5 Important Things to Know About Flood Coverage

The Ins and Outs of Flood Insurance
Many homeowners who are not in a flood zone often say they don’t need flood insurance because they are not in a flood zone. However, that is not exactly true.

Did you know most of the country is in a flood zone? Whether it’s flooding from the ocean or a river near you. Some areas are often more severe than others and thus, you may want to purchase flood insurance.

So here are five important things to know about flood insurance:

  1. Homeowner’s insurance policy does not cover you from flooding. Thus, you might be required to buy a separate policy depends on the location of your home. You can contact a local agent to help you find the coverage that is right in your area.
  2. Many coastal areas in Massachusetts require you to purchase flood insurance. However, flood insurance also applies homes located near a major river. A flood could happen if you live near a river that has flooded in the past such as the Merrimack River.
  3. Flood zones determine the costs of flood insurances. The FEMA zone along with other factors will determine the costs and if you decided to purchase a house next to a major body of water, your insurance rates are going to be higher than houses that are in a less severe zone.
  4. If you buy the home that is located in a flood zone by paying the entire amount or pay off your mortgage, you might have the choice of carrying the coverage or not. However, if you borrowed from a lender, you are most likely required to buy flood insurance.
  5. Make sure when you purchase a policy, you understand what is covered and what is not. Contact a local agent for help.

It is important to remember flood zone maps are always updated. Your house could be located in a less or more severe flood zone from time to time. Whenever a change happens, you may want to contact an insurance agent to discuss you are still insured at the level you want.

Contact Flood Insurance Agent, John J Walsh Insurance Today

If you have questions about a new or existing flood insurance policy, contact us today. We can answer any questions you have about flood zones and policies. We are proud to serve Salem, Beverly, Danvers, Gloucester and more.

 

 

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