The Need for Flood Insurance

The Need for Flood Insurance

Like most homeowners you would not even consider living in your home without an insurance policy that covers you for the damage that would be caused by a major fire. However, in many regions of the United States you actually face a greater risk of serious flooding costing thousands of dollars. Most home owner policies do not cover flood damage

Of all the most costly and deadly severe weather related natural disasters, in the US, flooding is the most common.

According to the Federal Insurance Administration, if you live in one of the 13 million American homes that are located in a high-risk flood area, flooding is 24 times more likely to occur than a fire during the course of a typical 30 year mortgage

Flooding happens every day in all regions of the country.   Here in Massachusetts, the remnants of tropical storms and hurricanes bring serious flooding during the summer months. Many people think that flooding related to hurricanes and other tropical disturbances are limited to coastal areas. However, some of the most damaging flooding can happen well inland and days after a storm makes its initial landfall. Winter also brings its share with nor’easters and rapid spring melts. Most people think of flooding as something that happens only during heavy rainfall, but warmer spring temperatures bring about rapid snowmelt and can sometimes result in flooding when the sun is shining.

Although many floods are caused by huge storms like hurricanes or nor'easters, more floods can result from small, localized events, such as a typical afternoon thunderstorm. No matter where you live, it is important to remember that just a few inches of water in a home can cause thousands of dollars of damage

The National Flood Insurance Program (NFIP) wants people to know that while homeowner's insurance won't cover them against flooding, they can protect their home and property by purchasing a flood insurance policy separately through their local insurance provider.  As long as your hometown is an NFIP community, most homeowners, business owners and renters can get flood insurance. Most of the towns and communities in the Attleboro-North Attleboro area are NFIP communities.

The NFIP urges consumers to remember the flood insurance basics. You can get flood insurance if you live in a flood plain or high flood risk area, most lenders require it if you live such an area. You are eligible to get flood insurance if you live outside a floodplain, or a low-to-moderate flood-risk area, usually at a lower cost and you get flood insurance even if your property has been flooded in the past.

The following items are covered by flood insurance. 

·         The insured building and its foundation.

·         Detached garages for up to 10% of the building limit; other detached buildings require a separate Flood policy

·         The electrical and plumbing systems as well as heating and cooling systems; central air conditioning, furnaces, and water heaters as well as  portable and window air conditioners.

·         Refrigerators, stoves, and built-in appliances such as dishwashers, washer and dryers

·         Permanently installed carpeting over an unfinished floor.

·         Permanently installed paneling, wallboard, bookcases, and cabinets.

·         Window blinds, curtains and window treatments

·         Personal belongings including clothing, furniture, and electronics

·         Food freezers and the food in them.

Items not covered by flood insurance include;

·         Damage caused by moisture, mildew, or mold

·         Currency, precious metals, and valuable papers such as stock certificates and bonds.

·         Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, swing sets and swimming pools.

·         Temporary housing expenses

·         Motorized vehicles such as cars and motorcycles, including their parts.

Coverage in a basement is very limited. It includes cleanup expense and items such as furnaces, water heaters, washers and dryers, air conditioners, freezers, utility connections, and pumps. There is no coverage for the contents of a finished basement and any improvements that have been made as well for any personal items stored in the basement.