National Flood Awareness Week
National Flood Safety Awareness Week starts on Monday March, 14 2011. The purpose of the event is to highlight the many ways that floods occur, the hazards of a flood and what policy holders can do to protect their property. On a standard homeowners insurance policy, losses caused by water that accumulates in your home because of a system or an appliance, such as a broken valve, is covered. However, a standard homeowners policy does not cover any losses as a result of the overflow of a body of water. Even just a few inches of water damage could cost tens of thousands of dollars. The average flood claim over the past decade has cost over $33,000. Below we have answered a few common flood related questions for the average homeowner.
How can a homeowner protect themselves from this financial devastation?
Purchase a flood insurance policy. A Flood insurance policy must be purchased before the flooding occurs and has a 30-day waiting period from the date of the submitted application, unless it was purchased in conjunction with a loan closing.
How much does a flood insurance policy typically cost?
Depending on where you live will determine the cost of flood insurance. If you live in a moderate-to-low risk area this cost can be as little as $129 per year. Even moderate-to-low risk areas see their fair share of floods as about 25% of all flood insurance claims come from areas with moderate-to-low flood risk.
What else can I do to prepare for a flood besides purchasing a flood insurance policy?
Getting a game plan formulated for your household will help you in the time of a flood. Creating an emergency kit and putting all valuables and important information in a safe place away from your home are great ways to prepare for a flood.
Purchasing a flood insurance policy provides coverage for the belongings inside of your home such as clothing, electronics and furniture and can be purchased separately from building coverage.
What if my business suffers from a flood and I do not have flood insurance?
There are three options for those whose business suffers from a flood without a flood insurance policy in place:
-Pay recovery costs out of pocket
-Take out a loan
-Close your business. Did you know that 25% of businesses that are affected by a disaster never reopen?
The time to worry about flood insurance is now. The cost for a standard flood insurance policy is miniscule when compared to the tens of thousands of dollars it will cost to replace or repaid the damage. Don’t wait until a flood damages the things that you’ve worked hard to have. Contact one of our agents today at 413-536-8380 and see how you can purchase a Massachusetts flood insurance policy.