Flood Insurance

The damage caused to a home from water can be devastating.

In most cases, water damage is not covered by homeowners insurance. Flood and other water-related damage is a common exclusion in almost every home insurance policy.  Whether you live near a body of water or not, every home has the risk of experiencing a flood. Many flood-related claims are miles from the nearest body of water.  Floods can be triggered by heavy rains, hurricanes, melting snow, and water backup – often from overloaded drainage systems, or dam failure.

While flood damage is not covered by homeowners insurance, you can protect yourself with the purchase of a flood insurance policy. FBinsure will work with you to tailor an insurance program to your specific needs.

Understanding Flood Insurance in New England

What Protection Does it Offer?
standard homeowners policy does not cover damages from flooding. A separate flood policy is needed to cover losses to your property caused by flooding, which provides coverage for things such as:

  • Structural damage
  • Furnace, water heater and central air-conditioning
  • Flood debris clean up
  • Electrical and plumbing systems
Cost of Coverage
As a homeowner, you can insure your home for up to $250,000 and its contents up to $100,000. For this $250,000/$100,000 building and contents coverage, yearly premiums average $405 in low- to moderate-risk areas. If your home is located in a high-risk area, talk to the professionals at FBinsure to determine your premium.

While it is up to the property owner to decide if they want to cover the building, if you are a renter, you can cover your belongings up to $100,000.

Stay Protected
Flood insurance means you’ll be reimbursed for all of your covered losses. As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase flood insurance.

In general, a policy does not take effect until 30 days after you purchase flood insurance. However, if your lender requires flood insurance in connection with the making, increasing, extending or renewing of your loan, there is no waiting period.

For more information on flood insurance, including premium costs, levels of coverage and the flood risk for your area you can visit Floodsmart.gov or call our offices.

Water Losses and Flood Damage
For your losses to be covered under a flood insurance policy, the following definition of a flood applies:

“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters; and unusual and rapid accumulation.”

Federal Disaster Assistance
Federal disaster assistance is only available if the president formally declares a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay with interest.

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