If you own a home in Massachusetts, you have probably wondered whether you need MA flood insurance. You should actually ask yourself this even if you’re not in a flood zone. Over the last 10-15 years, there have been several major storms that caused flooding in neighborhoods that might not have experienced flooding for the previous 50 years or longer. This should lead everyone to re-evaluate their insurance needs. Here is some information that may help you decide whether to purchase flood insurance.
Impact of Flooding
Flooding can result in serious damage to a home. In addition to ruining any belongings that you may have stored in affected areas, flooding can damage structural elements and mechanical systems too. This can be extremely costly. If you do not have MA flood insurance, your homeowner’s insurance is unlikely to cover the damages. This means that you must come up with the money yourself to make repairs!
What is Covered by Flood Insurance?
Flood insurance can cover both your home and your belongings. Coverage of the home typically includes walls, ceilings, flooring, fixtures, cabinetry, plumbing, electrical systems, heating systems, etc. Personal belongings are normally an add-on to the policy. All MA flood insurance policies will vary in what and how much is covered.
Flood Insurance Cost and Deductibles
The cost of a flood insurance policy will depend on the value of your home, your level of risk (based on your physical location), and the value of items covered. A higher deductible will naturally result in a slightly lower deductible. Also, a separate deductible may apply to building components versus personal property.
Do I Need MA Flood Insurance?
When deciding whether you need flood insurance, you may want to consider a few things. First, weigh the cost versus the benefits. Although there is an additional expense for MA flood insurance, the potential costs that you would incur out of pocket if your home gets damaged could be much higher. Secondly, consider your risk. If you are new to the area, connect with some neighbors who have lived there for many years. Ask them not only about whether they’ve had any minor or major flooding, but also ask if they know about other homes in the area.
MA flood insurance is only legally required if you live in a flood zone. However, being outside of a flood zone does not mean that you’re not at risk. Flood insurance is the only way to truly protect your property and belongings in the case of a flood. Contact Gorman Insurance for additional information or a free MA flood insurance quote.