Here we go again. Florence, a major hurricane, has hit our shores and the primary cause of damage to property is flooding. Once again, the stories in the media explain what we know to be true - that the standard home insurance policy does not cover for losses due to flood. For that you need a separate flood policy.
This drone image from Geomni captured the post-Florence damage in Wilmington, N.C. Photo Credit: Geomni
According to Property Casualty 360°, many of the residents in the Carolinas lack flood insurance, and RMS, a global risk modeling and analytics firm, states that number to be about 70%.
We often hear a client or a prospective client remark that there has never been a flood at their property so they question the need to purchase flood insurance.
Why purchase flood insurance in Massachusetts
- In fact, more than 20% of flood claims will happen in property outside of the high-risk zones, according to Floodsmart.gov who also state the following...
- Flood Insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
- Disaster assistance, if eligible, comes in 2 forms: a U.S. Small Business Administration Loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim is nearly $30,000 and does not have to be repaid.
- If you have a federally backed mortgage, you will be required to purchase flood insurance if you are in a high hazard flood zone.
- If you are not in a high hazard flood zone, you won't be required to buy flood insurance but the premiums will be low.
Where to find flood insurance in Massachusetts
You can purchase flood insurance through a local independent agent, such as Elliot Whittier Insurance.
The National Flood Insurance Program started in 1968 and is administered by FEMA. Some agents have access to Private flood markets as well however you should inquire as to the benefits of one policy over the other.
How much does Flood Insurance Cost in Massachusetts
Flood insurance can cost anywhere between a few hundred dollars a year to several thousand. Rates vary depending on many factors, so it's best to contact your insurance agent to find out your options.
According to Trusted Choice®, a flood can happen anytime and anywhere, so it's a good idea to be prepared.
With offices in Danvers & Winthrop Massachusetts, Elliot Whittier Insurance has been awarded The Five Star Award of Distinction from the Massachusetts Association of Insurance Agents. Elliot Whittier Insurance is also a Trusted Choice® agency and represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. You can visit Elliot Whittier online at www.ElliotWhittier.com, email firstname.lastname@example.org, or call 800-696-3947