There Is Only One Type of Insurance Policy That Reimburses You for Flood Damage, and It’s Not Your Home Insurance
We believe that many of our neighbors in New Bedford MA and the surrounding communities assume incorrectly that their home insurance will provide for any damages resulting from a flood. This misconception is one that the team at Gilbert J. Costa works hard to dispel. Having flood insurance is the only option for safeguarding your home and its contents against a flood situation.
What actually qualifies as “flooding”? A flood situation describes any condition when water temporarily covers an area of land where you normally wouldn’t see it. The water can come from the ocean, lakes, rivers, ponds, streams, sewers, or simply an intense rainstorm. And, contrary to popular belief, flooding isn’t just an issue for coastal property or low-lying areas near water.
The types of floods that we have seen affect our Southeastern Massachusetts region include:
- Flash floods from a highly intense rainstorm or a sudden massive snowmelt
- Coastal floods from a severe storm front that creates high waves that flood the coastline
- River floods from an extended rainstorm that leads to overflow of major rivers, streams, lakes, and ponds
- Urban floods from a city sewage/drainage system at capacity that cannot drain away anymore rainfall
- Dike or Dam break from a sudden release of water from a breach point that spreads out and flows to lower lying areas before slowly rising
At Gilbert J. Costa Insurance, we emphasize the message to our clients that no region is safe from flooding. According to www.floodsmart.gov, people located in areas considered to be moderate- to low-risk for flood submit more than 20 percent of National Flood Insurance Program claims.
In addition, flood risk can, and does, change over time and, subsequently, FEMA (Federal Emergency Management Agency) updates flood hazard maps across the country. And that’s exactly what is happening in our area. Towns undergoing flood map changes include New Bedford, Acushnet, Dartmouth, Fairhaven, Marion, Mattapoisett, and Rochester. It’s critical that you understand how these changes may affect your flood risk along with the impact to your flood insurance requirements.
Flood Insurance Will Cover Many, But Not All, of the Structures on Your Property and Their Contents.
- Actual cash value of contents in your home, e.g. furniture
- Furnace and water heater
- Washer and dryer
- Items stored inside a structure above ground/grade
- Usually 10% of your home’s flood insurance policy automatically applies to a detached garage at same address
What’s Not Covered?
- Basement contents, including wall finishes
- Sewer backup can be covered by a rider on home insurance policy
- Items left outside, e.g. a grill
- Vehicles may be covered by auto insurance
- Portable storage units and their contents