Property insurance policies protect residential and commercial buildings from many different perils, but floods are one peril that these policies frequently exclude. People and businesses that own property in Massachusetts and want protection against flood-related damage usually have to get flood insurance in addition to their other property policy.
As mentioned, flood policies are available for both residential and commercial properties. Among residential flood policies, coverage is widely available for single-family houses, townhouses, condominiums, vacation houses, mobile homes and other residential structures. Even renters may get a policy if they want protection for their possessions.
Many people are surprised at how many residents and businesses in Massachusetts may benefit from having a flood policy.
People who have property in high-risk areas could face devastating rebuilding costs if their property is flooded and they have no insurance in place, and there are many areas in the state that are deemed to be high-risk.
Those in low-risk areas still aren’t in risk-free areas, for there is no such designation given by the government. Instead, some areas have a low risk or unknown risk. Flood policies for these areas are usually extremely affordable, and they can provide protection against potentially devastating disasters even if those disasters are unlikely.
In places where floods are especially likely, property owners might be under an obligation to have a flood policy in place for their property. Sometimes laws require a flood policy in certain areas. Mortgages also may have a requirement that a property’s insured against floods if the property is in a high-risk area.
The National Flood Insurance Program is a federal subsidy for property owners who have buildings in high-risk areas. Only property owners in participating communities can purchase a policy through the program, but there are many Massachusetts communities that participate. For qualified property owners, this is usually the most affordable way to obtain a flood policy.
Property owners who want to learn more about this program and see whether they qualify can speak with a specialized insurance agent who’s familiar with flood policies. A specialized agent will be able to quickly find out whether a particular property qualifies for the program, and they can assist with procuring a policy through the program if a property does indeed qualify.
Most flood policies provide coverage for a variety of water-related disasters. Depending on a policy’s terms, conditions and exclusions, it might cover disasters like the following:
Coverage for various disasters can vary significantly from one policy to the next, so it’s important that property owners carefully review a policy’s protections before purchasing it. An agent can help review and explain what types of diasters a specific policy will cover.
Plumbing issues are one type of water-related damage that flood policies normally don’t offer coverage for. Instead, property owners who want coverage for potential burst pipes, overflowing toilets and leaking drains usually have to obtain the protection through their standard property insurance policy.
If you need help insuring a Massachusetts property against potential flooding, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents can check what flood insurance policies are available for your property, and they have the expertise necessary to help you select the best available policy from those that are offered.