What a year! We have been through so much as a nation, a country and as individuals. Now, here we are, in the Northeast with lusciously green lawns as we head into Labor Day weekend. For those of you that don't know, unless you have an irrigation systm, we are typically avoiding our bristle dry lawns by now. However, due to the summer rainfall of around 21" in some parts of New England, we have had the 4th wettest summer ever recorded.
Why does this concern me? I have received more phone calls from distraught customers, water in their basements, leaks in their roofs, driveways washed out, cars flooded. Water is stressful!
There are many different types of coverages that may be useful for you but today we will concentrate on flood insurance. This is an additional policy to your current homeowners.
Flood Insurance-hurricane waters, overflow of rivers, and water from heavy rains. Can be purchased through the National Flood Insurance Plan (NFIP) or privately. Although we are ALL in some sort of flood zone, some are more likely to flood than others and therefore lenders may require you to carry flood insurance.
Effective October 1, 2021 FEMA is update their NFIP program. “To provide more equity, FEMA now has the capability and tools to address rating disparities by incorporating more flood risk variables”, FEMA stated in a news release this past April. “These include flood frequency, multiple flood types—river overflow, storm surge, coastal erosion and heavy rainfall—distance to a water source and property characteristics such as elevation and the cost to rebuild.”
When determining whether to purchase flood insurance through the NFIP or private insurance, it’s important to know:
the actual cash value of the coverage (both dwelling and contents)
alternative living expense coverage
debris removal limits
the waiting period before a claim is fulfilled
the policy’s rebuild limit
whether the insurer can cancel the policy
These are all questions that I do not expect YOU as the customer to know. That’s why I am here to help you navigate the strange times. After all, it started with a rain drop, now we’re here.
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