In Massachusetts, particularly on the South Shore, Cape Cod and Islands, floods are a frequent natural disaster.
With roots on the Massachusetts coast, our personal insurance team knows a thing or two about flood insurance. Your standard homeowners insurance does not include flood coverage, therefore it’s important to obtain a separate flood insurance policy. Typically, if your property is located on – or adjacent to – a flood plain, and you have a mortgage, you are required by law to carry flood insurance coverage.
We’ve all heard the term “100-year flood” … but remember, even if you’re miles from the closest ocean shoreline, you may not be safe from flooding. As evidenced by recent storms, floods can come in the form of a mid-winter blizzard’s storm surge or flash flooding from heavy, torrential spring rain.
With RogersGray you have flood insurance options. The federal government offers flood insurance coverage through the National Flood Insurance Program (NFIP) and there are several Private Flood Insurance programs available as well.
A client’s second home in Orleans was a single-family home with a walk-out basement. With the NFIP, second homes and older structures are rated with an increase of 25%. Through this program, the client was paying an annual premium of $6,700.
Due to the fact that the residence had a walk-out basement and therefore did not have a basement that was below grade on all sides, RogersGray was able to beat the NFIP’s rate drastically. Coverage stayed at $250,000 building coverage and the private flood premium was reduced to $1,892 per year. As an added bonus, the premium will also not increase at 25% a year!