Specialty Insurance

Flood Insurance

Standard homeowners insurance does NOT cover flood. NOT covered: river rise, hurricane storm surge, even sewer backup.

• NFIP (National Flood Insurance Program) — federal. $700-2,000/year typical. Required if mortgage AND in flood zone.
• Private flood insurance — sometimes cheaper. Companies like Neptune, Wright, FloodSafe.
• Even outside flood zones: about 25% of NFIP claims come from "low risk" zones. Worth checking your address at floodsmart.gov.
• 30-day waiting period for new policies — buy BEFORE storm season.

Earthquake Insurance

Also not in standard policies. Important in CA, OR, WA, AK, HI, parts of MO/TN/IL.

• California Earthquake Authority (CEA) — most CA residents.
• Private companies — GeoVera, Palomar.
• Cost: $400-3,000/year depending on location.
• High deductibles — typically 10-25% of home value. May only pay for major damage, not minor.

Umbrella Insurance

Extra liability on top of homeowners + auto. Pays out IF someone sues you for more than your basic policies cover.

• $1 million coverage = ~$200-400/year.
• Best protection for retirees with assets to lose.
• Covers: car accidents, dog bites, slip-and-fall on your property, even libel/defamation.
• Required by some HOAs and pool owners.

If you have $500k+ in assets — get umbrella. Best $/protection ratio in insurance.

Long-term auto insurance for retirees

• Drop comprehensive on cars worth less than $4,000.
• Senior driving course discount.
• Low-mileage discount.
• Multi-policy bundle (auto + home).

Insurance review checklist (yearly)

1. Re-shop homeowners + auto with 3 quotes.
2. Add umbrella if you have assets.
3. Check flood risk at floodsmart.gov.
4. Update home value (your replacement-cost number).
5. Confirm jewelry / fine art / firearms have separate riders if needed.
6. Ask about senior + multi-policy + smart-home discounts.