If you rely on a sump pump in your basement, definitely ask your agent how your current policy would respond to a pump failure and any resulting damage. Water backup is an issue that many people don’t know about, along with other surprising stuff that is not covered by “basic” home insurance. Most homeowners can add something called “ water backup and sump pump overflow” coverage to their home insurance policy by way of an endorsement: a piece of added coverage for a relatively small bump in your premium. Do I need flood insurance to cover sump pump failure? Your policy may cover the structural components of these spaces and certain large appliances (washers and dryers), but not the kinds of valuable contents that may be found in refinished basements-furniture and electronics. your lawn and landscaping).Īlso note: flood insurance companies only cover basements (any spaces below the first floor) to a limited extent. As with all insurance policies, specific exclusions apply.įlood insurance coverage can be broken into two parts: your home’s physical structure (frame and foundation, drywall, insulation, built-in appliances, carpeting) and your home’s contents (clothing, furniture, technology, detached appliances, etc.).įlood insurance typically excludes jewelry, cash, and valuable papers. Does flood insurance protect everything I own? It must affect two or more acres of normally dry land in order to meet the technical definition. Keep in mind, the “flood” can’t just be an event in your backyard. It also kicks in when nearby rivers, lakes, or dams overflow. Flood insurance typically covers water damage caused by heavy rain and melting snow. No, but it covers many of the common culprits. Does flood insurance cover all types of water damage in my home? It’s quick and easy and totally free! Call us at 508.339.2951. Ask an agent to run a quote for you today. And again, different variables will affect your individual rate. But properties in moderate-to-low risk areas may qualify for lower-cost, Preferred Risk Policy rates. The building characteristics of your home or commercial propertyĪccording to FEMA’s national average, flood insurance costs roughly $700 per year, for up to $250,000 in coverage.Whether or not it sits in a floodway zone, as defined by FEMA’s flood map (Use the map to see where your home sits!). ![]() Your flood insurance cost will depend on several factors unique to you property: The form asks the seller to answer whether any part of the property is in a designated flood zone or wetland. Sellers do not have to provide it to a buyer. While the Massachusetts Association of Realtors has created a disclosure form for sellers to use, the form is voluntary. As such, Massachusetts home buyers are largely on their own when it comes to researching a home’s past flood history or potential for future flooding. According to the National Resources Defense Council, Massachusetts has no statutory or regulatory requirements for a seller to disclose a property’s flood risks or past flood damages to a potential buyer. Won’t the previous homeowners tell me if I need flood insurance? If you’ve ever had concerns about flooding, it’s a good idea to contact your agent. ![]() So, flood insurance makes sense for many homeowners, renters, and business property owners-but especially those located near the coast downstream from brooks, rivers, or lakes or for those whose property abuts construction zones, where development can affect how water flows below ground. In fact, even if your property is located in a “low-to-moderate flood risk” area, you are five times more likely to experience a flood than a fire, during the course of your thirty-year mortgage. Who needs flood insurance in Massachusetts?Īccording to FEMA, everyone lives in an area with some flood risk. If you want to protect your home against heavy rain and rapid snow thaw, you need to purchase a separate policy. MA home insuranceand renter’s insurancepolicies excludedamage caused by flooding. ![]() So, whether you live near a water body or not, here’s what you need to know about flood insurance in Massachusetts: Does Massachusetts home insurance cover flood damage? Why? Because floods can happen anywhere.Īccording to FEMA, nearly 25% of flood-insurance claims originate from low-to-moderate risk areas. Many live along the shore, but experts say that proximity to the ocean shouldn’t necessarily determine who buys flood insurance. Hundreds of Massachusetts homeowners and business owners experience floods each year.
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