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 its 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 flashing flooding from heavy, torrential spring rain.
With Rogers & Gray you have options for where you get your flood insurance. There is the flood insurance coverage offered by the federal government’s National Flood Insurance Program (NFIP) or there are Private Flood Insurance options available.
A client’s second home in Orleans was a single family home with a walk-out basement. With the NFIP, they rate second homes and older structures with an increase of 25%. With the NFIP, 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, Rogers & Gray 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!
A client was paying an annual premium of $11,000 for flood insurance through the NFIP. The building was a new, elevated, single family home elevated in a VE flood zone. Because the enclosure under the building was too big to get a discounted rate with the NFIP, the policy was rated to the enclosure floor. This caused a massive premium increase.
Private flood’s only requisite was where his first living floor was, which saved the insured significantly on premium. When switching to Private Flood Insurance, coverage stayed at $250,000 building coverage, and the premium was reduced to $4,700 annually, a savings of over $6,000 per year!
Some important notes on NFIP policies…
- If you DO NOT currently have a flood insurance policy, there is a 30 day wait for an NFIP policy to be effective.
- If you do have an NFIP flood insurance policy, your policy will cover some costs to prepare for a flood and to move property to a safe location, this may include sandbags, supplies and labor.
Whether your basement is bare-bones basic with storage for holiday decorations and your washer and dryer, or a fully-finished, luxurious entertainment space with an in-home theater, take the steps now to protect your investment BEFORE a loss occurs.
From Hull and Scituate to Provincetown and Nantucket, and all the coastal towns in between, Rogers & Gray is ready to serve your flood insurance needs.
Use the form below to contact our Massachusetts-based Personal Flood Insurance experts.
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Flooding can occur quickly; however, flood insurance policies often take up to 30 days to come into effect. Don’t wait when it comes to protecting your home and assets. Get in touch with Joe today!
Nationally recognized expertise.
Joe Rossi, ANFI, CFM
Rossi is a nationally recognized flood specialist. Joining Rogers & Gray in 2017, Rossi provides a vast depth and understanding of coastal flood issues and legislation.
He has acquired his associate of national flood insurance (ANFI) and the certified floodplain manager (CFM) certification in 2016, one of the highest certifications in the flood insurance industry.
Rossi is a member of the board of directors for the National Flood Determination Association, a trade organization for producers of flood zone determinations.
Complete Credentials & Boards
- Chair and Executive Director, Massachusetts Coastal Coalition
- Chair, National Flood Association Legislative Committee
- Board Member, Independent Insurance Agents and Brokers Flood Insurance Task Force
- Board Member, Massachusetts Floodplain Managers Association
- Chair, Marshfield Community Rating System Committee
- Member, Association of State Floodplain Managers