3 Myths About Flood Insurance

Many homeowners who are in the flood zone are required to purchase flood insurance and many ponder if your home is flooded, is the insurance going to cover you? Three factors are going to affect the final decision: the value of your home, the level of water damage, and whether you have flood insurance.

In addition to that, because regular homeowners insurance policies don’t cover flood water damage, you will need to purchase flood insurance. Floods don’t mean total loss, in fact, the average flood claim in the U.S is about $30,000.

So here are three myths that many people have about flood insurance

Myth 1: You must live in a flood plain to purchase flood insurance

This myth is actually false. You are most likely required to purchase flood insurance by your mortgage company. However, even if you live outside of a flood zone, you can still purchase it and it is cheaper than someone living in a flood plain. The price of insurance via the federal flood insurance program tends to be based on standardized rates plus the home’s value, and if the location is located in a flood zone. According to Property Casualty Insurers Association of America, the average price for flood insurance is about $600 annually.

Myth 2: Flood Zones Don’t Change

False, flood zones change consistently, your home could be required to purchase flood insurance after a few years you bought the home. It is highly recommended to check the flood plain maps constantly.

There are a few ways you can check to see if you are in a flood zone:

  • Floodsmart.gov: Simply type in your address and it will tell you if it is in a flood zone, and provide information on risks, premiums, and available agents.
  • Contact an agent: You would want to consult a flood insurance agent before making your final decision and go ahead to purchase your flood insurance.

Myth 3: Flood Insurance Covers Everything

False, federal flood insurance policies top out at $250,000 so let’s say you have a $500,000 house that’s a total loss because of a flood, you will only recoup half of the total value to cover the house structure itself. In terms of personal possessions, a maximum of $100,000 is given under the federal program.

Those figures should be kept in mind before buying a high-value home in an area that has a possibility of being flooded. You also have the option of buying additional flood insurance that would cover claims above the national limits.

Contact a Flood Insurance Expert in Salem, Rockport, MA Today

If you have any questions or looking to purchase flood insurance in the Salem and Rockport area, contact John J Walsh Insurance today. We have the experience and knowledge to fully assist you in your journey to purchase flood insurance. We are proud to serve Salem, Rockport, Beverly, Marblehead, Danvers, Gloucester, and more. Contact us today at 978-745-3300 to learn more.

 

Why It’s More Expensive to Not Purchase Home Insurance

If you are a homeowner living in the Salem and Rockport area, the budget can sometimes be an issue with all the real estate taxes and utility bills. Thus, it is understandable that you start to question the value of purchasing home insurance every year. However, before you drop your coverage, you should think about the consequences of going bare. You might indeed end up paying more for not having insurance. So here are some reasons why not having insurance can cost you more.

Disasters: Although catastrophes like hurricanes and tornados don’t happen in New England as frequent as other places in America, yet, floods or snowstorms can cause serious damages to homeowners in New England. When disaster strikes, expensive losses can impact someone financially for a long time. Coverage tends to be inexpensive because of low frequency of occurrence. So, if you are trying to save money, increasing your deductible could be an option to go. When you consider how much money you will save in terms of a disaster, it’s worth it at the end.

Future Insurability: Did you know that almost all insurance companies will ask you how long you have continuously maintained insurance? They ask because they place applications who continuously are insured as a stable, reliable risk when they decide to provide you their service. If you have been unstable by switching companies all the time, they might suspect that you will make a claim soon.

Liability Claims: If you are currently or planning to go without insurance, there is a chance that you might be sued by another party in a claim. Without any liability insurance,  your personal assets will be exposed in the court and by having insurance, you can have a buffer protecting you in a lawsuit from all your assets. The cost of hiring a lawyer could cost more than the settlement. Liability coverage is usually even less expensive than property insurance, so it is an easy decision to make.

Contact John J Walsh Insurance Today

Contact us today at 978-745-3300 before you make any decision to buy or cancel your home insurance. We can help you evaluate your options. We are proud to serve Salem, Rockport, Beverly, Peabody, and other areas in Cape Ann.

