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Bodies of water are lovely, aren’t they? From serene lakes to the crashing waves of the sea, they are impressive wonders of nature. It is easy to see why so many people are attracted to them and want to experience them, whether by taking in the scene or taking a dip. For many of us, this means taking a trip to go and visit the water – you don’t expect it to visit you. 

No doubt many of the people who have ever suffered a flood would assert that it is something they never expected to happen. No one expects it to happen – until it does. However, it is something that more and more people have to think about as, in the US, FEMA have reported flooding to be number one of all the natural disasters that occur.

Suffering ingress of water into your home is highly distressing, and this feeling would only be intensified when you realize that your standard policy doesn’t cover flooding. If you do require a flood policy, it will be necessary for you to seek one separately to your existing homeowner’s coverage. Though flood policies are sold and serviced by licensed insurance companies and agents, such as Econosurance, they are actually underwritten by the US federal government through FEMA.

Flood insurance in Florida or Massachusetts, for example, can be an essential due to their proximity to the coast. However, in regions that have been designated as a flood risk to a medium or high level, flood insurance is a requirement by mortgage providers in any case.     

Even if you do not live in an area that is considered at risk of flooding, or you own your property outright, flood insurance is still worth considering as it is not just the proximity to the coast that can increase the risk of flooding. Streams, rivers, lakes, heavy rain or snow, and dams must all be considered when it comes to the risk of flooding. It is a consideration that has become of greater importance with the advent of climate change. 

This may have already affected you if you have found an insurer suddenly declining to provide you with a homeowner’s quote because you lie close to a river that has never previously been a problem. Even if they exclude flood claims, insurers don’t want to be connected to the risk in any way.  

Under a flood policy, you can expect coverage for:

  • Damage to the structure of the building 
  • Damage to contents

Be aware that coverage takes 30 days to come into effect, so if the weather report and it shows that a month’s worth of rain is predicted to fall in your area tomorrow, I’m afraid you’re out of luck.

What is good luck, though, for homeowners in Massachusetts is that it is not necessary to maintain a flood policy with a limit that covers the entire value of the property, it only needs to cover the outstanding balance of the mortgage. In addition, it is not necessary to obtain cover for contents. 

We understand that you’ll want to get back to normal as quickly as possible following a flood, and we aim to help you with this. At Econosurance, we are specialists in flood insurance and keep up with the National Flood Insurance Program (NFIP) updates so that we can keep you informed of best practice. 

As of 2018, there were more than 660,000 flood policies in force in Massachusetts, put in place by savvy home and business owners who are keen to protect their assets. Let us show you how you can do the same by giving us a call on 800-335-0633 or by completing our online form.