Natural disasters, such as flooding, are more common than people think. While we all think that disasters happen somewhere else and hope we are safe, the reality is, no location can be considered a no-risk zone. Adding onto that, as the climate is becoming more unpredictable, risks are also changing: a zone that might have been considered low-risk before, could now be moderate- or even high-risk.

It is probably better to be slightly overprepared than underprepared, especially for the


What If I Already Have Property Insurance?

What If I Already Have Property Insurance?

Although it is common to think that homeowners, condos, renters, or business insurance also covers damage caused by a flood, this is often not the case. Normally, flood insurance needs to be bought separately. Check with your insurance provider whether your existing policies cover flood or not.

What Does Flood Insurance Cover?

What Does Flood Insurance Cover?

Flooding is caused by hurricanes, rainfall, snowmelt, tidal surges, and other events.

With the National Flood Insurance Program (NFIP) policy, you can be covered for both damages to the building and loss of your furniture and other possessions. The

How to Save Money on Flood Insurance?

Just like all other insurance policies, flood insurance is based upon a range of factors that are used to estimate your risk. You can use these factors to pay less on your flood insurance each year.

Flood Mitigation

The more steps you take to mitigate a flood, the lower your premiums are. Plus, the more protected you will be in the first place. Mitigation strategies include:

  • Elevating service equipment – Placing heating and cooling systems, water heaters, and other utilities higher in the property will decrease their risk of damage from flooding. Items located below the Base Flood Elevation (BFE) can face an annual surcharge.
  • Installing flood openings – Basements must have at least two flood openings, meeting the requirements set out by the NFIP.
  • Filling in basements below the BFE – Using sand, gravel, or other material up to ground level.
  • Elevating your property
  • Relocating your home or business - Relocating the structure to a location outside the BFE will reduce your premiums.

Elevating one’s property or relocating is usually costly and time-consuming, thus not something people can consider until they need to rebuild their house. NFIP provides funding up to $30,000 to help elevate or relocate some properties that need help after a flood. These are known as Increased Cost of Compliance grants.

Increase Your Deductibles

By increasing your deductibles, you naturally decrease your premiums. However, ensure you have enough money saved up to be able to pay the deductible once a flood strikes.

Acquire an Elevation Certificate

Acquire an Elevation Certificate

Elevation certificates prove that your building’s elevation is sufficient during a major flood in your area. If you meet the requirements, you can reduce your costs even in a high-risk area.

Your Community Can Receive a Discount

Communities enrolled in the Community Rating System may receive discounts if they exceed the minimum program requirements for lowering the risk of flooding.

Frequently Asked Question

While your home insurance can pay for water damage due to broken pipes, toilet overflows, or damaged roofs, flood insurance pays for property damages after rainstorms, storm surges, or lake overflow floods..

Whether you live in high-risk flood zones or low-to-moderate-risk zones, you should protect your property with flood insurance. What’s more, get this insurance cover if you have received federal disaster assistance to be eligible for future aid.

Flood insurance can cost about $700 for $250,000 in coverage per year. Your costs may depend on several factors including:

  • Your flood risk
  • The design and age of your property
  • The contents in your property

If you need flood insurance in Massachusetts, Econosurance has got your back. With over 25 years of experience, we offer personalized services to protect your assets from any flood damage. Contact us today.

While not all floods can be avoided, huge financial losses can be. Send us an email and we will help you protect your home and valuables to the best extent possible.

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