Homeowner Insurance Hurricane

New flood hazard maps will impact insurance rates

A standing-room-only crowd of Upper Bucks residents packed Tinicum’s municipal building Wednesday night to get a first look at the proposed revisions to the flood insurance rate maps and the National Flood Insurance Program.

Homeowners need to pay close attention, because their insurance rates might change, according to a FEMA official.

The changes will affect homeowners’ flood insurance rates, and even require some to buy a flood insurance policy for the first time, said Dave Bollinger, a Federal Emergency Management Agency regional mitigation coordinator.

Wednesday’s meeting was co-hosted by FEMA and Bucks County Planning Commission officials.

A homeowners insurance policy does not include coverage for flooding, said Bollinger.

And if your home is damaged in localized flooding, and not in an area declared a national disaster, you will be on the hook for all the costs if you don’t have flood insurance.

Under the National Flood Insurance Program, homeowners who live in a flood hazard area — where there’s a 1 percent chance or greater that flooding could occur in any given year — must buy a flood insurance policy if they have a federally-backed mortgage.

Passed by Congress, the program stipulates that if a community practices sound flood plain management, the federal government will offer flood insurance to its residents through a partnership with private insurers.

Wednesday night, Bollinger urged all residents to purchase a flood insurance policy.

“Anyone who lives in a community, whether they are in a special flood plain area or if they live at the top of a mountain, you can buy flood insurance,” he said. “Risk isn’t what happened yesterday. It’s what could happen tomorrow. We’re seeing larger and larger rainfalls in watersheds.”

The Federal Emergency Management Agency last revised its flood hazard maps roughly 20 years ago. Since 2003, FEMA has been in the process of updating its maps, nationwide.

Massachusetts Hurricane Homeowner's Insurance Coverage ...

What type of hurricane damage is covered by an insurance policy owners in Massachusetts?

I am writing this post I look at Hurricane Irene bore down on Massachusetts, the spread of my lawn with tree branches and flickering my lights. My RSS Facebook is filled with reports of power outages and flooding the basement, but fortunately I was spared (for now). * Check that we have had no power for 11 hours on Sunday, a wire down on our street, not an NStar crew is nowhere!

Be the advocate of real property dorky as I am, I naturally thought of me, this type of damage of the hurricane, if any, is covered by insurance in Massachusetts a standard homeowner? Well, after some research the short answer is that if it is wet, it's probably not covered, but if the wind, it is probably covered.

Flooding and Water Damage

Flooding — defined by insurers as any water that rises from the ground or from the sky, including tidal waves, as well as destruction from rapid snow melts — aren’t covered by Massachusetts homeowner’s insurance policies. So the flooded basements from all this rain is likely not covered.

To get reimbursed for water damage, homeowners would need additional flood insurance, which is provided by the federal government but can be purchased through an agent or insurance company. The average flood premium is about $600 annually, but rates go up to nearly $6,000 for the highest-risk coastal properties, according to the National Flood Insurance Program.

Homeowners who live in flood zones probably have flood insurance already: Many lenders won’t provide these home buyers with a mortgage unless they’ve signed up for flood coverage. These homeowners can rest (relatively) easy; if their home floods, flood insurance will pay for that damage. Those unlucky homeowner’s in the interior parts of the state aren’t so lucky.

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