 

How to Save Thousands of Dollars Next Year in Your Insurance Policies

Your insurance policies save you from spending extra money on your home and property. However, many families either have not enough coverage, or uninsured expensive properties.

The first place you should look to save some money is in your valuables. Perhaps this year you received an expensive gift, or acquired a new piece of jewelry or art. Before adding a new piece to your policy, you should have the items appraised so you know their worth. After the appraisal, protect your new items with a personal property policy. These policies are available as an add-on to your current policy.

If your valuables came in the form of a remodel for your kitchen or bathroom, you should consider a builder’s risk policy. Builder’s risk policies cover any issues you may have while working with contractors. While the remodel is happening, be sure to document progress with photos, so that you can show your insurance company.

If you are starting the new year with a new car, you will need comprehensive and collision insurance. Comprehensive insurance will protect you from vandalism, theft and falling objects.

In addition to these additions, you will want to look at your life insurance policy. If you had any type of change in 2016, such as a marriage, children, or finding a new job, you will want to adjust your life insurance policy. As depressing as it might be, it is a good idea to review your death benefit policy to see if you have the correct amounts and monthly payments.

With each type of these policies, taking a closer look will help you to save some money in the long run. If you have questions, or need guidance on insurance, this is where we come in! John J Walsh is here for all your insurance needs. Call Today!

Is Insurance a Good Idea for Your Family’s Pet?

 

Your pet is often a large part of your family. You raise him/her, and your children and you become attached to the animal almost instantly. Your love for the animal makes you feel that you would do whatever you could to ensure he/she gets the best medical care. However, your wallet may not support these ideas. Purchasing pet insurance is a big financial and emotional decision that is based on what you are willing to pay to protect your pet.

Aside from forming an unbreakable bond in your family, you never know what kind of health your pet will have when it is a baby. The animal could grow up completely healthy, or grow up with health problems. Even if the pet has a healthy start, of course health problems can develop over the course of its’ lifetime.

Health problems can cause serious financial issues for owners. Medical bills are not cheap, and often run around thousands, depending on what services your dog or cat needs.

Once first adopting your dog or cat, this is the perfect time to consider insurance. The policy will be cheaper when the animal is young, and it will cover you in case of any emergency that you are unable to pay for.

Many pet owners don’t save money “just in case” their dog or cat gets sick. For example, dogs eat everything! You never know if your dog will ingest something, perhaps while you are at work, or not watching him for a minute, that will cost you thousands. Some people on the flip side of the coin argue that a perfectly healthy dog doesn’t need insurance. Even though this MIGHT be true, you never know what circumstances you will encounter with your pet, so it is best to protect them in case. Don’t wait until you are in the lobby of the veterinarian’s practice, with a sick puppy, feeling anxious and trying to figure out how to pay a bill.

If you are financially able, pet insurance is the best decision to provide your animals with a long and healthy life.

Call us today for more information, and let’s get your pet protected.

Why Flood Insurance is Important for All Homeowners

Many homeowners choose to forego flood insurance simply because they don’t live in a high-risk area. However, the National Flood Insurance Program (NFIP) states that nearly 20% of all flood insurance claims come from homeowners in low-risk areas. Whether or not you are in a high-risk area, there is always a chance you and your family could be devastated by flood damage.

In recent news, thousands of Louisiana residents lost everything they owned, including their home, to one of the worst flooding disasters since Hurricane Sandy. Many of these homeowners did not have insurance to protect them in the case of a flood. Since they did not live in an area within a floodplain, they didn’t think it was important to have flood insurance.

It is important to note that standard homeowners insurance does not come with flood insurance. Without flood insurance, you’ll be paying out of pocket for all incurring damage in case of a flood. It only takes a few inches of water to incur thousands of dollars’ worth of damage.

It’s true that there is federal assistance in these trying times, but only if the President declares a disaster area. Even then, it is actually a loan that you’ll end up paying for with interest over time. Compared to the damage a flood can cost, flood insurance is relatively cheap and will protect you and your family when disaster suddenly strikes.

