Water Water Everywhere

Flood insurance. Do you need it?  Are you in a flood zone? Who decides that and if you are, what do you need to do? AND MORE IMPORTANTLY…….WHAT IS A FLOOD??

First let’s start with the flood definition: a flood is an excess of water on land that is normally dry, and affects two or more acers of land OR two or more properties.

Are you in a flood zone?

The truth is, everyone is IN a flood zone, it just matters if you are in a high risk, moderate or low risk zone. Despite popular belief, your insurance agent doesn’t determine your flood zone, but we can tell you what zone you are in. FEMA maintains and updates flood maps and shows where the highest risk of a flood is. This risk level decides if the zone your property is in. Flood maps do not follow property lines or city limits, and in fact, your property could be located in both a high risk and a low risk zone.

How do I know if I need it?

If you have a mortgage or a bank has an interest in your property, the bank is the one who decides if you need to purchase flood insurance. While an insurance agent can sell you a policy, we cannot determine IF you need one or not.

Some other simple facts:

****The cost of flood insurance is based on the zone you are in, in addition to the limits you choose. The average cost of a flood insurance policy is around $700 in high risk areas, however coastal properties that are deemed high risk for flood can see much higher premiums.

****Flood insurance can be purchased through an independent insurance agent, or an insurance company, or you can also use the National Flood Insurance Program provider locator https://www.floodsmart.gov/flood-insurance-provider. 

****There is a waiting period for most policies (30 Days) before coverage will go into effect.

Where can I find more information?

You can visit the National Flood Insurance website https://nationalfloodinsurance.org/faqs/.

Whether you live on the coast of Massachusetts, or inland on the South Shore of Massachusetts, we want to make sure your are covered. We’re Here for You.