In January of 2023, the Woodstone Market in Avila Beach off of Bay Laurel Pl. was flooded by the overflowing San Luis Obispo Creek.
“There was just water up to everybody's knees," explained Pesith Vann, the market's new owner. "Our neighbors had to get rescued pretty much on boats to get help to get out of here.”
Vann bought Woodstone Market in August 2024, and was required to get flood insurance in order to own the property.
“It was pretty expensive," he admitted. "But it's just one of those where we just had to get it. It's like life insurance, like car insurance. It's something that we just have to have."
The reason flood insurance is required there is because they are located in a FEMA Flood Hazard Area. Any business or home in those areas normally require flood insurance.
“Homeowner's insurance usually excludes flood insurance," said Scott Astrosky, Astro Insurance and Financial Services Agent. "Those that require it are in a flood plain and it's required by your lender.”
Most mortgage lenders require their borrowers to own flood insurance if their home is in a high-risk flood area. That insurance is separate from homeowner’s insurance. It is available directly through FEMA’s National Flood Insurance Program or through 50 private carriers across the country.
“We definitely had to get flood insurance and we're always paying attention to the weather when it comes to this season,” Vann said.
For more information on the National Flood Insurance Program, you can visit their website.
For a full breakdown of all the high-risk flood areas, you can visit here.