To find out more information in regards to Flood Insurance contact Walsh Insurance Agency  Visit us online at http://www.walshinsurance.com/home.html or call us  at 978-745-3300 

Have you been affected by the MASS Car Insurance Increase ? Look to Walsh Insurance for help

Recent news has been circulating that Massachusetts car insurance has increased in the last month. It is summer in Massachusetts, and people are enjoying time outside, travelling south to the coast to enjoy the beach weather. As a result, we have more traffic on the road as well as more drivers. With the summertime, unfortunately, comes drivers who are irresponsible and those who are susceptible to accidents. With more people on the road, and in a congested area means the possibility for a collision to occur among drivers.

Due to this reason, some insurances have increased their monthly premiums causing distress to many mass residents. It doesn’t stop there, that’s not the only reason car insurance has increased. The arrival of modern cars on the road has been causing companies to bring up the costs to state residents.Modern cars bring along modern technology cameras and expensive parts that can be expensive to replace. Therefore, some auto insurance companies have seen it liable to charge its customers a higher price because of these conditions. If you are a person who has been affected by this price spike and would like to seek an insurance company with a more reasonable and affordable monthly premium look to Walsh insurance company to learn more

Look to Walsh Insurance for affordable rates on car Insurance. A specialist will help you with your requirements and make sure your needs are taken care of

Call us at 978-745-3300 or visit us online at http://www.walshinsurance.com/home.html

I am New Business Owner; How Do I know If I need Work Comp’s Insurance?

As a new business owner, you have probably gone down the list of all the requirements you may need to start your business. You have gone through the checks and balances, equipment, employees, and verifying that you are ready to provide services to clients. But did you consider insurance for worker’s comp?  Worker’s Comp insurance in Massachusetts is very important to consider and have, even if you only employed one person. Taking action to get insurance certifies that you and your employees are covered, should anything happen to them while on the job. It also protects you from potential threatening lawsuits to your business. It is Massachusetts Law to get Worker’s Comp insurance. Only under certain circumstantial cases are you able to be exempt from Worker’s Compensation?

 

Do I need to provide Worker’s Comp Insurance?

Depending on the nature of your business you may not need to require worker’s comp to your employees.

 If your line of business or employees does not fall in the list of the following cases below

It is Regulatory Required for you to be covered as a business owner of your employment.

  1. Trade involves interstate foreign commerce and works on a ship with mariners
  2. Professional Athletes under such contracts in which employer has discussed term and payments for athletic related injuries
  3. Real Estate salesmen or women who have agreed to terms in which the employer is only liable for compensations from commissions in distinction to Home sales and or rental property
  4. This also goes for salesmen and women of consumer products under contract in which they are only compensated for sales related to commissions. Salesmen have also agreed to terms where they are  not considered employees for federal tax functions as they are in no compatibility to hours worked. Does not apply to retail establishments.
  5. Taxi Cab Driver who has leased a car from taxi cab company, and has agreed to contract in which said company is only responsible for said rental fees and other payments; but not in any way liable for taxi fare in a way that makes driver qualified as an employee for federal taxes functions.
  6. A person employed by a business or trade involved in interstate or foreign commerce but only as far as the laws of the U.S are able to provide for compensation for their injury or death.
  7. A person whose employment does not particularly match up with his employer’s line of business. This is in exception to a person who is definitely considered employee of said business under Chapter 26 under Massachusetts commonwealth Law.

 

If you would like to learn more about Massachusetts Worker’s Comp Laws visit Mass.Gov for more specifications.

 

If your line of business or trade does not fall into any of these categories, we strongly recommend for you to look into a policy that works for you. At Walsh Insurance Company, we are here to help. In Massachusetts having insurance is for your own benefit at having a no-fault insurance in which it protects you from liability for employee’s injuries at their place of employment.

Contact Walsh Insurance at 978-745-3300 or visit us online at WalshInsurance.Com and fill out a contact form for a representative to help you with your needs.