5 Essential Insurance Coverages: Flood Insurance

5 Essential Insurance Coverages: Flood Insurance

Sep 25 2019

5 Essential Insurance Coverages: Flood Insurance

What is Flood Insurance?

Flood insurance covers damages (subject to exclusions) incurred due to flooding. The coverage provided by a flood insurance policy is nuanced and has many exclusions and conditions so it is important to talk with an experienced agent to understand this type of coverage. 

It is important to note that flood damage is not typically covered by a homeowners insurance policy. At Bearingstar, we understand your home is likely your most important and valuable asset — and we are here to help you protect it. You can find out if your home is in a high-risk flood area using this tool by FEMA. Whether or not you’re in a flood zone, you should consider buying flood insurance- unless you’re willing and able to pay for any flooding damage out of pocket. 

Even if you live in a low-risk community, we recommend purchasing flood insurance because poor drainage systems, rapid accumulation of rainfall, snowmelt and broken water mains can all result in flooding. In fact, policyholders outside of mapped high-risk flood areas file over 20 percent of all NFIP flood insurance claims.

Imagine This Scenario

Mr. Salah owns a ground floor condominium in Hull, Massachusetts. After a significant nor’easter, the sea level rises to the point where Mr. Salah’s unit is under four feet of water. After the incident, Mr. Salah is able to file a claim for damages under his Flood Insurance policy.  

How Much to Consider

In Connecticut and Massachusetts, the cost for flood insurance varies — though a “Preferred Flood Policy” covering $20,000 (building) and $8,000 (contents) can be had for as little as $100 per year. For flood insurance for homes located in a flood zone, coverage can be considerably more expensive.

Do you have the right insurance coverage to get you through all of life’s ups and downs? At Bearingstar Insurance, we know that you’ve worked hard for all that you’ve accomplished, and are here to make sure it’s all protected. With offices throughout Massachusetts and Connecticut, it’s easy to find a local agent to help with your insurance needs!

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