Are you eligible for affordable flood insurance?
The wild weather this year through the United States, ranging from 
hurricanes, tornadoes, snow storms and long periods of rain have caused havoc throughout the Northeast in particular. At times, you might feel like an ark might be a good investment. We have received a lot of questions from our customers about flood insurance and if their homeowner’s policy covers flooding. We hope these questions can be answered and we welcome your phone calls at O’Connor & Co. Insurance. Feel free to call us with any questions at 508-943-3333.
Does My Homeowners Policy Cover Flooding?
- Flood damage is not covered by homeowner’s insurance policies. You can protect your home, business, and belongings with flood insurance. You can insure your home for up to $250,000 for the building and up to $100,000 for the contents.
Who Can Get Flood Insurance?
- Anyone can get flooded, and anyone can get flood insurance. Even if you have been flooded before, live in a flood zone, or if your flood risk is high, medium, or low, you can purchase flood insurance if your community participates in the NFIP.
Is Flood Insurance Affordable?
- The average flood insurance policy costs a little more than $300 a year for about $100,000 of coverage. A policy for a dwelling in low- to moderate-risk areas may be as low as $100 a year.
Is There a Waiting Period For Flood Insurance?
- Yes, there is a 30-day waiting period before a flood insurance policy becomes effective. You can purchase flood coverage at any time, but there is a 30-day waiting period after you have applied and paid the premium before the policy becomes effective.
Is Flood Insurance Less Expensive Than A Disaster Loan?
- Insurance is less expensive than federal disaster loans. Average annual premiums for NFIP coverage are significantly less than loan payments, even though those loans are granted under favorable terms.