 percent; 
increase coverage limits to $335,000 for residential and 
$670,000 for commercial properties; add coverage for 
business interruption; phase out subsidies for non-primary 
residences and non-residential properties beginning in 
2011 and include wind protection. 

Senate version: no wind protection, would phase out subsidies for non-primary residences and non-residential properties immediately by raising premiums 25% annually until actuarial rate is achieved, does not increase coverage limits, and does not add coverage for business interruption. 
H.R. 1264 H.R. 1264 is currently in 
the House Financial 
Services Committee. 

Cost for flood insurance for a single family residence in Huntington Beach can vary from $ 700- $1400 a year premium. If no existing policy is in force and the Federal Flood Maps declare the subject house in a flood plane, you can not get a loan. In some cases the existing policy is assumable. There is only one source for Flood Insurance- FEMA our Federal Government.
It does not cover 100% of loss. There are a couple areas in Orange County which require flood insurance, if you are on a creek bed or flood plane you may not even be aware that flood insurance is now required.

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