The eastern Massachusetts area has recently been hit with severe rain storms. As any homeowner who has suffered a loss can tell you, homeowner's insurance will not cover their loss. According to the National Flood Insurance Program (NFIP), most homeowner's have a greater chance of flood than fire. Most homeowners' insurance policies don't cover floods and there is a 30 day waiting period before flood insurance becomes effective. Flood insurance is single peril coverage but can cover your home and/or your contents and is usually very affordable, depending on the area in which you live.
Again, according to the NFIP, just 2 inches of water would cost $7800.00 to repair the damage. If you think you don't need flood coverage, you'd be surprised as to the statistics. The NFIP reports that 25% of all flood losses occur in low to moderate risk areas. And, less than a third of all privately owned homes in high risk flood areas have flood insurance.
There is a government-run website,floodsmart.gov, that lets users search by address to determine risk. However, the site may be as much as 20 years old. It's best to contact your insurance agent to answer any questions concerning flood insurance and obtain a free quote for your particular home.
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