Whether your home is on the coast or near a river, you need flood insurance. Just a few inches of water from a flood can cause tens of thousands of dollars in damage. From 2012 to 2022, the average residential flood claim amounted to more than $38,000. Flood insurance is the best way to protect your property from devastating financial loss.
Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk.
All policy forms provide coverage for buildings and contents. Typically, there is a 30-day waiting period from the date of purchase before your policy goes into effect (unless mortgage required). That means now is the best time to buy flood insurance.
Flood insurance rates and underwriting are set by FEMA. Flood insurance has undergone many changes in the past few years and Congress is constantly revamping the National Flood Insurance Program. Our staff are well educated with the intricacies of flood insurance and will work to get you the best available coverage and price.
Our agency represents over 25 flood carriers and we will shop the market to find the best premium for you.
Why is Flood Insurance Important for New Bedford, MA Residents?
Flood insurance is essential for residents of New Bedford, MA, as the coastal location puts the city at a higher risk of flooding. Storm surges and heavy rain can lead to significant property damage and financial loss. Flood insurance provides crucial financial protection by covering repair and replacement costs, easing the burden on homeowners. It also ensures individuals can recover and rebuild their lives after a flood, reducing the stress and financial strain associated with such disasters. Additionally, flood insurance may be required for homeowners in high-risk flood zones, providing both compliance with lender requirements and personal financial security. Ultimately, flood insurance offers peace of mind and acts as a safety net against the potential devastation caused by flooding in New Bedford.
What is Flood Insurance For?
Flood insurance is designed to help homeowners, renters, and business owners recover from flood-related damages by providing financial assistance to repair or replace damaged property. This coverage can include damage to the structure of the building, as well as damage to personal belongings and other property.
In 2018, the Federal Emergency Management Agency (FEMA) revised the flood maps for New Bedford, MA, which resulted in changes to the flood insurance requirements for some residents. This means that some homeowners and business owners who were not previously required to carry flood insurance may now be required to do so. It is important for all residents of New Bedford, MA to review their flood risk and consider purchasing flood insurance, even if it is not required by law.
Does My Home Insurance Cover Flood Damages?
It is also worth noting that standard homeowners insurance policies typically do not cover flood damage, so it is important to purchase a separate flood insurance policy to ensure adequate coverage in the event of a flood. The cost of flood insurance can vary depending on a number of factors, including the location of the property and the level of flood risk, but it is often more affordable than people think.
Flood Insurance is Essential for Massachusetts Residents
In summary, flood insurance is important for residents of New Bedford, MA because the city is located in a flood-prone area, and flood damage can result in significant financial loss. Homeowners, renters, and business owners should review their flood risk and consider purchasing flood insurance to ensure they are adequately protected.
Matina H.
Peter Covill is amazingly helpful. I recommend their company frequently to my clients who are looking for homeowners and flood insurance.
Donald S.
We were in need of purchasing flood insurance. Were very glad to find Peter Covill on line to get the quote in minutes and to discover the rate was so much better that the National Flood program and also to have Loss of Use coverage. Thank you.
Margaret C.
They managed to find us flood insurance on our new home for a substantially lower price than our current agent!
Robert C.
So easy to deal with. They got me home insurance and a flood policy. The other place was trying to charge me almost as much for flood insurance as the mortgage itself. I would have had to pass on the house if I hadn't been referred to them.