Flood insurance has become, for many, the coverage they love to hate and can't live without. If you live in a flood zone and have a mortgage or home equity line of credit, your bank will require you to have the coverage. If you don't have a mortgage, you won't be required to carry the coverage, but you should.

The National Flood Insurance Program (NFIP) has come under fire for the limits of coverage that most insureds were unaware of, as well as the process for filing claims. And after Hurricane Katrina and Superstorm Sandy, the program is deeply in debt. NFIP is scheduled to expire Sept. 30, 2017, and many industry groups are urging Congress to reform the program, expanding options for private flood insurance.

Golden Bear Insurance, based in Stockton, Calif., is one company that is venturing into the private flood insurance market. The California Department of Insurance (DOI) recently approved Golden Bear's flood program as the first offering in the state that's not from NFIP.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].

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